<SEC-DOCUMENT>0000919574-20-000679.txt : 20200305
<SEC-HEADER>0000919574-20-000679.hdr.sgml : 20200305
<ACCEPTANCE-DATETIME>20200131160116
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000919574-20-000679
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pangaea Logistics Solutions Ltd.
		CENTRAL INDEX KEY:			0001606909
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840
		BUSINESS PHONE:		401-457-9552

	MAIL ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quartet Holdco Ltd.
		DATE OF NAME CHANGE:	20140430
</SEC-HEADER>
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            <div style="text-align: center; font-family: 'Times New Roman Bold', serif; font-size: 20pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">NEW YORK, NEW YORK&#160; 10004</div>
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            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 9pt;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 9pt;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 9pt;">WWW.SEWKIS.COM</div>
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            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 8pt;">901 K Street, NW</div>
            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-family: Calibri, sans-serif; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
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          <div style="font-family: 'Times New Roman', serif;">January 31, 2020</div>
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  <div style="font-family: 'Times New Roman', serif;">U.S. Securities and Exchange Commission</div>
  <div style="font-family: 'Times New Roman', serif;">Division of Corporation Finance</div>
  <div style="font-family: 'Times New Roman', serif;">Office of Energy &amp; Transportation</div>
  <div style="font-family: 'Times New Roman', serif;">100 F Street N.E.</div>
  <div style="font-family: 'Times New Roman', serif;">Washington, D.C. 20549</div>
  <div style="font-family: 'Times New Roman', serif;">Attn: Yolanda Guobadia, Senior Staff Accountant</div>
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          <div style="font-family: 'Times New Roman', serif;">Re:</div>
        </td>
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          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Pangaea Logistics Solutions Ltd.<br>
            Form 10-K for Fiscal Year Ended December 31, 2018<br>
            Filed March 20, 2019<br>
            Response Dated January 3, 2020<br>
            File No. 1-36798</div>
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  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Dear Ms. Guobadia:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This letter sets forth the response of Pangaea Logistics Solutions Ltd. (the &#8220;Company&#8221;) to the comment letter dated January 17, 2020 (the
    &#8220;Comment Letter&#8221;) of the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) with respect to the Company&#8217;s annual report on Form 10-K for the fiscal year ended December 31, 2018 (the &#8220;Form 10-K&#8221;) that was filed via
    EDGAR on March 20, 2019. The Company has today filed via EDGAR this letter, which responds to the Staff&#8217;s comments contained in the Comment Letter.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Capitalized terms used in this letter that are not otherwise defined herein have the meanings ascribed to them in the Form 10-K. The
    following numbered paragraphs correspond to the numbered paragraphs in the Comment Letter.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Form 10-K for Fiscal Year Ended December 31, 2018</u></div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Item 6. Selected Financial Data</u><br>
    <u>Selected Data from the Consolidated Statements of Operations, page 39</u></div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">We note your response to comment 2.&#160; In your proposed revised disclosure, you reconcile gross profit to net transportation and service revenue, a non-GAAP measure.&#160; Since
                you do not present or define gross profit elsewhere in your filing, please tell us and disclose how you calculate gross profit.</div>
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  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company acknowledges the Staff&#180;s comment and confirms that, in future filings, it will include the disclosure with respect to the
    measures of gross profit defined as total revenue less total cost of vessel transportation and service revenue and less vessel depreciation and amortization expense.</div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Attached hereto as Exhibit A for illustrative purposes is an example of how the Company plans to present the financial measure of gross
    profit.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Please revise to disclose income/(loss) from continuing operations per common share and cash dividends declared per common share within Selected Financial Data.&#160; Refer to
                Instruction 2 of the Instructions to Item 301 of Regulation S-K.</div>
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  <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">In response to the Staff's comment, in future filings, the Company will include the disclosure for income/(loss) from continuing operations per common share and
    cash dividends declared per common share within Selected Financial Data.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">Attached hereto as Exhibit A for illustrative purposes is an example of how the Company plans to present the income/(loss) from continuing operations per common
    share and cash dividends declared per common share.</div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">If you have any questions or comments concerning this letter, please feel free to contact Evan Preponis at (212) 574-1438 or
    the undersigned at (212) 574-1265.</div>
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          <div style="color: #000000; font-family: 'Times New Roman', serif;">Very truly yours,</div>
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          <div style="color: #000000; font-family: 'Times New Roman', serif;">SEWARD &amp; KISSEL, LLP</div>
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          <div style="color: #000000; font-family: 'Times New Roman', serif;">By:</div>
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          <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/ Edward S. Horton</div>
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          <div style="color: #000000; font-family: 'Times New Roman', serif;">Edward S. Horton</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: Calibri, sans-serif;">cc:</td>
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              <div style="font-family: 'Times New Roman', serif;">Edward Coll<br>
                Chief Executive Officer<br>
                Pangaea Logistics Solutions, Ltd.<br>
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    <div style="text-align: right;">
      <font style="font-weight: bold;">Exhibit A</font><br>
    </div>
    <div style="font-weight: bold;">ITEM 2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
    <div><br>
    </div>
    <div>The following discussion should be read in conjunction with our consolidated financial statements and footnotes thereto contained in this report.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Forward Looking Statements</div>
    <div><br>
    </div>
    <div style="text-align: justify;">All statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under &#8220;Management&#8217;s Discussion
      and Analysis of Financial Condition and Results of Operations&#8221; regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward looking statements. When used in this Form 10-Q, words
      such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend&#8221; and similar expressions, as they relate to us or our management, identify forward looking statements. Such forward looking statements are based on the beliefs of management, as well as
      assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward looking statements as a result of the risk factors and other factors detailed in our filings
      with the Securities and Exchange Commission. All subsequent written or oral forward looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Important Financial and Operational Terms and Concepts</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company uses a variety of financial and operational terms and concepts when analyzing its performance.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">These include revenue recognition, deferred revenue, allowance for doubtful accounts, vessels and depreciation and long-lived assets impairment
      considerations, as defined above as well as the following:</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Voyage Revenue.</font> Voyage revenue
      is derived from voyage charters which involve the carriage of cargo from a load port to a discharge port, which is predetermined in each voyage contract. Gross revenue is calculated by multiplying the agreed rate per ton of cargo by the number of
      tons loaded. The Company directs how and for what purpose the vessel is used and therefore, these voyage contracts do not contain leases.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Charter Revenue.</font> Charter revenue
      is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. These time-charter arrangements contain leases because the lessee has the power to direct
      the use and receives substantially all of the economic benefits from the use of the vessel. The operating lease component and the vessel operating expense non-lease component of a time-charter contract are reported as a single component.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Voyage Expenses.</font> The Company
      incurs expenses for voyage charters, including bunkers (fuel), port charges, canal tolls, brokerage commissions and cargo handling operations, which are expensed as incurred.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Charter Expenses.</font> The Company
      charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis
      over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for
      the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. The Company does not record a right-of-use asset or lease liability for any arrangement less than one year.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Vessel Operating Expenses.</font>
      Vessel operating expenses represent the cost to operate the Company&#8217;s owned vessels. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable
      stores, tonnage taxes, other miscellaneous expenses, and technical management fees. These expenses are recognized as incurred. Technical management services include day-to-day vessel operations, performing general vessel maintenance, ensuring
      regulatory and classification society compliance, arranging the hire of crew, and purchasing stores, supplies, and spare parts.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Fleet Data.</font> The Company believes
      that the measures for analyzing future trends in its results of operations consist of the following:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#160;<font style="font-style: italic;">Shipping days.</font> The Company defines shipping days
      as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or a time charter (time charter days).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#160;<font style="font-style: italic;">Daily vessel operating expenses.</font> The Company
      defines daily vessel operating expenses as vessel operating expenses divided by ownership days for the period. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the
      costs of spares and consumable stores, tonnage taxes, other miscellaneous expenses, and technical management fees.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#160;<font style="font-style: italic;">Chartered in days.</font> The Company defines chartered
      in days as the aggregate number of days in a period during which it chartered in vessels from third party vessel owners.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#160;<font style="font-style: italic;">Time Charter Equivalent &#8216;&#8216;TCE&#8217;&#8217; rates</font>. The Company
      defines TCE rates as total revenues less voyage expenses divided by the length of the voyage, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated
      by vessels on time charters with daily earnings generated by vessels on voyage charters, because rates for vessels on voyage charters are generally not expressed in per-day amounts while rates for vessels on time charters generally are expressed in
      per-day amounts.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    </div>
    <div style="text-align: justify; font-weight: bold;">Selected Financial Information</div>
    <div style="margin-bottom: 7pt;"><br>
    </div>
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            <div style="font-weight: bold;">(in thousands, except shipping days data)<br>
              (figures may not foot due to rounding)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">As of and for the<br>
              three months ended September 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">As of and for the<br>
              nine months ended September 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;"> 2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: bottom;">
            <div style="font-weight: bold;">Selected Data from the Consolidated Statements of Income</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>Voyage revenue</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div>Charter revenue</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>&#160;&#160; Total revenue</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Voyage expense</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div>Charter expense</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div>Vessel operating expenses</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
            <div>&#160;&#160; Total cost of transportation and service revenue</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
            <div>&#160;&#160; Vessel depreciation and amortization</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div>&#160;&#160; Gross Profit</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Other operating expenses</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Loss on sale and leaseback of vessels</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Total other expense, net</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>&#160;&#160; Net income</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Income attributable to non-controlling interests</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div>&#160;&#160; Net income attributable to Pangaea Logistics Solutions Ltd.</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="font-weight: bold;">Per common share information</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <div>Basic income/(loss) per share</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Diluted income/(loss) per share</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div>Weighted-average common shares Outstanding &#8211; basic</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Weighted-average common shares Outstanding &#8211; diluted</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div>Cash dividends declared per share</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
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            <div style="font-weight: bold;">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Shipping Days <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Voyage days</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Time charter days</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
            <div>&#160;&#160; Total shipping days</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div>TCE Rates ($/day) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">September 30, 2019</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">December 31, 2018</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <div style="font-weight: bold;">Selected Data from the Consolidated Balance Sheets</div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Cash, restricted cash and cash equivalents</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-weight: bold;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <div>Total assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Total secured debt, including finance leases liabilities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div>Total liabilities and stockholders' equity</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="6">
            <div style="text-align: center; font-weight: bold;">For the nine months ended September 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center;">2019</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center;">2018</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Selected Data from the Consolidated Statements of Cash Flows</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Net cash provided by operating activities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div>Net cash used in investing activities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Net cash provided by financing activities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Adjusted EBITDA represents operating earnings before interest expense, income taxes, depreciation and amortization, loss on sale and leaseback of
                vessels and other non-operating income and/or expense, if any. Adjusted EBITDA is included because it is used by management and certain investors to measure operating performance and is also reviewed periodically as a measure of financial
                performance by Pangaea's Board of Directors. Adjusted EBITDA is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net
                income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea&#8217;s definition of Adjusted EBITDA used here may not be comparable to the definition of EBITDA used by other companies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd4e1487041fa4bd9a1d917e3ae273aaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Shipping days are defined as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a
                voyage charter (voyage days) or time charter (time charter days).</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2d77ef49d00c46f19c4b106c0b41fa5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(3)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Pangaea defines time charter equivalent, or &#8220;TCE,&#8221; rates as total revenues less voyage expenses divided by the length of the voyage, which is
                consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters,
                because rates for vessels on voyage charters are generally not expressed in per-day amounts while rates for vessels on time charters generally are expressed in such amounts.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 7pt;">The reconciliation of gross profit to net transportation and service revenue and income from operations to Adjusted EBITDA is as
      follows:</div>
    <table cellspacing="0" cellpadding="0" id="z122b85e93f5b4eb4bcde8f25ac6e036b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.92%; vertical-align: bottom;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Three Months Ended September 30,</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 32.64%; vertical-align: bottom;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Nine Months Ended September 30,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;"><u>Net Transportation and Service
                  Revenue <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></u></div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Gross Profit</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Add:</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Vessel Depreciation and Amortization</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Net transportation and service revenue</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;"><u>Adjusted EBITDA</u></div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Income from operations</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Depreciation and amortization</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Loss on sale and leaseback of vessels</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.28%; vertical-align: bottom;">
            <div style="font-weight: bold;">Adjusted EBITDA</div>
          </td>
          <td style="width: 13.52%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.23%; vertical-align: bottom; border-bottom: #000000 4px double;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze21c7d7ab923414c8c06ac2dc1d45350" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes
                charter hire, voyage and vessel operating expenses. Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net
                transportation and service revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or
                any other indicator of a company's operating performance required by U.S. GAAP. Pangaea&#8217;s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <br>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
