<SEC-DOCUMENT>0000919574-21-006270.txt : 20211012
<SEC-HEADER>0000919574-21-006270.hdr.sgml : 20211012
<ACCEPTANCE-DATETIME>20211012171723
ACCESSION NUMBER:		0000919574-21-006270
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211012
DATE AS OF CHANGE:		20211012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EuroDry Ltd.
		CENTRAL INDEX KEY:			0001731388
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238235
		FILM NUMBER:		211319382

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			151 24
		BUSINESS PHONE:		30-211-1804006

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			151 24
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d8987338_424b-5.htm
<TEXT>
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    <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Filed Pursuant to Rule 424(b)(5)<br>
      Registration No. 333-238235</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">(To Prospectus dated May 21, 2020)</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Up to $5,500,000</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Common Shares</div>
    <div style="text-align: center;"><img width="235" height="188" src="image0.jpg"></div>
  </div>
  <div>
    <div><br>
    </div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement relates to the issuance and sale of our common shares, par value $0.01 per share, having an aggregate offering
    price of up to $5,500,000, from time to time solely through Noble Capital Markets, Inc. ("Noble"), which we refer to as the sales agent. Pursuant to our shareholders' rights plan dated May 5, 2018 (the "Rights Plan"), each common share sold in this
    offering includes a preferred stock purchase right that trades with the common share. For more information on the Rights Plan, see "Description of Capital Stock&#8212;Shareholders' Rights Plan" on page S-14 of this prospectus supplement. These sales, if any,
    will be made pursuant to the terms of an equity distribution agreement between us and the sales agent, dated June 10, 2021 and amended on October 12, 2021 (the "Equity Distribution Agreement"). We previously filed a prospectus supplement dated June 10,
    2021 relating to the issuance and sale of up to $10,000,000 of our common shares, which sales have been made under the terms and conditions of the Equity Distribution Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market, or Nasdaq, under the symbol &#8220;EDRY.&#8221;&#160; On October 11, 2021, the last reported sale
    price of our common shares on Nasdaq was $27.31 per share.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The aggregate market value of our outstanding common shares held by non-affiliates as of October 11, 2021, is $77,677,478,
    based on 2,844,287 common shares outstanding as of the date of this prospectus supplement, of which 1,375,327 are held by non-affiliates, and a closing price on the Nasdaq Capital Market of $27.31 on that date. For purposes of General Instruction I.B.5
    of Form F-3, the amount of public float was determined to be $46,499,806 based upon the closing price on the Nasdaq Capital Market of $33.81 on September 16, 2021, which is within 60 days of the date of the prospectus supplement.&#160; Upon any sale of
    common shares under this prospectus supplement pursuant to General Instruction I.B.5 of Form F-3, in no event will the aggregate market value of securities sold by us or on our behalf pursuant to General Instruction I.B.5 of Form F-3 during the twelve
    calendar month period immediately prior to, and including, the date of any such sale exceed one-third of the aggregate market value of our common shares held by non-affiliates, calculated in accordance with General Instruction I.B.5 of Form F-3. During
    the twelve calendar month period that ends on October 12, 2021, we have sold securities in an amount of $9,474,730 pursuant to General Instruction I.B.5 of Form F-3.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Investing in our common shares involves a high degree of risk and uncertainty. See &#8220;Risk Factors&#8221; beginning on page S-4 of this prospectus
    supplement and in our annual report on Form 20-F for the fiscal year ended December 31, 2020, which is incorporated by reference herein, to read about the risks you should consider before purchasing our common shares.</div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE
      SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS.&#160; ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The compensation to the sales agent for sales of common shares will be 3.0% of the gross sales price of all common shares
      sold through Noble from time to time under the Equity Distribution Agreement. Subject to the terms and conditions of the Equity Distribution Agreement, Noble will use its commercially reasonable efforts to sell on our behalf any common shares to be
      offered by us under the Equity Distribution Agreement. The net proceeds from any sales under this prospectus supplement will be used as described under "Use of Proceeds" in this prospectus supplement.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Noble Capital Markets, Inc.</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Sole Sales Agent</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The date of this prospectus supplement is October 12, 2021.</div>
    <div><br>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
  </div>
  <div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z74037a55f829461b9de091d1d5aab5db">

      <tr>
        <td style="width: 88.81%; vertical-align: top;">&#160;</td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Page</u></div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-ii</div>
        </td>
      </tr>
      <tr>
        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-iii</div>
        </td>
      </tr>
      <tr>
        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-iv</div>
        </td>
      </tr>
      <tr>
        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">PROSPECTUS SUPPLEMENT SUMMARY</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-1</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">THE OFFERING</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-3</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">RISK FACTORS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-4</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-6</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-7</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">DIVIDEND POLICY</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-8</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">BENEFICIAL OWNERSHIP OF OUR COMMON SHARES</div>
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        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-9</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-11</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-16</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-17</div>
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          <div style="font-family: 'Times New Roman', serif;">EXPENSES</div>
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          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-18</div>
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          <div style="font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
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        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-18</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">EXPERTS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-18</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman', serif;">S-18</div>
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    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">BASE PROSPECTUS</div>
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    <div><br>
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  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z73b0f88625e1434d8030a7e74f15e5ab">

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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">PROSPECTUS SUMMARY</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
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        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
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        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">7</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">SELLING SHAREHOLDERS</div>
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        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">8</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">OUR CAPITALIZATION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DIVIDEND POLICY</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">10</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">13</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF PREFERRED SHARES</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">17</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">18</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">19</div>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">27</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">35</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">35</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">35</div>
        </td>
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        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">35</div>
        </td>
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      <tr>
        <td style="width: 88.81%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">GLOSSARY OF SHIPPING TERMS</div>
        </td>
        <td style="width: 11.19%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">37</div>
        </td>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-i</font></div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold',serif; font-weight: bold;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement and the accompanying prospectus are part of a registration statement that we filed with the Commission, utilizing
    a &#8220;shelf&#8221; registration process.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering described
    herein and the securities offered hereby, and also adds to and updates information contained in the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the base prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The second part, the base prospectus, gives more general information about securities we may offer from time to time, some of which does not
    apply to this offering. Generally, when we refer only to the prospectus, we are referring to both parts combined, and when we refer to the accompanying prospectus, we are referring to the base prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If the description of this offering varies between this prospectus supplement and the accompanying prospectus, you should rely on the
    information contained in this prospectus supplement. This prospectus supplement, the accompanying base prospectus and the documents incorporated into each by reference include important information about us, our common shares being offered and other
    information you should know before investing.&#160; You should read this prospectus supplement and the accompanying base prospectus together with the additional information described under the heading &#8220;Where You Can Find Additional Information&#8221; before
    investing in our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have authorized only the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus,
    and any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not, and Noble has not, authorized anyone to provide you with information that is different.&#160; We and Noble take no responsibility for, and can
    provide no assurance as to the reliability of, any information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it.&#160; We are offering to sell our common shares only in jurisdictions
    where offers and sales are permitted. The information contained in or incorporated by reference in the prospectus is accurate only as of the date such information was issued, regardless of the time of delivery of the prospectus or the date of any sale
    of our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus supplement are to, and amounts presented in, United States
    dollars and financial information presented in this prospectus supplement that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-ii</font></div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">EuroDry Ltd. is a Marshall Islands corporation and our principal executive offices are located outside the United States in Maroussi, Greece.
    A majority of our directors, officers and the experts named in the prospectus reside outside the United States. In addition, a substantial portion of our assets and the assets of our directors, officers and experts are located outside the United
    States. As a result, you may have difficulty serving legal process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts
    against us or these persons in any action, including actions based upon the civil liability provisions of United States federal or state securities laws. Furthermore, there is substantial doubt that the courts of the Marshall Islands or Greece would
    enter judgments in original actions brought in those courts predicated on United States federal or state securities laws.</div>
  <div style="margin-bottom: 12pt;"><br>
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    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">EuroDry Ltd. desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
    this cautionary statement in connection with this safe harbor legislation.&#160; This prospectus supplement and the accompanying prospectus contain forward-looking statements.&#160; These forward-looking statements include information about possible or assumed
    future results of our operations or our performance. Words such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify the forward-looking statements.
    Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon
    a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking
    statements. Forward-looking statements include, but are not limited to, statements regarding:</div>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our future operating or financial results;</div>
        </td>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">future, pending or recent acquisitions, joint ventures, business strategy, areas of possible expansion, and expected capital spending or operating expenses;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">drybulk industry trends, including charter rates and factors affecting vessel supply and demand;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfd88415ef92a40daa12aa4c5f3038a08">

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        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">fluctuations in our stock price as a result of volatility in securities markets;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7228847bb5374cfea98a1af63a85889e">

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        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;)
            policies;</div>
        </td>
      </tr>

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

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">availability of crew, number of off-hire days, drydocking requirements and insurance costs;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3dbe8bc297ea4d4d924ce6b340a7d407">

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        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our expectations about the availability of vessels to purchase or the useful lives of our vessels;</div>
        </td>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our expectations relating to dividend payments and our ability to make such payments;</div>
        </td>
      </tr>

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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to leverage to our advantage our Managers&#8217; relationships and reputations in the drybulk shipping industry;</div>
        </td>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in seaborne and other transportation patterns;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential liability from future litigation;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">global and regional political conditions;</div>
        </td>
      </tr>

  </table>
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        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">acts of terrorism and other hostilities, including piracy;</div>
        </td>
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  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z868ebe1f66844b71a95f7cefb02e1253">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">the severity and duration of </font>natural disasters or public health emergencies, including <font style="color: #000000;">the </font>coronavirus (&#8220;<font style="color: #000000;">COVID-19</font>&#8221;)<font style="color: #000000;"> pandemic and governments&#8217; related responses to the outbreak which could negatively impact global output and demand and cause a severe or prolonged decline in global
              economic activity;</font> and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c0c37b840ff4d769fba902dd6df0db8">

      <tr>
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        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">other factors discussed in the section titled &#8220;Risk Factors.&#8221;</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">See the section entitled &#8220;Risk Factors&#8221; on page S-4 of this prospectus supplement, page 6 of the accompanying
      prospectus, and in our Annual Report on Form 20-F for the fiscal year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on April 22, 2021, and incorporated by reference herein,</font>&#160;<font style="color: #000000;">for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. These factors and other risk factors described in this prospectus supplement, the accompanying prospectus and the documents
      incorporated by reference are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also
      could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given
      these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">WE CAUTION READERS OF THIS PROSPECTUS SUPPLEMENT AND ANY ADDITIONAL PROSPECTUS SUPPLEMENT NOT TO PLACE
    UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES.&#160; WE UNDERTAKE NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS SUPPLEMENT OR ANY ADDITIONAL PROSPECTUS
    SUPPLEMENTS, OR THE DOCUMENTS TO WHICH WE REFER YOU IN THIS PROSPECTUS SUPPLEMENT OR ANY ADDITIONAL PROSPECTUS SUPPLEMENT, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON
    WHICH ANY STATEMENT IS BASED.&#160; THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEES OF OUR FUTURE PERFORMANCE, AND ACTUAL RESULTS AND FUTURE DEVELOPMENTS MAY VARY MATERIALLY FROM THOSE PROJECTED IN THE FORWARD LOOKING STATEMENTS.</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT SUMMARY</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This summary highlights information that appears elsewhere in this prospectus supplement or in the documents incorporated by reference herein
    and is qualified in its entirety by the more detailed information, including the financial statements that appear in the documents incorporated by reference. This summary may not contain all of the information that may be important to you. As an
    investor or prospective investor, you should review carefully the entire prospectus supplement, including the risk factors, and the more detailed information that is included herein and in the documents incorporated by reference herein.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless the context otherwise requires, as used in this prospectus supplement, the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to EuroDry
    Ltd. and all of its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel
    can carry. For the definition of certain shipping terms used in this prospectus supplement that are not defined herein, see the &#8220;Glossary of Shipping Terms&#8221; on page 37 of the accompanying prospectus. Our reporting currency is the U.S. dollar and all
    references in this prospectus supplement to &#8220;$&#8221; or &#8220;dollars&#8221; are to U.S. dollars.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">EuroDry Ltd. is a Marshall Islands company incorporated under the Marshall Islands Business Corporations Act, or BCA, on
    January 8, 2018. We are a provider of worldwide ocean-going transportation services. We own and operate drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. As of
    October 12, 2021, our fleet consisted of nine drybulk carriers (comprising five Panamax drybulk carriers, two Kamsarmax and two Ultramax drybulk carriers). The total cargo carrying capacity of our nine drybulk carriers is 668,631 dwt.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We actively manage the deployment of our fleet between spot market voyage charters, which generally last from several days to
    several weeks, and time charters, which can last up to several years.&#160; Some of our vessels may participate in shipping pools, or, in some cases in contracts of affreightment. We may also use freight forward agreement, or FFA, contracts to provide
    partial coverage for our drybulk vessels &#8211; as a substitute for time charters &#8211; in order to increase the predictability of our revenues.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Vessels operating on time charters provide more predictable cash flows but can yield lower profit margins than vessels
    operating in the spot market during periods characterized by favorable market conditions. Vessels operating in the spot market generate revenues that are less predictable but may enable us to achieve increased profit margins during periods of high
    vessel rates although we are exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. Vessels operating in pools benefit from better scheduling, and thus increased utilization, and better
    access to contracts of affreightment due to the larger commercial operation of the pool. We are constantly evaluating opportunities to increase the number of our vessels deployed on time charters or to participate in shipping pools (if available for
    our vessels), however we only expect to enter into additional time charters or shipping pools if we can obtain contract terms that satisfy our criteria.&#160; We carefully evaluate the length and the rate of the time charter contract at the time of fixing
    or renewing a contract considering market conditions, trends and expectations.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We constantly evaluate vessel purchase opportunities to expand our fleet accretive to our earnings and cash flow.
    Additionally, we will consider selling certain of our vessels when favorable sales opportunities present themselves. If, at the time of sale, the carrying value is less than the sales price, we will realize a gain on sale, which will increase our
    earnings, but&#160;if, at the time of sale, the carrying value of a vessel is more than the sales price, we will realize a loss on sale, which will negatively impact our earnings.</div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-1</font></div>
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  </div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Fleet</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of October 12, 2021, the profile and deployment of our fleet is as follows:</div>
  <table cellspacing="0" cellpadding="4" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z93db3ad58a4c42639a6fcd28b87889b3">

      <tr>
        <td style="width: 17.75%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Name</div>
        </td>
        <td style="width: 12.42%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Type</div>
        </td>
        <td style="width: 15.74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Dwt</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year Built</div>
        </td>
        <td style="width: 19.46%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Employment<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(*)</sup></div>
        </td>
        <td style="width: 23.38%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">TCE Rate ($/day)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">EKATERINI</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Kamsarmax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">82,000</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2018</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Mar-22</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Hire 106% of the Average Baltic<br>
            Kamsarmax P5TC(***) index</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">XENIA</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Kamsarmax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">82,000</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2016</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Aug-22</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Hire 105% of the Average Baltic<br>
            Kamsarmax P5TC(***) index</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">ALEXANDROS P.</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Ultramax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">63,500</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2017</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Oct-21</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">$31,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">GOOD HEART</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Ultramax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">62,996</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2014</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Nov-21</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">$32,750</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">EIRINI P.</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Panamax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">76,466</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2004</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Apr-22</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Hire 99% of Average BPI** 4TC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">STARLIGHT</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Panamax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">75,845</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2004</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Nov-21</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Hire 98.5% of Average BPI**4TC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TASOS</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Panamax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">75,100</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2000</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Nov-21</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">$28,500</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">PANTELIS</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Panamax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">74,020</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2000</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Feb-22</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">$30,250</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">BLESSED LUCK</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">Panamax</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">76,704</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">2004</div>
        </td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">TC until Apr-22</div>
        </td>
        <td style="width: 23.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">$19,500</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.75%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Fleet Grand Total</div>
        </td>
        <td style="width: 12.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">9</div>
        </td>
        <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman',serif;">668,631</div>
        </td>
        <td style="width: 11.26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 19.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 23.38%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <div style="font-family: 'Times New Roman', serif;">Notes:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z670977547e684a00915da13728a6e8e4">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(*)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38e42547cc5a422cb4b9676c9f4ad4ee">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(**)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes for 74k dwt vessels.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z354fc784172d41c6a2aedf17730737f0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(***)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes for 82k dwt vessels.</div>
          </td>
        </tr>

    </table>
  </div>
  <br>
  <div><br>
  </div>
  <div style="margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-weight: bold;">Recent Developments</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On August 12, 2021, we drew a loan of $8.0 million with our vessel, M/V Blessed Luck, placed as collateral. We used the proceeds to repay a
    $5.0 million sellers&#8217; credit and the remaining $2.7 million of a bridge loan provided by Ergina Shipping Ltd. (&#8220;Ergina&#8221;), a company controlled by the Pittas family and affiliated with the Company&#8217;s Chief Executive Officer, which were used to originally
    partly finance the acquisition of the vessel.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 22, 2021, we acquired the M/V Good Heart, a 2014-built 62,996 dwt drybulk vessel for $24.50 million. The acquisition was
    financed with a combination of debt (see below) and own funds.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 30, 2021, we drew a loan of $22.0 million with our vessels, M/V Good Heart and M/V Starlight, placed as collateral. We used the
    proceeds of the loan to post-delivery finance part of the acquisition cost of M/V Good Heart, while simultaneously prepaying $8.7 million of the outstanding balance of a previous loan with the same bank on our vessels, M/V Starlight, M/V Pantelis and
    M/V Tasos maturing in November 2021.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On October 6, 2021, we signed a loan agreement for a loan of $9.0 million with our vessels, M/V Pantelis and M/V Tasos, placed as collateral.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 1, 2021 through October 12, 2021 we sold 211,945 shares of our common stock under our at-the-market offering for $6,233,418 in net
    proceeds.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Corporate Information</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">EuroDry Ltd. is a Marshall Islands company incorporated under the Marshall Islands Business Corporations Act, or the BCA. We maintain our
    principal executive offices at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece. Our telephone number at that address is +30-211-1804006.&#160; Our website address is http://www.eurodry.gr.&#160; The information on our website is not a part of this
    prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are currently listed on the Nasdaq Capital Market under the symbol &#8220;EDRY.&#8221;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-2</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">THE OFFERING</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze8ecba3a94d54cd999b4f135b4412386">

      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Issuer</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EuroDry Ltd., a Marshall Islands corporation</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares outstanding as of October 11, 2021</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">2,844,287 common shares</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares offered by us</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">201,391 common shares, $0.01 par value, per share (based on an assumed sales price of $27.31, the closing price of our shares on October 11, 2021)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares outstanding immediately after the offering</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">3,045,678 common shares (assuming that all shares offered in this offering are sold)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Preferred share purchase rights</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Our common shares include preferred share purchase rights, as described in the section of this prospectus supplement entitled &#8220;Description of Capital
            Stock&#8212;Shareholders&#8217; Rights Plan.&#8221;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Use of proceeds</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">The net proceeds of this offering,&#160;after deducting Noble&#8217;s commissions and our estimated offering expenses, will be for general corporate purposes.&#160; See &#8220;Use
            of Proceeds.&#8221;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Risk factors</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Investing in our common shares involves a high degree of risk and uncertainty</font>. You should
            carefully consider all the information in this prospectus supplement, the accompanying prospectus and the documents incorporated into each by reference prior to investing in our common shares. In particular, we urge you to consider carefully
            the factors set forth in the section entitled &#8220;Risk Factors&#8221; beginning on page S-4 of this prospectus supplement, and in the accompanying prospectus and the documents we have filed with the Commission that are incorporated by reference herein
            for more information, before you make any investment in our common shares.</div>
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.08%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Listing</div>
        </td>
        <td style="width: 3.02%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
        <td style="width: 66.9%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market under the symbol &#8220;EDRY.&#8221;</div>
          <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-3</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">RISK FACTORS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An investment in our securities involves a high degree of risk. Before deciding to invest in our securities, you should carefully consider
    the risks described in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference into each, including the risks described under the heading &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; in the Company&#8217;s Annual
    Report on Form 20-F for the year ended December 31, 2020, filed with the Commission on April 22, 2021, and as updated by annual or other reports and documents we file with the Commission after the date of this prospectus supplement and that are
    incorporated by reference herein. Please see the &#8220;Where You Can Find Additional Information&#8221; section in this prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These risks and uncertainties are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known
    to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occurs, our business, financial condition, results of operations and future growth prospects could be materially adversely affected. In
    that case, you may lose all or part of your investment in the securities.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Risks Related to Our Common Shares and this Offering</div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><font style="font-family: 'Times New Roman Bold', serif;">Sales of our common shares could cause</font>
      the market price of our common shares to decline.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Sales of a substantial number of our common shares in the public market, as contemplated herein, or the perception that these sales could
      occur, may depress the market price for our common shares, and our shareholders may incur dilution from these sales. These sales could also impair our ability to raise additional capital through the sale of our equity securities in the future.</div>
  </div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman Bold', serif; font-style: italic; font-weight: bold;">Investors may experience significant dilution as a&#160;result&#160;of this offering and future offerings.</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We are selling in this offering common shares having an aggregate offering price of up to $5,500,000 which, based on an
    assumed sale price of $27.31 per share (which is the closing price of our common shares on October 11, 2021), represents approximately 7.08% of our issued and outstanding common shares prior to the offering.&#160; Because the sales of the common shares
    offered hereby will be made directly into the market or in negotiated transactions, the prices at which we sell these common shares will vary and these variations may be significant.&#160; If we sell all or a substantial portion of the total shares offered
    pursuant to this prospectus supplement, our existing stockholders may experience significant dilution as a result of this offering. An investor that purchases shares offered hereby will experience dilution if, following such purchase, we sell shares at
    prices significantly below the price at which the investor purchased its shares. In addition, we may offer additional common shares in the future, which may result in additional significant dilution.</div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman Bold', serif; font-style: italic; font-weight: bold;">Future issuances or sales, or the potential for&#160;future&#160;issuances or sales, of our common shares
      may cause the trading price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Common shares to be issued in future equity offerings,<font style="color: #000000;"> any future vessel acquisitions or pursuant to exercise
      of conversion rights to any existing or future loan or other agreement,</font> could cause the market price of our common shares to decline, and could have an adverse effect on our earnings per share. In addition, future sales of our common shares or
    other securities in the public markets, or the perception that these sales may occur, could cause the market price of our common shares to decline, and could materially impair our ability to raise capital through the sale of additional securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common shares
    in the market, including sales of common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common shares and impair
    our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect that future
    sales of common shares or other equity-related securities would have on the market price of our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Amended and Restated Articles of Incorporation, as amended, authorizes our Board of Directors to, among other things, issue additional
    shares of common or preferred stock or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any
    additional shares of common or preferred stock or convertible securities could be substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or warrants to purchase our
    common shares in the future and those stock appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of our common shares have no preemptive rights that
    entitle such holders to purchase their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-4</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">It is not possible to predict the actual number of common shares we will sell under the Equity
      Distribution Agreement, or the gross proceeds resulting from those sales.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Subject to certain limitations in the Equity Distribution Agreement and compliance with applicable law, we have the
      discretion to deliver placement notices to the sales agent at any time throughout the term of the Equity Distribution Agreement. The number of shares that are sold by Noble after delivering a placement notice will fluctuate based on the market price
      of the common shares during the sales period and limits we set with the sales agent as set forth in the Equity Distribution Agreement.</div>
  </div>
  <div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Our management will have broad discretion over the use of the proceeds from this offering and might not apply the proceeds
      of this offering in ways that increase the value of your investment.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We will have broad discretion in determining the specific uses of the net proceeds from the sale of the common shares
      pursuant to this offering. Our allocations may change in response to a variety of unanticipated events, such as differences between our expected and actual revenues from operations, unexpected expenses or expense overruns or unanticipated
      opportunities requiring cash expenditures. We will also have significant flexibility as to the timing and use of the net proceeds. As a result, investors will not have the opportunity to evaluate the economic, financial or other information on which
      we base our decisions on how to use the net proceeds. You will rely on the judgment of our management with only limited information about their specific intentions regarding the use of proceeds. We may spend most of the net proceeds of this offering
      in ways which you may not agree with. If we fail to apply these proceeds effectively, our business, results of operations and financial condition may be materially and adversely affected. For more information, see "Use of Proceeds" on page S-6 of
      this prospectus supplement.</div>
  </div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">The market price of our common shares has recently been volatile and may continue to be volatile in the
      future, and as a result, investors in our common shares could incur substantial losses on any investment in our common shares.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The market price of our common shares has recently been volatile and may continue to be volatile in the future. For
      example, the reported closing sale price of our common shares on the Nasdaq Capital Market was $9.78 per share on April 22, 2021 and $33.81 per share on September 16, 2021. In addition, on June 2, 2021, the intra-day sale price of our common shares
      reported on the Nasdaq Capital Market fluctuated between a low of $21.50 per share and a high of $31.61 per share without any discernable announcements or developments by the Company or third parties to substantiate the movement of our stock price.</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Among the factors that have in the past and could in the future affect our stock price are:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10a46e39c6aa4ef59de75e1090205d98">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z31d2f437c017498fa588419dee26b396">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in market valuations or sales or earnings estimates or publication of research reports by analysts;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf70a6ede7bec42e3986cb5711b96b244">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in earnings estimates or shortfalls in our operating results from levels forecasted by securities analysts;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3cf82c4f43ac45e8b205e4479c478ab8">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">speculation in the press or investment community about our business or the shipping industry;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3c5a36e022434cac896d6bc36ec1fc5f">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in market valuations of similar companies and stock market price and volume fluctuations generally;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3c583d16aafc441eb9930e3cbf9cecce">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">payment of dividends;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z74ccc14f3b7e474783575a858dcfdecb">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">strategic actions by us or our competitors such as mergers, acquisitions, joint ventures, strategic alliances or restructurings;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf1460bbb0e344795aca5f55ecb5e7eb5">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in government and other regulatory developments;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbe2721739c174a568f4eba29c840b08e">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">additions or departures of key personnel;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8cc39a5f6f5648208c9824d469e866bc">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">general market conditions and the state of the securities markets; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z704937992adf478cb6bbd2042f2bd6fe">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">domestic and international economic, market and currency factors unrelated to our performance.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The international drybulk shipping industry has been highly unpredictable.&#160; In addition, the stock markets in general, and the markets for
    drybulk shipping and shipping stocks in general, have experienced extreme volatility that has sometimes been unrelated or disproportionate to the operating performance of particular companies. In addition, the ongoing COVID-19 pandemic has caused broad
    stock market and industry fluctuations. These broad market fluctuations may adversely affect the trading price of our common shares.&#160; As a result of this volatility, our shares may trade at prices lower than you originally paid for such shares and you
    may incur substantial losses on your investment in our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Investors may purchase our common shares to hedge existing exposure or to speculate on the price of our common shares. Speculation on the
    price of our common shares may involve long and short exposures. To the extent an aggregate short exposure in our common shares becomes significant, investors with short exposure may have to pay a premium to purchase common shares for delivery to
    common shares lenders at times if and when the price of our common shares increases significantly, particularly over a short period of time. Those purchases may in turn, dramatically increase the price of our common shares. This is often referred to as
    a "short squeeze." A short squeeze could lead to volatile price movements in our common shares that are not directly correlated to our business prospects, operating performance, financial condition or other traditional measures of value for the Company
    or our common shares.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-5</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="margin-top: 3pt;"><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">USE OF PROCEEDS</div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The net proceeds of this offering, after deducting Noble's commissions and our estimated offering expenses, will be used
      for general corporate purposes, which may include the purchase of additional drybulk carriers.&#160; To date, we have not specifically identified a particular vessel for acquisition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We cannot assure you that we will use the proceeds of this offering for the stated purposes and we may use the net proceeds
      for other purposes with which you do not agree.</div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-6</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">CAPITALIZATION</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The following table sets forth our capitalization as of June 30, 2021:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z31c1a81488a94209bcb063a0c3deb56b">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">on an actual basis;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf314ad80ad0c415bb0c4cc4b06c73bed">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">on an as adjusted basis, to give effect to events that have occurred between July 1, 2021 and October 11, 2021: (a) $1,735,000 of installments paid under our secured long-term debt since June
            30, 2021, (b) a bank loan of $8,000,000 we drew to post-delivery finance the acquisition of our vessel M/V Blessed Luck, delivered in May 2021, (c) repayment of a sellers&#8217; credit of $5,000,000 and of the outstanding balance of a related party
            loan of $2,700,000 originally drawn to finance the acquisition of M/V Blessed Luck, (d) issuance of 211,945 shares of common stock sold under our at-the-market offering as of October 11, 2021, and (e) a bank loan of $22,000,000 to finance the
            acquisition of M/V Good Heart and refinance M/V Starlight with simultaneous repayment of the balance of an existing loan of $8,700,000; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z62fb3e312d9c436e9f684b6a1e6c4ba2">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">on an as further adjusted basis to give effect to the sale of common stock pursuant to this prospectus supplement. This calculation assumed the issuance and sale of 201,391 shares of common
            stock at an assumed price of $27.31 per share, which is the closing price of our common shares on the Nasdaq Capital Market on October 11, 2021, resulting in assumed gross proceeds of $5.50 million (assuming that all shares offered in this
            offering are sold), or net proceeds of $5.30 million after deducting an amount of $0.2 million concerning sales commissions and other expenses related to this offering. The actual number of shares issued, and the price at which they are issued,
            may differ depending on the timing of the sales.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">There have been no significant adjustments to our capitalization since June 30, 2021, other than the adjustments described
    above. You should also read this table in conjunction with our report on Form 6-K filed with the Commission on October 4, 2021, which is incorporated by reference herein.</div>
  <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">As of June 30, 2021</div>
  <table cellspacing="0" cellpadding="0" id="z534d5347dd4f4b259730f70b08826e31" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
          <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-style: italic;">(All figures in U.S. dollars, except for share amounts)</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;"> Actual*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">As Adjusted**</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">As Further<br>
            Adjusted**</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Debt***:</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Current portion of long-term debt</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">11,473,174</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">4,738,174</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">4,738,174</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Related party loan, current</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">2,700,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Long-term debt, net of current portion</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">47,362,737</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">68,662,737</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">68,662,737</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total debt</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">61,535,911</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">73,400,911</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">73,400,911</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Mezzanine equity:</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Preferred shares, $0.01 par value; 20,000,000 shares authorized; 13,606 shares issued and outstanding</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">13,060,713</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">13,060,713</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">13,060,713</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares, $0.01 par value; 200,000,000 authorized shares; 2,632,342 shares issued and outstanding as at June 30, 2021; 2,844,287 shares issued and outstanding as adjusted;
            3,045,678 shares issued and outstanding as further adjusted</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">26,323</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">28,442</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">30,456</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Additional paid-in capital</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">61,043,772</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">67,275,071</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">72,573,057</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated deficit</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">(16,080,396</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">(16,080,396</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">(16,080,396</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">)</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Shareholders' equity</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">44,989,699</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">51,223,117</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">56,523,117</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total capitalization</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">119,586,323</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">137,684,741</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">142,984,741</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3187c0218ca43b7be3b4e0dce97a51b">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">*</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">The &#8220;Actual&#8221; column is based on our report on Form 6-K filed with SEC on October 4, 2021.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z591884b1f7bd42e9ba8bfc3a4b18c313">

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          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">**</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">The &#8220;As Adjusted&#8221; and &#8220;As further adjusted&#8221; Additional paid-in capital and Accumulated deficit do not include the incentive plan charge from July 1, 2021 to October 11, 2021.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za17f58eccb984c929d116b010a62c1c7">

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          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">***</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Debt is secured by mortgages on all our vessels.</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-7</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">DIVIDEND POLICY</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">A description of our dividend policy can be found in Item 8.A "Financial Information &#8211; Consolidated Statements and Other
    Financial Information &#8211; Dividend Policy" of our Annual Report on Form 20-F for the year ended December 31, 2020, incorporated by reference in this prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-8</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">BENEFICIAL OWNERSHIP OF OUR VOTING STOCK</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 8pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table sets forth certain information regarding the beneficial ownership of our voting stock as of September
    30, 2021 by each person or entity known by us to be the beneficial owner of more than 5% of the outstanding shares of our voting stock, each of our directors and executive officers, and all of our directors and executive officers and 5% owners as a
    group. All of our shareholders, including the shareholders listed in this table, are entitled to one vote for each share of common stock held.</div>
  <div style="text-indent: -9pt; margin-top: 8pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; margin-left: 9pt;">
    <div style="clear: both;"><br>
    </div>
  </div>
  <div style="text-align: justify; margin-top: 8pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">
    <table cellspacing="0" cellpadding="0" id="z1ec07424b1a14122b98cf355d0ba15fa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Number of Shares of Voting Common Stock Beneficially Owned</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Percent of Voting of Common Stock (14)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Number of Shares of Voting Series B Preferred Stock Beneficially Owned (15)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Percent of Voting of Series B Preferred Shares (15)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Number of Shares of Voting Common Stock Beneficially Owned Upon Conversion; 50% Voting Before Conversion</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">Percent of Total Voting Securities</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">Dry Friends Investment Company Inc(2)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">809,416</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">28.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">809,416</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">24.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%;">
            <div style="font-family: 'Times New Roman', serif;">Tennenbaum Opportunities Fund VI, LLC (3, 4)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">58,320</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">2.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">8,849</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">65.0</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">337,998</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">10.3</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">Tennenbaum Opportunities Partners V, LLC (3)</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">121,680</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">4.3</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">121,680</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">3.7</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%;">
            <div style="font-family: 'Times New Roman', serif;">Family United Navigation Co</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">226,589</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">8.0</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">226,589</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">6.9</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">Preferred Dry Friends Investment Company Inc(4)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">4,757</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">35.0</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">150,348</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">4.6</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%;">
            <div style="font-family: 'Times New Roman', serif;">Ergina Shipping Ltd.(5)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">180,308</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">6.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">180,308</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">5.5</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">Aristides J Pittas(6)</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">36,014</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">1.3</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">36,014</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">1.1</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%;">
            <div style="font-family: 'Times New Roman', serif;">George Taniskidis(7)</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">1,500</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">1,500</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">Panagiotis Kyriakopoulos(8)</div>
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            <div style="font-family: 'Times New Roman', serif;">11,797</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">11,297</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
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            <div style="font-family: 'Times New Roman', serif;">Aristides P Pittas(9)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">8,653</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">8,653</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif;">Anastasios Aslidis(10)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">9,200</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">9,500</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif;">Apostolos Tamvakakis(11)</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">3,983</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">3,983</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">Christian Donohue</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
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            <div style="font-family: 'Times New Roman', serif;">Stephania Karmiri(12)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="font-family: 'Times New Roman', serif;">Symeon Pariaros(13)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">1,500</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">1,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman', serif;">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px;">
            <div style="font-family: 'Times New Roman', serif;">All directors and officers and 5% owners as a group</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">1,468,960</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">51.6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">13,606</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">100.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">1,898,786</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">58.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: justify; margin-top: 8pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;"> <br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9800badb94fb4f6c9e14b7eb03ca070b">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-size: 9pt;">*</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Indicates less than 1.0%.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16117cab124c42b083875684c1bfbe9d">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Beneficial ownership is determined in accordance with the Rule 13d-3(a) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and generally includes voting or investment power
            with respect to securities. Except as subject to community property laws, where applicable, the person named above has sole voting and investment power with respect to all shares of common stock shown as beneficially owned by him/her.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z318d807a79574c00b28b43e54376e940">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Represents shares of common stock held of record by Dry Friends. A majority of the shareholders of Dry Friends are members of the Pittas family. Investment power and voting control by Dry
            Friends resides in its Board of Directors which consists of five directors, a majority of whom are members of the Pittas family. Actions by Dry Friends may be taken by a majority of the members on its Board of Directors.</div>
        </td>
      </tr>

  </table>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-9</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcd13d2f5218245428bda8efa334a4aaa">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Tennenbaum Capital Partners, LLC serves as investment advisor to, inter alia, Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC, which are the registered holders
            of the Common Shares and Series B Preferred Shares of EuroDry Ltd. beneficially owned by Tennenbaum Capital Partners, LLC. Tennenbaum Capital Partners, LLC is indirectly controlled by BlackRock, Inc., which may be deemed to have beneficial
            ownership of shares beneficially owned by Tennenbaum Capital Partners, LLC. The address of Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC and Tennenbaum Capital Partners, LLC is 2951 28th Street, Suite 1000, Santa
            Monica, CA 90405. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055. Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC currently hold (a) 180,000 shares of common stock and (b) 8,849
            Series B Preferred Shares that are convertible into 279,678 shares of common stock.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bab3d6cc17843e3b6b80cef5b35e4a3">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(4)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Common shares are issuable upon conversion of Series B Preferred Shares (or any convertible notes into which the Series B Preferred Shares may convert) owned by this shareholder (based on the
            current conversion ratio).</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z943a3c68276a4f049094e10c07aba121">

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

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb7b7c8a0cd834ce69e691f2bb0d3f4bb">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(6)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Does not include 135,291 shares of common stock held of record by Dry Friends, by virtue of ownership interest in Dry Friends by Mr.&#160;Pittas. Mr.&#160;Pittas disclaims beneficial ownership except to
            the extent of his pecuniary interest. Does not include 1,794 Series B Preferred Shares held of record by Preferred Dry Friends Investment Company Inc., by virtue of ownership interest in Preferred Dry Friends Investment Company Inc. by
            Mr.&#160;Pittas. Mr.&#160;Pittas disclaims beneficial ownership except to the extent of his pecuniary interest. Includes 5,400 shares vesting on November 16, 2021 and 5,400 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38ec794ff5174f39a66c109d829fcd06">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(7)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Does not include 3,915 shares held of record by Dry Friends, by virtue of Mr.&#160;Taniskidis&#8217; ownership in Dry Friends. Mr.&#160;Taniskidis disclaims beneficial ownership except to the extent of his
            pecuniary interest. Does not include 125 Series B Preferred Shares held of record by Preferred Dry Friends Investment Company Inc., by virtue of ownership interest in Preferred Dry Friends Investment Company Inc. by Mr.&#160;Taniskidis and members
            of his family. Mr.&#160;Taniskidis disclaims beneficial ownership except to the extent of his pecuniary interest. Includes 600 shares vesting on November 16, 2021 and 600 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7de2fb5d41bf4b35beb7d2c47cd38a8c">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(8)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Includes 600 shares vesting on November 16, 2021 and 600 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7bb13b312c664a4aaf967f72cfafb559">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(9)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Does not include 163,339 shares of common stock held of record by Dry Friends, Ergina and Family United Navigation Co., by virtue of ownership interest in Dry Friends and Family United
            Navigation Co. of Mr.&#160;Pittas and members of his family. Mr.&#160;Pittas disclaims beneficial ownership except to the extent of his pecuniary interest. Does not include 104 shares of Series B Preferred stock held of record by Preferred Dry Friends
            Investment Company Inc., by virtue of ownership interest in Preferred Dry Friends Investment Company Inc.by Mr.&#160;Pittas and members of his family. Includes 1,500 shares vesting on November 16, 2021 and 1,500 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1405d76a8baa4539866aedf53f21e187">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(10)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Includes 3,650 shares vesting on November 16, 2021 and 3,650 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37c75ef6fa964d5aa9965ab4bf2c338a">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(11)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Includes 600 shares vesting on November 16, 2021 and 600 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6c3cc31b005a4b06830d0829ccadc971">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(12)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Does not include 107 shares of common stock held of records by Dry Friends, by virtue of Mrs.&#160;Karmiri&#8217;s ownership in Dry Friends. Mrs.&#160;Karmiri disclaims beneficial ownership except to the extent
            of her pecuniary interest.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e5330a27dc845c491c673cf32ac4506">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(13)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Includes 600 shares vesting on November 16, 2021 and 600 shares vesting on November 16, 2022.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2939215dd19c480bb1a9caa7fd296c47">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(14)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Voting stock includes 44,900 unvested shares for a total of 2,844,287 issued and outstanding shares of the Company as of October 11, 2021.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8518ef39d0d448a09cbcf3056ead551c">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(15)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif; font-size: 9pt;"><font style="font-size: 10pt;">As of October 11, 2</font>021, Series B Preferred Shares vote on an as-converted basis weighted by 50%.</div>
        </td>
      </tr>

  </table>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-10</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div>
    <div style="margin-top: 3pt;"><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The following description of our capital stock, together with the additional information we include in any applicable
    prospectus supplements, summarizes the material terms and provisions of the capital stock offered under this prospectus supplement.&#160; For the complete terms of our capital stock, please refer to our Amended and Restated Articles of Incorporation that
    are filed as an exhibit to our Report on Form 6-K filed with the Commission on May 29, 2018, which are incorporated by reference herein; our Bylaws, as amended, that are filed as exhibits to our initial registration statement on Form F-1 filed with the
    Commission on May 8, 2018, which are incorporated by reference herein; and the Amended and Restated Statement of Designation for the Series B Convertible Perpetual Preferred Shares, filed as an exhibit to our Report on Form 6-K filed with the
    Commission on February 1, 2021 and incorporated by reference herein. The BCA may also affect the terms of these securities.</div>
  <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Authorized Capitalization</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Common Shares</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">As of the date of this prospectus supplement, we are authorized to issue up to 200,000,000 shares of common stock, par value
    $0.01 per share, of which there are 2,844,287 shares issued and outstanding. Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the
    shareholders. Holders of our common shares (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon
    liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Preferred Shares</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">As of the date of this prospectus supplement, we are authorized to issue up to 20,000,000 shares of preferred stock, par
    value $0.01 per share, of which there are 13,606 shares issued and outstanding. The preferred stock may be issued in one or more series and our Board of Directors, without further approval from our shareholders, is authorized to fix the dividend rights
    and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings,
    acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The terms of the Series B Preferred Shares are summarized in our Annual Report on Form 20-F filed with the Commission on
    April 22, 2021, which is incorporated by reference herein.&#160; For a full description of the terms of our Series B Preferred Shares, please see the Amended and Restated Statement of Designation for the Series B Preferred Shares, filed as an exhibit to our
    Report on Form 6-K filed on February 1, 2021.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Share History</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">On May 30, 2018, the Company was spun-off from Euroseas Ltd. Euroseas Ltd. contributed seven subsidiaries to the Company in
    exchange for&#160;2,254,830 common shares in the Company, which Euroseas Ltd., distributed to holders of Euroseas Ltd. common shares on a pro rata basis. Further, on May 30, 2018 Euroseas Ltd. distributed 19,042 shares of the Company&#8217;s Series B Preferred
    Shares to holders of Euroseas Ltd.&#8217;s Series B Preferred Shares, representing 50% of Euroseas Ltd.&#8217;s Series B Preferred Shares.&#160;</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Between May 30, 2018 and January 29, 2019, the Company paid dividends to its Series B Preferred Shares in-kind by issuing 645
    Series B Preferred Shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 21, 2018, the Board of Directors awarded 25,090 shares of restricted stock to our directors, officers and key employees of
    Eurobulk, 50% of which vested on November 16, 2019, and the remainder vested on November 16, 2020.</div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On June 18, 2019, the Board of Directors agreed to redeem $4.3 million of its <font style="color: #000000;">Series B Preferred Shares</font>
    with a simultaneous reduction of the dividend rate for the remaining outstanding shares. After the redemption, there were 15,386 <font style="color: #000000;">Series B Preferred Shares</font> with $15.4 million face value outstanding.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 4, 2019, the Board of Directors awarded 24,710 shares of restricted stock to our directors, officers and key employees of
    Eurobulk, 50% of which vested on July 1, 2020 and the remainder vested on July 1, 2021.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">On November 5, 2020, the Board of Directors awarded 44,900 shares of restricted stock to our directors, officers and key
    employees of Eurobulk, 50% of which will vest on November 16, 2021, and the remainder will vest on November 16, 2022. There were 1,314 shares that were forfeited due to employee termination. Vesting of the awards is conditioned on continuous employment
    throughout the period to the vesting date.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">On June 4, 2021, Ergina elected to convert into shares of common stock part of the outstanding amount of the bridge loan it
    provided to the Company on May 10, 2021; the conversion price was the average closing price over the fifteen business days prior to the conversion notice as per the terms of the loan. As result of the conversion, EuroDry issued 180,308 shares to Ergina
    for the converted loan amount of $3.3 million.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">From June 15, 2021 through October 12, 2021 we sold 315,763 shares of common stock under our at-the-market offering for
    $9,190,012 in gross proceeds net of commissions.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled
    to vote in the election. Cumulative voting may not be used to elect directors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our Board of Directors must consist of at least three directors, such number to be determined by the Board of Directors by a
    majority vote of the entire Board of Directors from time to time. Shareholders may change the number of our directors only by an affirmative vote of the holders of the majority of the outstanding shares of capital stock entitled to vote generally in
    the election of directors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our Board of Directors is divided into three classes as set out below in &#8220;Classified Board of Directors.&#8221; Each director is
    elected to serve until the end of the&#160; respective class he or she is assigned to which is typically until the third succeeding annual meeting after his election and until his successor shall have been elected and qualified, except in the event of his
    death, resignation or removal.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholder Meetings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Under our bylaws, as amended, annual shareholder meetings will be held at a time and place selected by our Board of
    Directors. The meetings may be held in or outside of the Marshall Islands. Special meetings may be called at any time by the Board of Directors, the Chairman of the Board or by the President. Notice of every annual and special meeting of shareholders
    must be given to each shareholder of record entitled to vote at least 15 but no more than 60 days before such meeting.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Dissenters&#8217; Rights of Appraisal and Payment</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including any merger or
    consolidation or sale of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of
    incorporation, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to
    receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in
    any appropriate court in any jurisdiction in which the Company&#8217;s shares are primarily traded on a local or national securities exchange.</div>
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  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders Derivative Actions</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action,
    provided that the shareholder bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and
    their shareholders for monetary damages for breaches of directors&#8217; fiduciary duties. Our bylaws, as amended, include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest
    extent permitted by law.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our bylaws, as amended, provide that we must indemnify our directors and officers to the fullest extent authorized by law. We
    are also expressly authorized to carry directors&#8217; and officers&#8217; insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to
    attract and retain qualified directors and executive officers.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The limitation of liability and indemnification provisions in our bylaws, as amended, may discourage shareholders from
    bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might
    otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for
    which indemnification is sought.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our purpose, as stated in our amended and restated articles of incorporation, is to engage in any lawful act or activity for
    which corporations may now or hereafter be organized under the BCA.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Bylaws, as Amended</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Several provisions of our amended and restated articles of incorporation and bylaws, as amended, which are summarized below,
    may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change in control and enhance the ability of our Board of Directors to maximize shareholder value in connection with
    any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise that
    a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Under the terms of our amended and restated articles of incorporation, our Board of Directors has authority, without any
    further vote or action by our shareholders, to issue up to 20,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change in control of our
    company or the removal of our management.</div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Classified Board of Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our amended and restated articles of incorporation provide for the division of our Board of Directors into three classes of
    directors, with each class as nearly equal in number as possible, serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from
    making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Election and Removal of Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our bylaws, as
    amended, require parties other than the Board of Directors to give advance written notice of nominations for the election of directors. Our bylaws, as amended, also provide that our directors may be removed only for cause and by either action of the
    Board of Directors or the holders of 51% of the issued and outstanding voting shares of the Company. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our amended and restated articles of incorporation and our bylaws, as amended, provide that any action required or permitted
    to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders. Our amended and restated articles of incorporation and our bylaws, as amended, provide that,
    subject to certain exceptions, a special meeting of shareholders may be called only by our Board of Directors, our Chairman of the Board or by the President and the business transacted at the special meeting is limited to the purposes stated in the
    notice. Accordingly, a shareholder may not call a special meeting and shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Advance Notice Requirements for Shareholder Proposals and Director Nominations</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our bylaws, as amended, provide that shareholders seeking to nominate candidates for election as directors or to bring
    business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;s notice must be received at our principal executive offices not less than 150
    days nor more than 180 days prior to the one-year anniversary of the immediately preceding annual meeting of shareholders. Our bylaws, as amended, also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may
    impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Certain Business Combinations</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our amended and restated articles of incorporation also prohibit us, subject to several exclusions, from engaging in any
    &#8220;business combination&#8221; with any interested shareholder for a period of three years following the date the shareholder became an interested shareholder.</div>
  <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders&#8217; Rights Plan</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We adopted a shareholders&#8217; rights plan on May 5, 2018 (the &#8220;Rights Plan&#8221;). Each right entitles the registered holder, upon
    the occurrence of certain events, to purchase from us one-thousandth of a share of Series A Participating Preferred Stock at an exercise price of $26, subject to adjustment. The rights will expire on the earliest of (i)&#160;May 30, 2028&#160;or (ii) redemption
    or exchange of the rights. The Rights Plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with or takeover of the Company. We believe that the Rights Plan should
    enhance the board of directors&#8217; negotiating power on behalf of shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals and we adopted the plan as a matter of prudent corporate governance. A
    copy of the Rights Plan was filed as Exhibit 4.6 to our initial registration statement on Form F-1 (333-224732) and is incorporated by reference into this prospectus supplement.</div>
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  <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Transfer Agent</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The registrar and transfer agent for our common shares is American Stock Transfer &amp; Trust Company, LLC.</div>
  <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Listing</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are listed on the Nasdaq Capital Market under the symbol &#8220;EDRY.&#8221;</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">TAX CONSIDERATIONS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should carefully read the discussion of the material Marshall Islands and U.S. federal income tax considerations associated with our
    operations and the acquisition, ownership and disposition of our common&#160;shares&#160;set forth in the section entitled &#8220;Taxation&#8221; of our annual report on Form 20-F for the year ended December 31, 2020, filed with the Commission on April 22, 2021 and
    incorporated by reference herein.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We have entered into an equity distribution agreement, as amended (the "Equity Distribution Agreement"), with Noble Capital
      Markets, Inc. (the "sales agent") pursuant to which we may issue and sell common shares having an aggregate offering price of up to $5,500,000 from time to time solely through Noble acting as sales agent. Copies of the Equity Distribution Agreement
      and the First Amendment thereto have been filed as exhibits to Reports on Form 6-K filed with the Commission on June 10, 2021 and October 12, 2021, respectively, and are incorporated by reference herein. Our common shares registered under this
      prospectus supplement are subject to sale under the Equity Distribution Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We previously filed a prospectus supplement dated June 10, 2021 relating to the issuance and sale of up to $10,000,000 of
      our common shares, which sales have been made under the terms and conditions of the Equity Distribution Agreement. $525,261 of our common shares remain unsold and will be offered pursuant to the prospectus supplement dated June 10, 2021.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Upon delivery of a placement notice and subject to the terms and conditions of the Equity Distribution Agreement, Noble may
      sell our common shares by any method permitted by law deemed to be an "at-the-market" offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the "Securities Act") including sales made directly on the Nasdaq Capital
      Market, on any other existing trading market for our common shares or to or through a market maker. Noble may also sell our common shares by any other method permitted by law, including in privately negotiated transactions. We or Noble may terminate
      the Equity Distribution Agreement and the offering of our common shares upon notice.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We will pay Noble in cash, upon each sale of our common shares pursuant to the Equity Distribution Agreement, a commission
      equal to 3.0% of the aggregate gross proceeds from the sale of our common shares. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering amount, commissions and proceeds to us, if any,
      are not determinable at this time. We have agreed to reimburse Noble in the amount not to exceed $50,000 (all of which has been previously paid) for its reasonable costs and out-of-pocket expenses incurred in connection with the Equity Distribution
      Agreement and other agreements, including fees and disbursements of its legal counsel and up to $5,000 for expenses incurred in connection with the First Amendment and for any amendments thereafter.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Settlement for sales of common shares will occur on the second Trading Day (as such term is defined in the Equity
      Distribution Agreement) following the date on which any sales are made, or on some other date that is agreed upon by us and Noble in connection with a particular transaction, in return for payment of the net proceeds to us. There is no arrangement
      for funds to be received in an escrow, trust or similar arrangement. Sales of our common shares as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and
      Noble may agree upon.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Noble will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales
      practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Capital Market. In connection with the sale of the common shares on our behalf, Noble will be deemed to be an "underwriter" within the meaning of the
      Securities Act and the compensation of Noble will be deemed to be underwriting commissions or discounts.</div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Indemnification</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have agreed to indemnify Noble against certain liabilities, including liabilities under the Securities Act and liabilities arising from
    breaches of representations and warranties contained in the Distribution Agent Agreement.&#160; We have also agreed to contribute to payments Noble may be required to make in respect to such liabilities.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Electronic Distribution</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement and the accompanying prospectus may be made available in electronic format on websites or through other online
    services maintained by Noble, or by&#160;its respective affiliates. Other than this prospectus supplement and the accompanying prospectus in electronic format, the information on Noble&#8217;s websites and any information contained in any other websites
    maintained by Noble is not part of this prospectus supplement or the accompanying prospectus or the registration statement of which this prospectus supplement and the accompanying prospectus forms a part, has not been approved and/or endorsed by us or
    Noble, and should not be relied upon by investors.</div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Termination</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The offering of our common shares pursuant to the Equity Distribution Agreement will terminate upon the earlier of the (i)
      sale of all of our common shares provided for in this prospectus supplement, or (ii) termination of the Equity Distribution Agreement as permitted therein.</div>
    <div><br>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-17</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt;"><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">EXPENSES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities offered by this prospectus supplement, all of
    which will be paid by us.</div>
  <table cellspacing="0" cellpadding="0" id="z978b67af26a44975aed694083367e345" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Commission Registration Fees*</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">714</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">FINRA Fees</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">838</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Legal Fees and Expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">15,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Accountants&#8217; Fees and Expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">15,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Miscellaneous Costs</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">3,448</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Total</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">35,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">* The Commission Registration Fee of $26,677, covering all of the securities being offered under the registration statement on Form F-3 (File No. 333-238235)
    filed with the Commission with an effective date of May 20, 2020, of which this prospectus supplement forms a part, was previously paid. We allocate the cost of this fee on an approximately pro-rata basis with each offering.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">LEGAL MATTERS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the common shares offered hereby and other matters relating to Marshall Islands, Liberian and United States law will be
    passed upon for us by Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York 10004. Greenberg Traurig, PA, 777 S. Flagler Drive, Suite 300 East, West Palm Beach, Florida 33401, is representing Noble in this offering.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">EXPERTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The consolidated financial statements, incorporated in this prospectus supplement by reference from our Annual Report on Form 20-F, have been
    audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such consolidated financial statements have been so incorporated in reliance
    upon the report of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte Certified Public Accountants S.A. are located at Fragoklissias 3a &amp; Granikou Str., 15125 Maroussi, Athens, Greece.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus supplement with
    the Commission. This prospectus supplement is a part of that registration statement, which includes additional information.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports within the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports,
    proxy and information statements and other information regarding registrants that file electronically with the Commission. Our filings are also available on our website at http://www.eurodry.gr. The information on our website, however, is not, and
    should not be deemed to be, a part of this prospectus supplement. Further, other than as described below, the information contained in or accessible from the Commission&#8217;s website is not part of this prospectus supplement.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-18</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with it. This means that we can disclose important
    information to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we file later with the Commission prior to the termination of this
    offering will also be considered to be part of this prospectus supplement and will automatically update and supersede previously filed information, including information contained in this document.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement incorporates by reference the following documents:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zacc4f5242a2e49eb95d755fb637402ae">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Our Annual Report on&#160;<a href="https://www.sec.gov/Archives/edgar/data/0001731388/000091957421003064/d8817468_20-f.htm">Form 20-F</a> for the year ended December 31, 2020, filed with the
            Commission on April 22, 2021, which contains our audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zebec2e49303943769a2a9f6c481d4bd6">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;"><a href="https://www.sec.gov/Archives/edgar/data/1731388/000091957421004024/d8864708_ex-1.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission on June
            10, 2021, which contains the Equity Distribution Agreement.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8f9971db03944afb7a28ffb5d107f43">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;"><a href="https://www.sec.gov/Archives/edgar/data/1731388/000091957421004718/d8914691_6-k.htm">Exhibit 99.1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission on
            July 29, 2021, which contains the results of the Company&#8217;s 2021 Annual General Meeting, held on July 23, 2021.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b6a7aab6b8f42b38eeaae4e318ae193">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1731388/000117184321006817/edry20210524_6k.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the
            Commission on October 4, 2021, which contains the Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed consolidated financial statements and related information of the Company as
            of and for the six-month period ended June 30, 2021.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze91ebf3a32e343ec9308a1deffe8428f">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;"><a href="https://www.sec.gov/Archives/edgar/data/1731388/000091957421006267/d8987772_ex-1.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission on
            October 12, 2021, which contains the First Amendment to the Equity Distribution Agreement.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and certain reports on
    Form 6-K that we furnish to the Commission after the date of this prospectus supplement (if they state that they are incorporated by reference into the registration statement of which this prospectus supplement is a part) until we file a post-effective
    amendment indicating that the offering of the securities made by this prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus supplement or the
    accompanying prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus.
    We have not, and Noble has not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should assume that the information appearing in
    this prospectus supplement and the accompanying prospectus as well as the information we previously filed with the Commission and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial
    condition and results of operations and prospects may have changed since those dates.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a paper copy of our Commission filings, at no cost, by writing to or telephoning us at the following address:</div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">EuroDry Ltd.<br>
      4 Messogiou &amp; Evropis Street, 151 24 Maroussi Greece<br>
      +30-211-1804005&#160; (telephone number)</div>
    <div style="margin-top: 3pt;"><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These reports may also be obtained on our website at www.eurodry.gr. None of the information on our website is a part of this prospectus
    supplement or the accompanying prospectus.</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent
    registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the
    furnishing and content of proxy statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq Capital Market, those proxy statements do not conform to Schedule 14A of the proxy rules
    promulgated under the Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-19</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><br>
    </div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: right; font-family: 'Times New Roman'; font-weight: bold;">Filed Pursuant to Rule 424(b)(1)</div>
    <div style="text-align: right; font-family: 'Times New Roman'; font-weight: bold;">Registration No. 333-238235</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">PROSPECTUS</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;">$200,000,000</div>
      <div><br>
      </div>
      <div style="text-align: center;">Common Shares, Preferred Shares, Debt Securities, Warrants and Units</div>
      <div><br>
      </div>
      <div style="text-align: center;">1,294,064 of our Common Shares Offered by the Selling Shareholders</div>
      <div><br>
      </div>
      <div style="text-align: center;">
        <div><img width="235" height="187" src="image0.jpg"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">Through this prospectus, we may periodically offer:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(1)&#160;our common shares,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(2)&#160;our preferred shares,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(3)&#160;our debt securities,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(4)&#160;our warrants, and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(5)&#160;our units.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed above.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">In addition, Selling Shareholders named in this Prospectus or their respective donees, pledgees, transferees or other successors in interest may sell in one or more offerings
        pursuant to this registration statement up to 1,294,064 of our common shares that were previously acquired in private transactions or in the open market or which are issuable upon conversion of our Series B Convertible Perpetual Preferred Shares
        (the &#8220;Series B Preferred Shares&#8221;) or any convertible notes into which the Series B Preferred Shares may convert. The Selling Shareholders or their respective donees, pledgees, transferees or other successors in interest may, from time to time,
        sell, transfer or otherwise dispose of any or all of these common shares, including on any stock exchange, market or trading facility on which the shares are traded or in privately negotiated transactions at fixed prices that may be changed, at
        market prices prevailing at the time of sale or at negotiated prices.&#160; See "Plan of Distribution" beginning on page 11.&#160; Information on the Selling Shareholders and the times and manners in which they may offer and sell our common shares are
        described under the sections entitled "Selling Shareholders" and "Plan of Distribution" in this prospectus.&#160; While we will bear all costs, expenses and fees in connection with the registration of the Selling Shareholder Shares, we will not receive
        any of the proceeds from the sale of our common shares by the Selling Shareholders.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The prices and other terms of the securities that we will offer will be determined at the time of their offering and will be described in a supplement to this prospectus.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">Our common shares are currently listed on the Nasdaq Capital Market under the symbol "EDRY". On May 12, 2020, the last reported sale price of our common shares was $4.20 per
        share.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The aggregate market value of our outstanding common stock held by non-affiliates as of May 6, 2020 is $3,437,591, based on 2,304,630 shares of common stock outstanding, of
        which 818,474 are held by non-affiliates, and a closing price on the Nasdaq Capital Market of $4.20 on that date.&#160; As of the date hereof, we have not offered any securities pursuant to General Instruction I.B.5 of Form F-3 during the twelve
        calendar month period that ends on and includes the date hereof.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The securities to be sold under this prospectus may be offered directly or through underwriters, agents or dealers.&#160; The names of any underwriters, agents or dealers will be
        included in a supplement to this prospectus.</div>
      <div style="text-align: justify; margin-bottom: 6pt;"><font style="font-weight: bold;">An investment in these securities involves risks.&#160; See the section entitled "Risk Factors" on page<font style="font-weight: bold;">&#160;</font></font><font style="font-weight: bold;">6</font><font style="font-weight: bold;">, and other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and therein.</font></div>
      <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF
        THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div>
      <div style="text-align: center;">The date of this prospectus is May 21, 2020.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
      <div> <br>
      </div>
      <div style="text-align: right;"><font style="font-weight: bold;">Page</font><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">PROSPECTUS SUMMARY</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">RISK FACTORS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">SELLING SHAREHOLDERS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">OUR CAPITALIZATION</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DIVIDEND POLICY</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">PLAN OF DISTRIBUTION</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF CAPITAL STOCK</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF PREFERRED SHARES</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF WARRANTS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF DEBT SECURITIES</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">19<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF UNITS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">TAX CONSIDERATIONS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">EXPENSES</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">EXPERTS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">LEGAL MATTERS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">GLOSSARY OF SHIPPING TERMS</div>
            </td>
            <td style="width: 8.05%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">37</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <br>
      <div style="text-align: center; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As permitted under the rules of the U.S. Securities and Exchange Commission, or the Commission, this prospectus incorporates important business information about us that is contained in documents
        that we have previously filed with the Commission but that are not included in or delivered with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the Commission at www.sec.gov, as well as
        other sources. You may also obtain copies of the incorporated documents, without charge, upon written or oral request to EuroDry Ltd., 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece, +30-211-1804006. See "Where You Can Find Additional
        Information."</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus. Neither we nor the Selling Shareholders have authorized any person to provide information other
        than that provided in this prospectus and the documents incorporated by reference. Neither we nor the Selling Shareholders are making an offer to sell common shares in any state or other jurisdiction where the offer or sale is not permitted. You
        should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus regardless of its time of delivery, and you should not consider any information in this prospectus or
        in the documents incorporated by reference herein to be investment, legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in
        our securities.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to "EuroDry," the "Company," "we," "us," "our," or similar references, mean EuroDry Ltd. and,
        where applicable, its consolidated subsidiaries, and the "Selling Shareholders" refers to those of our shareholders described in "Selling Shareholders" on page 8 of this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">EuroDry Ltd. is a Marshall Islands corporation and our principal executive offices are located outside the United States in Maroussi, Greece. A majority of our directors, officers and the experts
        named in the prospectus reside outside the United States. In addition, a substantial portion of our assets and the assets of our directors, officers and experts are located outside the United States. As a result, you may have difficulty serving
        legal process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against us or these persons in any action,
        including actions based upon the civil liability provisions of United States federal or state securities laws. Furthermore, there is substantial doubt that the courts of the Marshall Islands or Greece would enter judgments in original actions
        brought in those courts predicated on United States federal or state securities laws.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">EuroDry Ltd. desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in
        connection with this safe harbor legislation.&#160; This prospectus contains forward-looking statements.&#160; These forward-looking statements include information about possible or assumed future results of our operations or our performance. Words such as
        &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify the forward-looking statements. Although we believe that the expectations reflected in such
        forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are
        inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include,
        but are not limited to, statements regarding:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>our future operating or financial results;</div>
                </td>
              </tr>

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

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

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

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

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

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

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

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

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

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

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

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

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>our ability to leverage to our advantage our manager&#8217;s relationships and reputations in the drybulk shipping industry;</div>
                </td>
              </tr>

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

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

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>potential liability from future litigation;</div>
                </td>
              </tr>

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

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

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>acts of terrorism and other hostilities, including piracy;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>business disruptions due to natural disasters or other disasters outside our control, such as the recent novel Coronavirus COVID-19 outbreak; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>other factors discussed in the section titled &#8220;Risk Factors.&#8221;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">WE CAUTION READERS OF THIS PROSPECTUS AND ANY PROSPECTUS SUPPLEMENT NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES.&#160; WE
        UNDERTAKE NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENTS, OR THE DOCUMENTS TO WHICH WE REFER YOU IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT, TO REFLECT ANY
        CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED.&#160; THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEES OF OUR FUTURE PERFORMANCE, AND ACTUAL RESULTS AND
        FUTURE DEVELOPMENTS MAY VARY MATERIALLY FROM THOSE PROJECTED IN THE FORWARD LOOKING STATEMENTS.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-indent: 36pt;">Unless otherwise indicated, all references to "dollars" and "$" in this prospectus are to United States dollars and financial information presented in this prospectus that is derived from financial statements
        incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This prospectus is part of a registration statement that we filed with the Commission using a shelf registration process.&#160; Under the shelf registration process, we may sell the common shares,
        preferred shares, debt securities, warrants and units described in this prospectus in one or more offerings up to a total dollar amount of $200,000,000. In addition, the Selling Shareholders may sell in one or more offerings pursuant to this
        registration statement up to 1,294,064 of our common shares that were previously acquired in private transactions or in the open market or which are issuable upon conversion of Series B Preferred Shares or any convertible notes into which the
        Series B Preferred Shares may convert. This prospectus provides you with a general description of the securities we or the Selling Shareholders may offer.&#160; Each time we or the Selling Shareholders offer securities, we may provide you with a
        supplement to this prospectus that will describe the specific information about the securities being offered and the specific terms of that offering.&#160; The prospectus supplement may also add, update or change the information contained in this
        prospectus.&#160; If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should read carefully both this prospectus and
        any prospectus supplement, together with the additional information described below.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This prospectus does not contain all the information provided in the registration statement that we filed with the Commission.&#160; For further information about us or the securities offered hereby,
        you should refer to the registration statement, which you can obtain from the Commission as described below under "Where You Can Find Additional Information."</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; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">iii</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PROSPECTUS SUMMARY</div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">This section summarizes some of the information and consolidated financial statements that appear later in this prospectus or in documents incorporated by reference herein. As
        an investor or prospective investor, you should review carefully the risk factors and the more detailed information and financial statements that appear later in this prospectus or in documents incorporated by reference herein. In this prospectus,
        references to "EuroDry," "Company," "we," "our," "ours" and "us" refer to EuroDry Ltd., and its subsidiaries, unless otherwise stated or the context requires.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">We use the term "deadweight tons," or dwt, in describing the capacity of our vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to
        the maximum weight of cargo and supplies that a vessel can carry. For the definition of certain shipping terms used in this prospectus, see the "Glossary of Shipping Terms" on page 37 of this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">Our Company</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">EuroDry Ltd. is a Marshall Islands company incorporated under the Marshall Islands Business Corporations Act, or BCA, on January 8, 2018. We are a provider of worldwide ocean-going transportation
        services. We own and operate drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. As of May 11, 2020, our fleet consisted of seven drybulk carriers (comprising
        four Panamax drybulk carriers, two Kamsarmax and one Ultramax drybulk carrier). The total cargo carrying capacity of our seven drybulk carriers is 528,931 dwt.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We actively manage the deployment of our fleet between spot market voyage charters, which generally last from several days to several weeks, and time charters, which can last up to several years.&#160;
        Some of our vessels may participate in shipping pools, or, in some cases in contracts of affreightment. We may also use freight forward agreement, or FFA, contracts to provide partial coverage for our drybulk vessels &#8211; as a substitute for time
        charters &#8211; in order to increase the predictability of our revenues.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Vessels operating on time charters provide more predictable cash flows but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market
        conditions. Vessels operating in the spot market generate revenues that are less predictable but may enable us to achieve increased profit margins during periods of high vessel rates although we are exposed to the risk of declining vessel rates,
        which may have a materially adverse impact on our financial performance. Vessels operating in pools benefit from better scheduling, and thus increased utilization, and better access to contracts of affreightment due to the larger commercial
        operation of the pool. We are constantly evaluating opportunities to increase the number of our vessels deployed on time charters or to participate in shipping pools (if available for our vessels), however we only expect to enter into additional
        time charters or shipping pools if we can obtain contract terms that satisfy our criteria.&#160; We carefully evaluate the length and the rate of the time charter contract at the time of fixing or renewing a contract considering market conditions,
        trends and expectations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We constantly evaluate vessel purchase opportunities to expand our fleet accretive to our earnings and cash flow. Additionally, we will consider selling certain of our vessels when favorable sales
        opportunities present themselves. If, at the time of sale, the carrying value is less than the sales price, we will realize a gain on sale, which will increase our earnings, but if, at the time of sale, the carrying value of a vessel is more than
        the sales price, we will realize a loss on sale, which will negatively impact our earnings.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Our Fleet</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">As of May 11, 2020, the profile and deployment of our fleet is the following:</div>
      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 15%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">Name</div>
            </td>
            <td style="width: 10%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">Type</div>
            </td>
            <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">Dwt</div>
            </td>
            <td style="width: 11%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Year Built</div>
            </td>
            <td style="width: 17%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">Employment (*)</div>
            </td>
            <td style="width: 38%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">TCE Rate ($/day)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="font-weight: bold;">Dry Bulk Vessels</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px; text-align: center;">&#160;</td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">&#160;</td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">EKATERINI</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Kamsarmax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">82,000</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2018</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-indent: 0.3pt;">TC until Apr-21</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">Hire 106% of the Average Baltic Kamsarmax P5TC index (***)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">XENIA</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Kamsarmax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">82,000</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2016</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-indent: 0.3pt;">TC until Nov-20</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">Hire 101% of the Average Baltic Kamsarmax P5TC index (***) with a floor at $11,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">EIRINI P</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Panamax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">76,466</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2004</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: 0.3pt;">TC until Jul-20</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">Hire 100% of Average BPI 4TC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(**)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">PANTELIS</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Panamax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">74,020</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2000</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: 0.3pt;">In drydock</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-indent: -18pt; margin-left: 18pt;">TASOS</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Panamax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">75,100</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2000</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: 0.3pt;">TC until Jul-20</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">$6,875</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">ALEXANDROS P</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">Ultramax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">63,500</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">2017</div>
            </td>
            <td style="width: 17%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-indent: 0.3pt;">Guardian Navigation GMax LLC Pool</div>
            </td>
            <td style="width: 38%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">Pool revenue from August 2018</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify;">STARLIGHT</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt;">75,845</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;">2004</div>
            </td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: 0.3pt;">TC until Sep-20</div>
            </td>
            <td style="width: 38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="margin-left: 4.5pt;">Hire 100% of Average BPI 4TC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(**)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">Total Vessels</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">
              <div style="text-align: center; font-weight: bold;">7</div>
            </td>
            <td style="width: 9%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -18pt; margin-left: 18pt; font-weight: bold;">528,931</div>
            </td>
            <td style="width: 11%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 17%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">&#160;</td>
            <td style="width: 38%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px; padding-right: 2px;">&#160;</td>
          </tr>

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

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(*)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(**)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Denotes the Baltic Panamax Index (&#8220;BPI&#8221;); The Average BPI 4TC is an index based on four time charter routes.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(***)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We plan to expand our fleet by investing in vessels in the drybulk market under favorable market conditions. We also intend to take advantage of the cyclical nature of the market by buying and selling ships when we
        believe favorable opportunities exist.&#160; We employ our vessels in the spot and time charter market and through pool arrangements. As of May 11, 2020, all but one of our vessels are employed under time charter contracts or pool agreements. One of our
        vessels is currently undergoing her drydock.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">Management of Our Fleet</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The operations of our vessels are managed by Eurobulk Ltd., or Eurobulk, and Eurobulk (Far East) Ltd. Inc., or Eurobulk FE, collectively the &#8220;Managers&#8221;, both affiliated companies. Eurobulk manages
        our fleet under a Master Management Agreement with us and separate management agreements with each shipowning company. Eurobulk was founded in 1994 by members of the Pittas family and is a reputable ship management company with strong industry
        relationships and experience in managing vessels. Under our Master Management Agreement, Eurobulk is responsible for providing us with: (i) executive services associated with us being a public company; (ii) other services to our subsidiaries and
        commercial management services, which include obtaining employment for our vessels and managing our relationships with charterers; and (iii) technical management services, which include managing day-to-day vessel operations, performing general
        vessel maintenance, ensuring regulatory and classification society compliance, supervising the maintenance and general efficiency of vessels, arranging our hire of qualified officers and crew, arranging and supervising drydocking and repairs,
        arranging insurance for vessels, purchasing stores, supplies, spares and new equipment for vessels, appointing supervisors and technical consultants and providing technical support and shoreside personnel who carry out the management functions
        described above and certain accounting services.</div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Our Master Management Agreement with Eurobulk compensates Eurobulk with an annual fee and a daily management fee per vessel managed. Our Master Management Agreement is similar to the master
          management agreement between Euroseas Ltd. and Eurobulk relating to our vessels that were previously owned by Euroseas Ltd.&#160; The Master Management Agreement is terminable by Eurobulk only for cause or under other limited circumstances, such as
          sale of the Company or Eurobulk or the bankruptcy of either party. The Master Management Agreement runs through January 1, 2023 and will automatically be extended after the initial period for an additional five-year period unless terminated on or
          before the 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day preceding the initial termination date. Pursuant to the Master Management Agreement, vessels we might acquire in the future can enter into a separate management agreement with Eurobulk with the term and daily rate
          as specified in the Master Management Agreement.&#160; The management agreements between Eurobulk FE and the shipowning companies follow substantially the same terms of the similar agreements with Eurobulk.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">The management fee will be adjusted annually for Eurozone inflation every January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>. Under the Master Management Agreement, we pay Eurobulk an annual fee of $1,250,000 and a fee of
          685 Euros per vessel per day in operation and 342.50 Euros per vessel per day in lay-up. In the case of newbuilding vessel contracts, the same management fee of 685 Euros will become effective when construction of the vessels actually begins.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Eurobulk FE was founded in 2015 and is based in the Philippines. Eurobulk FE manages our vessels M/V "Xenia," M/V "Tasos," M/V "Alexandros P" and M/V "Ekaterini," pursuant to a management
          agreement with each vessel's shipowning company and Master Management Agreement with Eurobulk FE, with terms substantially similar to the corresponding agreements of Eurobulk with the other shipowning companies.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">During 2019, in exchange for providing us with the services described above, we paid Eurobulk an annual fee of $1,250,000. We also paid Eurobulk and Eurobulk FE a management fee of 685 Euros per
        vessel per day for any operating vessel and 50% (i.e. 342.5 Euros) of that amount for any vessel laid-up.&#160; There was no adjustment for inflation for 2020 and, hence, we continue to pay an annual fee of $1,250,000 and a fee of 685 Euros per vessel
        per day in operation and 342.5 Euros per vessel per day in lay-up. In the case of newbuilding vessel contracts, the same management fee of 685 Euros becomes effective when construction of the vessels actually begins.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Our Competitive Strengths</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 21.6pt; margin-left: 14.4pt; margin-top: 3.6pt;">We believe that we possess the following competitive strengths:</div>
      <div style="text-align: justify; margin-top: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 14.4pt;"><br>
                </td>
                <td style="width: 19.8pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Experienced Management Team</font>. Our management team has significant experience in all aspects of commercial, technical, operational and financial areas of our business. Aristides J. Pittas, our
                    Chairman and Chief Executive Officer, holds a dual graduate degree in Naval Architecture and Marine Engineering and Ocean Systems Management from the Massachusetts Institute of Technology. He has worked in various technical, shipyard
                    and ship management capacities and since 1991 has focused on the ownership and operation of vessels carrying dry cargoes. Dr. Anastasios Aslidis, our Chief Financial Officer, holds a Ph.D. in Ocean Systems Management also from
                    Massachusetts Institute of Technology and has over 20 years of experience, primarily as a partner at a Boston based international consulting firm focusing on investment and risk management in the maritime industry.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 14.4pt;"><br>
                </td>
                <td style="width: 19.8pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Cost Efficient Vessel Operations</font>. We believe that because of the efficiencies afforded to us through Eurobulk, the strength of our management team and the quality of our fleet, we are, and
                    will continue to be, a reliable, low cost vessel operator, without compromising our high standards of performance, reliability and safety. Our total vessel operating expenses, including management fees and general and administrative
                    expenses but excluding drydocking expenses were $5,869 per day for the year ended December 31, 2019. Our technical and operating expertise allows us to efficiently manage and transport a wide range of cargoes with a flexible trade route
                    profile, which helps reduce ballast time between voyages and minimize off-hire days. Our professional, well-trained masters, officers and on board crews further help us to control costs and ensure consistent vessel operating
                    performance. We actively manage our fleet and strive to maximize utilization and minimize maintenance expenditures for operational and commercial utilization. For the year ended December 31, 2019, our operational fleet utilization was
                    99.4%, from 99.7% in 2018, while our commercial utilization rate was at 100% for both years. Our total fleet utilization rate in 2019 was 99.4%.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-top: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 14.4pt;"><br>
                </td>
                <td style="width: 19.8pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Strong Relationships with Customers and Financial Institutions</font>. We believe ourselves, Eurobulk, Eurobulk FE and the Pittas family have developed strong industry relationships and have gained
                    acceptance with charterers, lenders and insurers because of long-standing reputation for safe and reliable service and financial responsibility through various shipping cycles. Through Eurobulk and Eurobulk FE, we offer reliable service
                    and cargo carrying flexibility that enables us to attract customers and obtain repeat business. We also believe that the established customer base and reputation of ourselves, Eurobulk, Eurobulk FE and the Pittas family help us to
                    secure favorable employment for our vessels with well-known charterers.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Our Business Strategy</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">Our business strategy is focused on providing consistent shareholder returns by carefully timing and structuring acquisitions of drybulk carriers and by
        reliably, safely and competitively operating our vessels through our Managers. We continuously evaluate purchase and sale opportunities, as well as long term employment opportunities for our vessels.<font style="font-size: 12pt;">&#160;</font>Key
        elements of the above strategy are:</div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 17.1pt;"><br>
                </td>
                <td style="width: 17.1pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Renew and Expand our Fleet</font>. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We perform in-depth technical review and financial
                    analysis of each potential acquisition and only purchase vessels as market opportunities present themselves. We focus on purchasing well-maintained secondhand vessels, newbuildings or newbuilding resales based on the evaluation of each
                    investment option at the time it is made. During 2018 the construction of an 82,000 DWT bulk carrier was completed, which was delivered on May 7, 2018. In December 2018, we acquired another second hand Panamax drybulk carrier.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 17.3pt;"><br>
                </td>
                <td style="width: 17.3pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Maintain Balanced Employment</font>. We intend to employ our fleet on either longer term time charters, i.e. charters with duration of more than a year, or shorter term time/spot charters. We seek
                    longer term time charter employment to obtain adequate cash flow to cover as much as possible of our fleet&#8217;s recurring costs, consisting of vessel operating expenses, management fees, general and administrative expenses, interest
                    expense and drydocking costs for the upcoming 12-month period. We also may use FFAs &#8211; as a substitute for time charter employment &#8211; to partly provide coverage for our drybulk vessels in order to increase the predictability of our
                    revenues.&#160; We look to deploy the remainder of our fleet on spot charters, shipping pools or contracts of affreightment (&#8220;COA&#8221;) depending on our view of the direction of the markets and other tactical or strategic considerations. When we
                    expect charter rates to improve we try to increase the percentage of our fleet employed in shorter term contracts (allowing us to take advantage of higher rates in the future), while when we expect the market to weaken we try to
                    increase the percentage of our fleet employed in longer term contracts (allowing us to take advantage of higher current rates). We believe this balanced employment strategy will provide us with more predictable operating cash flows and
                    sufficient downside protection, while allowing us to participate in the potential upside of the spot market during periods of rising charter rates. As of May 11, 2020, on the basis of our existing time charters, approximately 50% of our
                    vessel capacity for the remainder of 2020 are under time charter contracts, which will ensure employment of a portion of our fleet, partly protect us from market fluctuations and increase our ability to make principal and interest
                    payments on our debt and pay dividends to our shareholders.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 17.3pt;"><br>
                </td>
                <td style="width: 17.3pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-style: italic;">Optimize Use of Financial Leverage</font>. We intend to use bank debt to partly fund our vessel acquisitions and increase financial returns for our shareholders. We actively assess the level of debt
                    we incur in light of our ability to repay that debt based on the level of cash flow generated from our balanced chartering strategy and efficient operating cost structure. Our debt repayment schedule as of December 31, 2019 calls for a
                    reduction of approximately 12% of our debt by the end of 2020 and an additional reduction of about 27% by the end of 2021 for a total of 39% reduction over the next two years, excluding any new debt that we assumed or may assume. As our
                    debt is being repaid we expect that our ability to raise or borrow additional funds more cheaply in order to grow our fleet and generate better returns for our shareholders will increase.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold;">Corporate Information</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">EuroDry Ltd. is a Marshall Islands company incorporated under the BCA. We maintain our principal executive offices at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece. Our telephone number
        at that address is +30-211-1804006.&#160; Our website address is http://www.eurodry.gr.&#160; The information on our website is not a part of this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Recent Developments</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In April 2020, we entered into one interest rate swap with HSBC Bank Plc. for a notional amount of $10.0 million, in order to manage interest costs and the risk associated with changing interest
        rates of our loans. Under the terms of the swap, we will receive a payment equal to the 3-month LIBOR while we will pay a fixed rate of 0.737% based on the notional amount. The swap is effective for five years until April 15, 2025.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify;">
        <div style="margin-bottom: 12pt; font-weight: bold;">The Securities We May Offer</div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Through this prospectus, we may periodically offer:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(1) our common shares,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(2) our preferred shares,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(3) our debt securities,</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(4) our warrants, and</div>
      <div style="text-align: justify; text-indent: 36pt;">(5) our units.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed above.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">The Securities the Selling Shareholders May Offer</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Selling Shareholders may sell in one or more offerings pursuant to this registration statement up to 1,294,064 of our common shares that were previously acquired in private transactions or in
        the open market or which are issuable upon conversion of Series B Preferred Shares or any convertible notes into which the Series B Preferred Shares may convert. We will not receive any of the proceeds from the sale of our common shares by the
        Selling Shareholders.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A prospectus supplement may describe the amounts, prices, and type of transaction in which the Selling Shareholders may offer securities and may describe certain risks in addition to those set
        forth below associated with an investment in the securities. Terms used in the prospectus supplement will have the meanings set forth in this prospectus, unless otherwise specified.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">An investment in our securities involves a high degree of risk.&#160; You should carefully consider the risks discussed under the heading "Item 3. Key Information&#8212;D. Risk Factors" in
        our Annual Report on Form 20-F for the year ended December 31, 2019 and the other documents incorporated by reference in this prospectus that summarize the risks that may materially affect our business before making an investment in our
        securities.&#160; Please see "Where You Can Find Additional Information &#8211; Information Incorporated by Reference." In addition, you should also consider carefully the risks set forth under the heading "Risk Factors" in any prospectus supplement before
        investing in any securities offered by this prospectus. The occurrence of one or more of those risk factors could adversely impact our business, financial condition or results of operations.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS</div>
      <div style="text-align: justify; text-indent: 36pt;">Unless we specify otherwise in any prospectus supplement, we intend to use the net proceeds from the sale of securities that we may offer by this prospectus to make vessel acquisitions and for
        capital expenditures, repayment of indebtedness, working capital, and general corporate purposes.&#160; We will not receive any of the proceeds from the sale of our common shares by the Selling Shareholders.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SELLING SHAREHOLDERS</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;">This prospectus relates to the proposed sale from time to time of up to 1,294,064 of our common shares which were acquired in private transactions or in the open market or which are issuable upon
          conversion of Series B Preferred Shares or any convertible notes into which the Series B Preferred Shares may convert.</div>
        <div style="text-align: justify; text-indent: 36pt;"> <br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Set forth below is information, as of May 11, 2020, regarding the names and number of common shares owned and offered by the Selling Shareholders. The table is based upon information provided by
        the Selling Shareholders. The table assumes that all the shares being offered by the Selling Shareholders pursuant to this prospectus are ultimately sold in the offering.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Selling Shareholders</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-weight: bold;">Name of Selling Shareholder</div>
            </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;">Common Shares Owned Before Offering <font style="font-size: 8pt;">(1)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 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;">Percentage of Class Prior to the Offering <font style="font-size: 8pt;">(2)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 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;">Total Common Shares Offered Hereby</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 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;">Common Shares Owned Following the Offering</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 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>&#160;</div>
              <div style="text-align: center; font-weight: bold;">Percentage of Class Following the Offering</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div>Tennenbaum Opportunities Partners V, LP <font style="font-size: 8pt;">(3)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>121,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>4.4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>121,680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
              <div>Tennenbaum Opportunities Fund VI, LLC <font style="font-size: 8pt;">(3)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>429,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>15.4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>429,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div>Dry Friends Investment Company Inc. <font style="font-size: 8pt;">(4)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>905,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>32.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>455,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>450,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>16.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
              <div>Preferred Friends Investment Company Inc. <font style="font-size: 8pt;">(5)(7)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>115,518</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>4.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>115,518</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div>Family United Navigation Company <font style="font-size: 8pt;">(6)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>322,219</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>11.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>172,219</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>150,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>5.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; 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>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: 12pt;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,894,064</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>67.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,294,064</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>600,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>21.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 3pt; font-weight: bold;">__________________________</div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Beneficial ownership is determined in accordance with the Rule 13d-3(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and generally includes voting or investment power with respect to securities. Except as
                    subject to community property laws or otherwise as described in the notes below, where applicable, the person named above has sole voting and investment power with respect to all common shares shown as beneficially owned by it.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Based on 2,304,630 common shares outstanding as of May 11, 2020 and 486,283 common shares issuable upon conversion of Series B Preferred Shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Tennenbaum Capital Partners, LLC serves as investment advisor to, inter alia, Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC, which are the registered holders of the Common Shares and Series B
                    Preferred Shares of EuroDry Ltd. beneficially owned by Tennenbaum Capital Partners, LLC. Tennenbaum Capital Partners, LLC is indirectly controlled by BlackRock, Inc., which may be deemed to have beneficial ownership of shares
                    beneficially owned by Tennenbaum Capital Partners, LLC. The address of Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund VI, LLC and Tennenbaum Capital Partners, LLC is 2951 28th Street, Suite 1000, Santa Monica, CA
                    90405. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055. Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC currently hold (a) 180,000 shares of common stock and (b) 11,731 Series
                    B Preferred Shares that are convertible into 370,765 shares of common stock (based on the current conversion ratio).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(4)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Represents 905,562 shares of common stock held of record by Dry Friends Investment Company Inc. (&#8220;Dry Friends&#8221;). A majority of the shareholders of Dry Friends are members of the Pittas family. Investment power and voting control by
                    Dry Friends resides in its board of directors which consists of four directors, who are members of the Pittas family: Aristides P. Pittas, Vice Chairman and Director of the Company; Aristides J. Pittas, CEO, President and Director of
                    the Company; Nikolaos J. Pittas, financial manager of Eurobulk, an affiliate of the Company; and Emmanuel Pittas, Vice President of Eurobulk. Actions by Dry Friends may be taken by a majority of the members on its board of directors.
                    The business address for Dry Friends is 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(5)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>115,518 common shares are issuable upon conversion of 3,655 Series B Preferred Shares (or any convertible notes into which the Series B Preferred Shares may convert) owned by this shareholder into common shares (based on the current
                    conversion ratio). A majority of the shareholders of Preferred Friends Investment Company Inc. are members of the Pittas family. Investment power and voting control by Preferred Friends Investment Company Inc. resides in its board of
                    directors which consists of four directors, who are members of the Pittas family: Aristides P. Pittas, Vice Chairman and Director of the Company; Aristides J. Pittas, CEO, President and Director of the Company; Nikolaos J. Pittas,
                    financial manager of Eurobulk, an affiliate of the Company; and Emmanuel Pittas, Vice President of Eurobulk. Actions by Preferred Friends Investment Company Inc. may be taken by a majority of the members on its board of directors. The
                    business address for Preferred Friends Investment Company Inc. is 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(6)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Represents 322,219 shares of common stock held of record by Family United Navigation Company (&#8220;Family United&#8221;). A majority of the shareholders of Family United are members of the Pittas family. Investment power and voting control by
                    Family United resides in its board of directors which consists of four directors, who are members of the Pittas family: Aristides P. Pittas, Vice Chairman and Director of the Company; Despina Pita; Pantelis A. Pittas; and Eleni A. Pita.
                    Actions by Family United may be taken by a majority of the members on its board of directors. The business address for Family United is 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 22.5pt; vertical-align: top; align: right;">(7)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Number and percentage of common shares assumes conversion of Series B Preferred Shares <font style="background-color: #FFFFFF;">(based on the current conversion ratio).</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OUR CAPITALIZATION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 11pt;">A prospectus supplement will include information on the Company&#8217;s consolidated capitalization.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DIVIDEND POLICY</div>
      <div style="text-align: justify; text-indent: 36pt;">A description of our dividend policy can be found in Item 8.A "Financial Information &#8211; Consolidated Statements and Other Financial Information &#8211; Dividend Policy" of our Annual Report on Form 20-F
        for the year ended December 31, 2019, incorporated by reference in this prospectus.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
      <div style="text-align: justify; text-indent: 36pt;">We may sell or distribute the securities included in this prospectus and the Selling Shareholders, which as used herein include donees, pledgees, transferees or other successors in interest,
        including <font style="background-color: #FFFFFF;">any successor funds thereto, and their respective affiliates that are direct or indirect equity investors in us, including other successors in interest selling our common shares received after the
          date of this prospectus from a Selling Shareholder as a gift, pledge, partnership distribution or other transfer, </font>may, from time to time, sell, transfer or otherwise dispose of any or all of our common shares, including on any stock
        exchange, quotation service, market or other trading facility on which our securities are listed or traded, in the over-the-counter market, through underwriters, through agents, to dealers, or in private transactions, at fixed prices, at market
        prices prevailing at the time of sale, at prices related to the prevailing market prices, at varying prices (which may be above or below market prices prevailing at the time of sale), at negotiated prices or otherwise.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In addition, we may sell some or all of our securities, and the Selling Shareholders may sell, transfer or otherwise dispose of our common shares offered in this prospectus through:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>one or more block trades in which a broker-dealer will attempt to sell the shares as agent, but may reposition and resell a portion of the block, as principal, in order to facilitate the transaction;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>underwriters, brokers or dealers (who may act as agents or principals) or directly to one or more purchasers;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>an exchange distribution in accordance with the rules of the applicable exchange;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>broker-dealers, who may agree with us or the Selling Shareholders to sell a specified number of such shares at a stipulated price per share;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>public or privately negotiated transactions;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the Commission;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>trading plans entered into by us or a Selling Shareholder pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are in place at the time of an offering pursuant to this prospectus
                    and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>any combination of the foregoing; or</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>any other method permitted pursuant to applicable law.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We, with respect to the securities included in this prospectus, and the Selling Shareholders may, with respect to the common shares owned by them, from time to time, pledge or grant a security
        interest in some or all of the securities or common shares, respectively, and, if the pledger or grantor defaults in the performance of their secured obligations, the pledgees or secured parties may offer and sell the securities or common shares,
        as the case may be, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of Selling Shareholders to include the donee, pledgee,
        transferee or other successors in interest as selling shareholders under this prospectus.&#160; The Selling Shareholders also may transfer our common shares, the Series B Preferred Shares or any convertible note into which the Series B Preferred Shares
        may convert<font style="font-size: 12pt;">&#160;</font>owned by them in other circumstances, in which case the donees, transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In connection with the sale of our securities, we may, and in connection with the common shares owned by them, the Selling Shareholders may, enter into hedging transactions with broker-dealers or
        other financial institutions, which may in turn engage in short sales of our securities or common shares in the course of hedging the positions they assume.&#160; We or the Selling Shareholders may also sell our securities or common shares short and
        deliver these securities to close out our or their short positions, or loan or pledge the common shares to broker-dealers that in turn may sell these securities.&#160; We or the Selling Shareholders may also enter into option or other transactions with
        broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of our securities or common shares offered by this prospectus, which
        securities or shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Selling Shareholders also may sell all or a portion of our common shares in open market transactions in reliance upon Rule 144 under the Securities Act, regardless of whether the shares are
        offered in this prospectus, provided that they meet the criteria and conform to the requirements of that rule.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">There can be no assurance that the Selling Shareholders will sell any or all of our common shares offered by this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The aggregate proceeds to the Selling Shareholders from the sale of our common shares offered by them will be the purchase price of the common shares less discounts or commissions, if any.&#160; Each
        Selling Shareholder reserves the right to accept and, together with its agents from time to time, to reject, in whole or in part, any proposed purchase of common shares to be made directly or through agents.&#160; We will not receive any of the proceeds
        from the sale of our common shares by the Selling Shareholders.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Selling Shareholders and any underwriters, broker-dealers or agents that participate in the sale of our common shares may be deemed by the Commission to be "underwriters" within the meaning of
        Section 2(a)(11) of the Securities Act.&#160; Any discounts, commissions, concessions or profit they earn on any resale of the shares may therefore be underwriting discounts and commissions under the Securities Act.&#160; Selling Shareholders who are deemed
        by the Commission to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We have informed the Selling Shareholders that the anti-manipulation rules of Regulation M, promulgated under the Exchange Act, may apply to sales of our common shares by the Selling Shareholders
        in the market and to the activities of the Selling Shareholders and their affiliates.&#160; In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the Selling
        Shareholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.&#160; The Selling Shareholders may indemnify any broker, dealer or agent that participates in transactions involving the sale of our common shares
        against certain liabilities, including liabilities arising under the Securities Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As of the date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and us with respect to the offer or sale of any of the securities
        pursuant to this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">At the time that any particular offering of common shares is made, to the extent required by the Securities Act, a prospectus or prospectus supplement or, if appropriate, a post-effective
        amendment, will be distributed, setting forth the terms of the offering, including the aggregate number of common shares being offered, the purchase price of the common shares, the public offering price of the common shares, the names of any
        underwriters, dealers or agents and any applicable discounts or commission.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In order to comply with the securities laws of some states, if applicable, our common shares may be sold in these jurisdictions only through registered or licensed brokers or dealers.&#160; In addition,
        in some states our common shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as defined in Rule 415
        promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital Market, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We will bear the costs relating to the registration and sale of the securities offered by us as well as the common shares offered by the Selling Shareholders under this Registration Statement,
        other than any underwriting discounts and commissions and transfer taxes, if any, of the common shares sold by the Selling Shareholders hereunder.&#160; We have agreed to indemnify the Selling Shareholders against certain liabilities, including
        liabilities of any violation by the Company of the Securities Act, the Exchange Act and state securities laws applicable to the Company and relating to the registration of the shares offered by this prospectus that have not resulted from written
        information provided by the Selling Shareholders to us expressly for use in connection with such registration.&#160; We have agreed with the Selling Shareholders to use best efforts to keep the registration statement of which this prospectus constitutes
        a part effective until the earlier of (a) such time as all of our common shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement and (b) when all of the common shares owned by the
        Selling Shareholders may be resold pursuant to Rule 144 under the Securities Act without restriction as to volume or manner of sale.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
      <div style="text-align: justify; text-indent: 36pt;">The following description of our capital stock, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the
        capital stock offered under this prospectus.&#160; For the complete terms of our capital stock, please refer to our Amended and Restated Articles of Incorporation that are filed as an exhibit to our Report on Form 6-K filed with the Commission on May
        29, 2018, which are incorporated by reference herein; our Bylaws, as amended, that are filed as exhibits to our Registration Statement on Form F-1 filed with the Commission on May 8, 2018, which are incorporated by reference herein; and the Amended
        and Restated Statement of Designation for the Series B Convertible Perpetual Preferred Shares, filed as an exhibit to our Report on Form 6-K filed with the Commission on June 27, 2019 and incorporated by reference herein. The BCA may also affect
        the terms of these securities.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Authorized Capitalization</div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Common Shares</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As of the date of this prospectus, we are authorized to issue up to 200,000,000 shares of common stock, par value $0.01 per share, of which there are 2,304,630 shares issued and outstanding. Each
        outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the shareholders. Holders of our common stock (i) have equal ratable rights to dividends
        from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive,
        subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Preferred Shares</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As of the date of this prospectus, we are authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share, of which there are 15,386 shares issued and outstanding. The
        preferred stock may be issued in one or more series and our Board of Directors, without further approval from our shareholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation
        preferences and other rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely
        affect the voting power of the holders of our common stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The terms of the Series B Preferred Shares are summarized in our Annual Report on Form 20-F filed with the Commission on April 17, 2020, which is incorporated by reference herein.&#160; For a full
        description of the terms of our Series B Preferred Shares, please see the Amended and Restated Statement of Designation for the Series B Preferred Shares, filed as an exhibit to our Report on Form 6-K filed on June 27, 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Share History</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">On May 30, 2018, the Company was spun-off from Euroseas Ltd. Euroseas Ltd. contributed seven subsidiaries to the Company in exchange for 2,254,830 common shares in the Company, which Euroseas Ltd.,
        distributed to holders of Euroseas Ltd. common stock on a pro rata basis. Further, on May 30, 2018 Euroseas Ltd. distributed 19,042 shares of the Company&#8217;s Series B Preferred Shares to holders of Euroseas Ltd.&#8217;s Series B Preferred Shares,
        representing 50% of Euroseas Ltd.&#8217;s Series B Preferred Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Between May 30, 2018 and January 29, 2019, the Company paid dividends to its Series B Preferred Shares in-kind by issuing 645 Series B Preferred Shares.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 7.2pt;">On November 21, 2018, the Board of Directors awarded 25,090 shares of restricted stock to our directors, officers and key employees of Eurobulk, 50% of which vested on November
        16, 2019, and the remainder will vest on November 16, 2020.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 7.2pt;">On June 18, 2019, the Board of Directors agreed to redeem $4.3 million of its Series B Preferred Shares with a simultaneous reduction of the dividend rate for the remaining
        outstanding shares. After the redemption, there were 15,386 Series B Preferred Shares with $15.4 million face value outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 7.2pt;">On November 4, 2019, the Board of Directors awarded 24,710 shares of restricted stock to our directors, officers and key employees of Eurobulk, 50% of which will vest on July 1,
        2020 and the remainder will vest on July 1, 2021. Vesting of the awards is conditioned on continuous employment throughout the period to the vesting date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Directors</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our directors, except the Series B Director (defined below), are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election.
        Cumulative voting may not be used to elect directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our Board of Directors must consist of at least three directors, such number to be determined by the Board of Directors by a majority vote of the entire Board of Directors from time to time.
        Shareholders may change the number of our directors only by an affirmative vote of the holders of the majority of the outstanding shares of capital stock entitled to vote generally in the election of directors.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our Board of Directors is divided into three classes as set out below in &#8220;Classified Board of Directors.&#8221; Each director, except the Series B Director, is elected to serve until the third succeeding
        annual meeting after his election and until his successor shall have been elected and qualified, except in the event of his death, resignation or removal.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our Series B Director was appointed pursuant to the provisions of the Statement of Designation of our Series B Preferred Shares. The holders of Series B Preferred Shares have the right, voting
        separately as a class, to nominate and elect one member of the Board of Directors (the &#8220;Series B Director&#8221;) who shall (i) have no family relationship with any other officer or director of the Corporation; (ii) be independent pursuant to the rules
        of Nasdaq if the Corporation is required to be subject to the rules of Nasdaq requiring a listed company to maintain a majority independent board; and (iii) be determined by the Board of Directors to meet its nominating standards. The Series B
        Director shall be elected by the affirmative vote of the holders of a majority of the outstanding Series B Preferred Shares. Any Series B Director elected as provided herein may be removed and replaced at any time by the affirmative vote of the
        holders of a majority of the outstanding Series B Preferred Shares.&#160; Upon any termination of the right of the holders of the Series B Preferred Shares to vote as a class for a Series B Director, the term of office of the Series B Director then in
        office elected by such holders voting as a class shall terminate immediately and the number of directors constituting the Board of Directors shall automatically be reduced by one.&#160; The Series B Director is entitled to one vote on any matter before
        the Board of Directors.&#160; The Series B Director is not entitled to remuneration by the Corporation for acting as director, but is entitled to the reimbursement of reasonable expenses, including all out-of-pocket expenses, incurred in connection
        therewith. The right of the Holders of Series B Preferred Shares to elect a member of the Board of Directors shall terminate once Tennenbaum Opportunities Fund VI, LLC, a fund managed by Tennenbaum Capital Partners, LLC, and allowed transferees no
        longer hold at least 65% of the number of shares of Common Stock (on an as-converted basis) that the Series B Preferred Shares acquired by Tennenbaum Opportunities Fund VI, LLC would have converted into at the time of purchase.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Shareholder Meetings</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under our bylaws, as amended, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands.
        Special meetings may be called at any time by the Board of Directors, the Chairman of the Board or by the President. Notice of every annual and special meeting of shareholders must be given to each shareholder of record entitled to vote at least 15
        but no more than 60 days before such meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Dissenters' Rights of Appraisal and Payment</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation or sale of all or substantially all of our assets not made in the
        usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder also has the right to dissent and receive payment for
        his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on
        a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which the Company&#8217;s shares are
        primarily traded on a local or national securities exchange.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Shareholders Derivative Actions</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a
        holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors&#8217;
        fiduciary duties. Our bylaws, as amended, include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our bylaws, as amended, provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to carry directors&#8217; and officers&#8217;
        insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive officers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The limitation of liability and indemnification provisions in our bylaws, as amended, may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These
        provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be
        adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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      </div>
      <div style="font-weight: bold;">Purpose</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our purpose, as stated in our amended and restated articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the BCA.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Bylaws, as Amended</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Several provisions of our amended and restated articles of incorporation and bylaws, as amended, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid
        costly takeover battles, lessen our vulnerability to a hostile change in control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover
        provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (2) the
        removal of incumbent officers and directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under the terms of our amended and restated articles of incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000 shares
        of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change in control of our company or the removal of our management.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Classified Board of Directors</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
        staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of
        us. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Election and Removal of Directors</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our bylaws, as amended, require parties other than the Board of Directors to give advance
        written notice of nominations for the election of directors. Our bylaws, as amended, also provide that our directors may be removed only for cause and by either action of the Board of Directors or the holders of 51% of the issued and outstanding
        voting shares of the Company. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation and our bylaws, as amended, provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special
        meeting of shareholders or by the unanimous written consent of our shareholders. Our amended and restated articles of incorporation and our bylaws, as amended, provide that, subject to certain exceptions, a special meeting of shareholders may be
        called only by our Board of Directors, our Chairman of the Board or by the President and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may not call a special meeting and
        shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Advance Notice Requirements for Shareholder Proposals and Director Nominations</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our bylaws, as amended, provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice
        of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;s notice must be received at our principal executive offices not less than 150 days nor more than 180 days prior to the one-year anniversary of the
        immediately preceding annual meeting of shareholders. Our bylaws, as amended, also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede shareholders&#8217; ability to bring matters before an annual
        meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-style: italic; font-weight: bold;">Certain Business Combinations</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation also prohibit us, subject to several exclusions, from engaging in any &#8220;business combination&#8221; with any interested shareholder for a period of three
        years following the date the shareholder became an interested shareholder.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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      </div>
      <div style="font-weight: bold;">Shareholders' Rights Plan</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We adopted a shareholders&#8217; rights plan on May 5, 2018 (the &#8220;Rights Plan&#8221;). Each right entitles the registered holder, upon the occurrence of certain events, to purchase from us one-thousandth of a
        share of Series A Participating Preferred Stock at an exercise price of $26, subject to adjustment. The rights will expire on the earliest of (i) May 30, 2028 or (ii) redemption or exchange of the rights. The Rights Plan was designed to enable us
        to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with or takeover of the Company. We believe that the Rights Plan should enhance the board of directors' negotiating power on behalf of
        shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals and we adopted the plan as a matter of prudent corporate governance. A copy of the Rights Plan is filed as an Exhibit hereto.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Transfer Agent</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The registrar and transfer agent for our common shares is American Stock Transfer &amp; Trust Company, LLC.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Listing</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our common shares are listed on the Nasdaq Capital Market under the symbol "EDRY."</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF PREFERRED SHARES</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Under the terms of our amended and restated articles of incorporation, our board of directors has authority, without any further vote or action by our
          shareholders, to issue up to 20,000,000 shares of blank check preferred stock.&#160; As of the date if this prospectus, we have issued 15,386 of our Series B Preferred Shares. Our board of directors may issue shares of preferred stock on terms
          calculated to discourage, delay or prevent a change of control of our company or the removal of our management.&#160; The material terms of any series of preferred shares that we offer through a prospectus supplement will be described in that
          prospectus supplement.&#160; Our board of directors is authorized to provide for the issuance of preferred shares in one or more series with designations as may be stated in the resolution or resolutions providing for the issue of such preferred
          shares. At the time that any series of our preferred shares are authorized, our board of directors will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights,
          preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation.&#160; Our board of directors could, without shareholder approval, cause us to issue preferred stock which has
          voting, conversion and other rights that could adversely affect the holders of our common shares or make it more difficult to effect a change in control.&#160; Our preferred shares could be used to dilute the share ownership of persons seeking to
          obtain control of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders.&#160; In addition, our preferred
          shares could be issued with voting, conversion and other rights and preferences which would adversely affect the voting power and other rights of holders of our common shares.&#160; The material terms of any series of preferred shares that we offer
          through a prospectus supplement will be described in that prospectus supplement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We may issue warrants to purchase our debt or equity securities or securities of third parties or other rights, including rights to receive payment in cash
          or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing.&#160; Warrants may be issued independently or together with any other securities and may be
          attached to, or separate from, such securities.&#160; Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent.&#160; The terms of any warrants to be issued and a description of the
          material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</font></div>
      <div><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-indent: 36pt;"><font style="background-color: #FFFFFF;">The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:</font></div>
      <div><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="background-color: #FFFFFF;">the title of such warrants;</font></div>
                </td>
              </tr>

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

              <tr>
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                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="background-color: #FFFFFF;">the aggregate number of such warrants;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="background-color: #FFFFFF;">the price or prices at which such warrants will be issued;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="background-color: #FFFFFF;">the currency or currencies, in which the price of such warrants will be payable;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or
                      indices, or any combination of the foregoing, purchasable upon exercise of such warrants;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the price at which and the currency or currencies, in which the securities or other rights purchasable upon exercise of such warrants may be purchased;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</font></div>
                </td>
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        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">information with respect to book-entry procedures, if any;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if applicable, a discussion of any material United States Federal income tax considerations; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We may issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date on or prior to the issuance of
          the debt securities to which it relates.&#160; We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and a subordinated indenture, respectively, in each case between us and the trustee
          named in the indenture.&#160; These indentures will be filed either as exhibits to an amendment to this Registration Statement, or as an exhibit to an Exchange Act report that will be incorporated by reference to the Registration Statement or a
          prospectus supplement.&#160; We will refer to any or all of these reports as "subsequent filings".&#160; The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an
          "indenture" and collectively as the "indentures".&#160; Unless otherwise permitted by applicable law, each indenture will be subject to and governed by the Trust Indenture Act.&#160; The aggregate principal amount of debt securities which may be issued
          under each indenture may be unlimited and each indenture will contain the specific terms of any series of debt securities or provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the
          applicable prospectus supplement, and/or a supplemental indenture, if any, relating to such series.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The debt securities may or may not be secured by liens, mortgages, and security interests in the assets of those subsidiaries.&#160; A description of any such
          liens, mortgages or security interests, will be set forth in the prospectus supplement that will accompany this prospectus.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The following description of the terms of the debt securities sets forth certain general terms and provisions.&#160; The statements below are not complete and
          are subject to, and are qualified in their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any modifications of, or additions to, the general
          terms described below as well as any applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus supplement or supplemental indenture.&#160; Accordingly,
          for a complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth below should be read in conjunction with the applicable prospectus supplement and indenture, as amended or
          supplemented from time to time.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">General</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Unless otherwise indicated in subsequent filings with the Commission, no indenture will limit the amount of debt securities which may be issued, and each
          indenture will provide that debt securities may be issued up to the aggregate principal amount from time to time.&#160; The debt securities may be issued in one or more series.&#160; The senior debt securities may be secured or unsecured and, if unsecured,
          will rank in parity with all of our other unsecured and unsubordinated indebtedness.&#160; Each series of subordinated debt securities will be unsecured and subordinated to all present and future senior indebtedness of debt securities as described in
          an accompanying prospectus supplement.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">You should read the subsequent filings relating to the particular series of debt securities for the following terms of the offered debt securities:</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the designation, aggregate principal amount and authorized denominations;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the issue price, expressed as a percentage of the aggregate principal amount;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the maturity date;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the interest rate per annum, if any;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if the offered debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will
                      commence and the regular record dates for interest payment dates;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any optional or mandatory sinking fund provisions or conversion or exchangeability provisions;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the date, if any, after which and the price or prices at which the offered debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of
                      optional or mandatory redemptions;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="background-color: #FFFFFF;">whether the debt securities are convertible and the terms of such
          conversion;</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if other than denominations of $1,000 and any integral multiple thereof, the denominations in which offered debt securities of the series will be issuable;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if other than the full principal amount, the portion of the principal amount of offered debt securities of the series which will be payable upon acceleration or provable in bankruptcy;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any events of default not set forth in this prospectus;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the offered debt securities of the series are stated to
                      be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">whether interest will be payable in cash or additional securities at our or the holder's option and the terms and conditions upon which the election may be made;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if denominated in a currency or currencies other than the currency of the United States, the equivalent price in the currency of the United States for purposes of determining the voting rights
                      of holders of those debt securities under the applicable indenture;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the
                      offered debt securities of the series are stated to be payable, the manner in which the amounts will be determined;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any restrictive covenants or other material terms relating to the offered debt securities, which may not be inconsistent with the applicable indenture;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">whether the offered debt securities will be issued in the form of global securities or certificates in registered form;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any terms with respect to subordination;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any listing on any securities exchange or quotation system; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">additional provisions, if any, related to defeasance and discharge of the offered debt securities.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Unless otherwise indicated in subsequent filings with the Commission relating to the indenture, principal, premium and interest will be payable and the debt
          securities will be transferable at the corporate trust office of the applicable trustee.&#160; Unless other arrangements are made or set forth in subsequent filings or a supplemental indenture, principal, premium and interest will be paid by checks
          mailed to the holders at their registered addresses.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in fully registered form without coupons, in
          denominations of $1,000 or any integral multiple thereof.&#160; No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in
          connection with these debt securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at the time of issuance is
          below market rates, to be sold at a substantial discount below the stated principal amount.&#160; United States federal income consequences and other special considerations applicable to any discounted securities will be described in subsequent
          filings with the Commission relating to those securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the description contained in this prospectus.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Senior Debt</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We may issue senior debt securities under a senior debt indenture.&#160; These senior debt securities may be secured or unsecured, and if unsecured, would rank
          on an equal basis with all our other unsecured debt except subordinated debt. The senior debt securities may also be convertible.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">Senior debt means:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the principal, premium, if any, interest and any other amounts owing in respect of our indebtedness for money borrowed and indebtedness evidenced by securities, notes, debentures, bonds or
                      other similar instruments issued by us, including the senior debt securities or letters of credit;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">all capitalized lease obligations;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">all hedging obligations;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">all obligations representing the deferred purchase price of property; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">all deferrals, renewals, extensions and refundings of obligations of the type referred to above;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">but senior debt does not include:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">subordinated debt securities; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, our subordinated debt securities.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-style: italic;"><font style="background-color: #FFFFFF;">Subordinated Debt</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We may issue subordinated debt securities under a subordinated debt indenture.&#160; Subordinated debt would rank subordinate and junior in right of payment, to
          the extent set forth in the subordinated debt indenture, to all our senior debt (both secured and unsecured). Subordinated debt may be secured or convertible.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">In general, the holders of all senior debt are first entitled to receive payment of the full amount unpaid on senior debt before the holders of any of the
          subordinated debt securities are entitled to receive a payment on account of the principal or interest on the indebtedness evidenced by the subordinated debt securities in certain events.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">If we default in the payment of any principal of, or premium, if any, or interest on any senior debt when it becomes due and payable after any applicable
          grace period, then, unless and until the default is cured or waived or ceases to exist, we cannot make a payment on account of or redeem or otherwise acquire the subordinated debt securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">If there is any insolvency, bankruptcy, liquidation or other similar proceeding relating to us or our property, then all senior debt must be paid in full
          before any payment may be made to any holders of subordinated debt securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Furthermore, if we default in the payment of the principal of and accrued interest on any subordinated debt securities that is declared due and payable upon
          an event of default under the subordinated debt indenture, holders of all our senior debt will first be entitled to receive payment in full in cash before holders of such subordinated debt can receive any payments.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Covenants</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Any series of offered debt securities may have covenants in addition to or differing from those included in the applicable indenture which will be described
          in subsequent filings prepared in connection with the offering of such securities, limiting or restricting, among other things:</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the ability of us or our subsidiaries to incur either secured or unsecured debt, or both;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the ability to make certain payments, dividends, redemptions or repurchases;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">our ability to create dividend and other payment restrictions affecting our subsidiaries;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">our ability to make investments;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">mergers and consolidations by us or our subsidiaries;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">sales of assets by us;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">our ability to enter into transactions with affiliates;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">our ability to incur liens; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">sale and leaseback transactions.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Modification of the Indentures</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not less than a majority in aggregate
          principal amount of the outstanding debt securities of all series under the respective indenture affected by the modification, taken together as a class.&#160; But no modification that:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially adversely
                      affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">reduces the principal or changes the maturity of any security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the holders
                      of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">makes any change with respect to holders' rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or certain
                      currency-related issues; or</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">waives a redemption payment with respect to any security or change any of the provisions with respect to the redemption of any securities,</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">will be effective against any holder without his consent.&#160; Other terms as specified in subsequent filings may be modified without the consent of the holders.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Events of Default</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Each indenture defines an event of default for the debt securities of any series as being any one of the following events:</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">default in any payment of interest when due which continues for 30 days;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">default in any payment of principal or premium when due;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">default in the deposit of any sinking fund payment when due;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having a
                      principal amount in excess of a minimum amount set forth in the applicable subsequent filing, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being
                      declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the default; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">events of bankruptcy, insolvency or reorganization.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">An event of default of one series of debt securities does not necessarily constitute an event of default with respect to any other series of debt
          securities.</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">There may be such other or different events of default as described in an applicable subsequent filing with respect to any class or series of offered debt
          securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">In case an event of default occurs and continues for the debt securities of any series, the applicable trustee or the holders of not less than 25% in
          aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be due and payable.&#160; Any event of default for the debt securities
          of any series which has been cured may be waived by the holders of a majority in aggregate principal amount of the debt securities of that series then outstanding.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Each indenture requires us to file annually after debt securities are issued under that indenture with the applicable trustee a written statement signed by
          two of our officers as to the absence of material defaults under the terms of that indenture.&#160; Each indenture provides that the applicable trustee may withhold notice to the holders of any default if it considers it in the interest of the holders
          to do so, except notice of a default in payment of principal, premium or interest.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Subject to the duties of the trustee in case an event of default occurs and continues, each indenture provides that the trustee is under no obligation to
          exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity.&#160; Subject to these provisions for indemnification and the rights of the
          trustee, each indenture provides that the holders of a majority in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and place of conducting any proceeding for any remedy available to
          the trustee or exercising any trust or power conferred on the trustee as long as the exercise of that right does not conflict with any law or the indenture.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Defeasance and Discharge</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The terms of each indenture provide us with the option to be discharged from any and all obligations in respect of the debt securities issued thereunder
          upon the deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an amount sufficient to pay any installment of
          principal, premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities and the indenture governing the debt
          securities.&#160; This right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that such a discharge will not be deemed, or result in,
          a taxable event with respect to holders.&#160; This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies and hold moneys
          for payment in trust.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Defeasance of Certain Covenants</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The terms of the debt securities provide us with the right to omit complying with specified covenants and that specified events of default described in a
          subsequent filing will not apply. In order to exercise this right, we will be required to deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount
          sufficient to pay principal, premium, if any, and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the
          indenture governing such debt securities. We will also be required to deliver to the trustee an opinion of counsel to the effect that we have received from, or there has been published by, the IRS a ruling to the effect that the deposit and
          related covenant defeasance will not cause the holders of such series to recognize income, gain or loss for United States federal income tax purposes.</font></div>
      <div><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-indent: 36pt;"><font style="background-color: #FFFFFF;">A subsequent filing may further describe the provisions, if any, of any particular series of offered debt securities permitting a discharge defeasance.</font></div>
      <div><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Global Securities</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of,
          a depository identified in an applicable subsequent filing and registered in the name of the depository or a nominee for the depository. In such a case, one or more global securities will be issued in a denomination or aggregate denominations
          equal to the portion of the aggregate principal amount of outstanding debt securities of the series to be represented by the global security or securities. Unless and until it is exchanged in whole or in part for debt securities in definitive
          certificated form, a global security may not be transferred except as a whole by the depository for the global security to a nominee of the depository or by a nominee of the depository to the depository or another nominee of the depository or by
          the depository or any nominee to a successor depository for that series or a nominee of the successor depository and except in the circumstances described in an applicable subsequent filing.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We expect that the following provisions will apply to depository arrangements for any portion of a series of debt securities to be represented by a global
          security.&#160; Any additional or different terms of the depository arrangement will be described in an applicable subsequent filing.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Upon the issuance of any global security, and the deposit of that global security with or on behalf of the depository for the global security, the
          depository will credit, on its book-entry registration and transfer system, the principal amounts of the debt securities represented by that global security to the accounts of institutions that have accounts with the depository or its nominee.
          The accounts to be credited will be designated by the underwriters or agents engaging in the distribution of the debt securities or by us, if the debt securities are offered and sold directly by us. Ownership of beneficial interests in a global
          security will be limited to participating institutions or persons that may hold interest through such participating institutions.&#160; Ownership of beneficial interests by participating institutions in the global security will be shown on, and the
          transfer of the beneficial interests will be effected only through, records maintained by the depository for the global security or by its nominee.&#160; Ownership of beneficial interests in the global security by persons that hold through
          participating institutions will be shown on, and the transfer of the beneficial interests within the participating institutions will be effected only through, records maintained by those participating institutions. The laws of some jurisdictions
          may require that purchasers of securities take physical delivery of the securities in certificated form.&#160; The foregoing limitations and such laws may impair the ability to transfer beneficial interests in the global securities.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">So long as the depository for a global security, or its nominee, is the registered owner of that global security, the depository or its nominee, as the case
          may be, will be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the applicable indenture.&#160; Unless otherwise specified in an applicable subsequent filing and except as specified
          below, owners of beneficial interests in the global security will not be entitled to have debt securities of the series represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of
          debt securities of the series in certificated form and will not be considered the holders thereof for any purposes under the indenture. Accordingly, each person owning a beneficial interest in the global security must rely on the procedures of
          the depository and, if such person is not a participating institution, on the procedures of the participating institution through which the person owns its interest, to exercise any rights of a holder under the indenture.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">The depository may grant proxies and otherwise authorize participating institutions to give or take any request, demand, authorization, direction, notice,
          consent, waiver or other action which a holder is entitled to give or take under the applicable indenture. We understand that, under existing industry practices, if we request any action of holders or any owner of a beneficial interest in the
          global security desires to give any notice or take any action a holder is entitled to give or take under the applicable indenture, the depository would authorize the participating institutions to give the notice or take the action, and
          participating institutions would authorize beneficial owners owning through such participating institutions to give the notice or take the action or would otherwise act upon the instructions of beneficial owners owning through them.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Unless otherwise specified in applicable subsequent filings, payments of principal, premium and interest on debt securities represented by a global security
          registered in the name of a depository or its nominee will be made by us to the depository or its nominee, as the case may be, as the registered owner of the global security.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">We expect that the depository for any debt securities represented by a global security, upon receipt of any payment of principal, premium or interest, will
          credit participating institutions' accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown on the records of the depository.&#160; We also expect that payments by
          participating institutions to owners of beneficial interests in the global security held through those participating institutions will be governed by standing instructions and customary practices, as is now the case with the securities held for
          the accounts of customers registered in street names, and will be the responsibility of those participating institutions. None of us, the trustees or any agent of ours or the trustees will have any responsibility or liability for any aspect of
          the records relating to or payments made on account of beneficial interests in a global security, or for maintaining, supervising or reviewing any records relating to those beneficial interests.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Unless otherwise specified in the applicable subsequent filings, a global security of any series will be exchangeable for certificated debt securities of
          the same series only if:</font></div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the depository for such global securities notifies us that it is unwilling or unable to continue as depository or such depository ceases to be a clearing agency registered under the Exchange
                      Act and, in either case, a successor depository is not appointed by us within 90 days after we receive the notice or become aware of the ineligibility;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">we in our sole discretion determine that the global securities shall be exchangeable for certificated debt securities; or</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">there shall have occurred and be continuing an event of default under the applicable indenture with respect to the debt securities of that series.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">Upon any exchange, owners of beneficial interests in the global security or securities will be entitled to physical delivery of individual debt securities
          in certificated form of like tenor and terms equal in principal amount to their beneficial interests, and to have the debt securities in certificated form registered in the names of the beneficial owners, which names are expected to be provided
          by the depository's relevant participating institutions to the applicable trustee.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">In the event that the Depository Trust Company, or DTC, acts as depository for the global securities of any series, the global securities will be issued as
          fully registered securities registered in the name of Cede &amp; Co., DTC's partnership nominee.</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF UNITS</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">As specified in the applicable prospectus supplement, we may issue units consisting of one or more warrants, debt securities, preferred shares, common
          shares or any combination of such securities.&#160; The applicable prospectus supplement will describe:</font></div>
      <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;</font><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">the terms of the units and of the warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances the securities comprising
                      the units may be traded separately;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">a description of the terms of any unit agreement governing the units;</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">if applicable, a discussion of any material U.S. federal income tax considerations; and</font></div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="background-color: #FFFFFF;">a description of the provisions for the payment, settlement, transfer or exchange of the units.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TAX CONSIDERATIONS</div>
      <div style="text-align: justify; text-indent: 36pt;">The following is a discussion of the material Liberian, Marshall Islands and United States federal income tax considerations applicable to us and an investment decision by United States Holders and
        Non-United States Holders, each as defined below, in our common stock.&#160;&#160; This summary does not purport to deal with all aspects of United States federal income taxation, Liberian taxation or Marshall Islands taxation that may be relevant to an
        investor's decision to purchase common stock, nor any tax consequences arising under the laws of any state, locality or other foreign jurisdiction. This summary is not intended to be applicable to all categories of investors, such as dealers in
        securities, banks, thrifts or other financial institutions, insurance companies, regulated investment companies, tax-exempt organizations, United States expatriates, persons that hold common stock as part of a straddle, persons who own 10% or more
        of our outstanding stock, persons deemed to sell the common stock under the constructive sale provisions of the United States Internal Revenue Code of 1986, as amended, or the Code, United States Holders (as defined below) whose "functional
        currency" is other than the United States dollar, partnerships or other pass-through entities, or persons who acquire or are deemed to have acquired the common stock in an exchange or for property other than cash, persons required to recognize
        income no later than when such income is reported on an &#8220;applicable financial statement,&#8221; or holders subject to the alternative minimum tax, each of which may be subject to special rules. In addition, this discussion is limited to persons who
        acquire common stock in an offering made under this prospectus and hold the common stock as "capital assets" (generally, property held for investment) within the meaning of Code Section 1221.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Marshall Islands Tax Considerations</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material Marshall Islands tax consequences of our activities to us and holders of our common shares. We are incorporated in the
        Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments of dividends by us to our shareholders.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Liberian Tax Considerations</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material Liberian tax consequences of our activities to us and holders of our common shares. Certain of our subsidiaries are
        incorporated in Liberia. Under current Liberian law, our Liberian subsidiaries are not subject to tax on income or capital gains, and no Liberian withholding tax will be imposed upon payments of dividends by our Liberian subsidiaries to us.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">United States Federal Income Tax Considerations</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material United States federal income tax consequences to us of our activities and to United States Holders and Non-United States
        Holders, each as defined below, of the ownership of common shares. The following discussion of United States federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations
        issued by the United States Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly with retroactive effect. The discussion below is based, in part, on the description of our business herein and assumes
        that we conduct our business as described herein. References in the following discussion to the "Company," "we," "our" and "us" are to EuroDry Ltd. and its subsidiaries on a consolidated basis.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">United States Federal Income Taxation of Operating Income: In General</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We earn and anticipate that we will continue to earn substantially all our income from the hiring or leasing of vessels for use on a time charter basis, from participation in a pool or from the
        performance of services directly related to those uses, all of which we refer to as "shipping income."</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Unless exempt from United States federal income taxation under the rules of Section 883 of the Code, or Section 883, as discussed below, a foreign corporation such as the Company will be subject to
        United States federal income taxation on its "shipping income" that is treated as derived from sources within the United States, which we refer to as "United States source shipping income." For United States federal income tax purposes, "United
        States source shipping income" includes 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Shipping income attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources entirely outside the United States. Shipping income
        derived from sources outside the United States will not be subject to any United States federal income tax.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Shipping income attributable to transportation exclusively between United States ports is considered to be 100% derived from United States sources. However, we are not permitted by United States
        law to engage in the transportation of cargoes that produces 100% United States source shipping income.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">Unless exempt from tax under Section 883, our gross United States source shipping income would be subject to a 4% tax imposed without allowance for deductions, as described more fully below.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Exemption of Operating Income from United States Federal Income Taxation</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under Section 883 and the Treasury Regulations thereunder, a foreign corporation will be exempt from United States federal income taxation on its United States source shipping income if:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;it is organized in a "qualified foreign country," which is one that grants an "equivalent exemption" from tax to corporations organized in the United States in respect of each category
        of shipping income for which exemption is being claimed under Section 883; and</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;one of the following tests is met:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;more than 50% of the value of its shares is beneficially owned, directly or indirectly, by "qualified shareholders," which as defined includes individuals who are
        "residents" of a qualified foreign country, which we refer to as the 50% Ownership Test; or</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;its shares are "primarily and regularly traded on an established securities market" in a qualified foreign country or in the United States, to which we refer as the
        Publicly-Traded Test.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Each of the Republic of the Marshall Islands, Liberia and Panama, the jurisdictions where we and our ship-owning subsidiaries are incorporated, has been officially recognized by the United States
        Internal Revenue Service, or the IRS, as a qualified foreign country that grants the requisite "equivalent exemption" from tax in respect of each category of shipping income we earn and currently expect to earn in the future. Therefore, we will be
        exempt from United States federal income taxation with respect to our United States source shipping income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We do not currently anticipate a circumstance under which we would be able to satisfy the 50% Ownership Test.&#160; Therefore, our ability to qualify for exemption under Section 883 is solely dependent
        upon satisfaction of the Publicly-Traded Test as discussed below.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Publicly-Traded Test</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The Treasury Regulations provide, in pertinent part, that the stock of a foreign corporation will be considered to be "primarily traded" on an established securities market in a
        country if the number of shares of each class of stock that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established
        securities markets in any other single country. Our common stock is "primarily traded" on the Nasdaq Capital Market, which is an established securities market for these purposes.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The Treasury Regulations also require that our stock be "regularly traded" on an established securities market. Under the Treasury Regulations, our stock will be considered to
        be "regularly traded" if one or more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed
        on one or more established securities markets, which we refer to as the "listing threshold." We intend to take the position that our common stock, which is listed on the Nasdaq Capital Market constituted more than 50% of our outstanding shares by
        value and total combined voting power for the 2019 taxable year. Accordingly, we intend to take the position that we satisfied the listing threshold for the 2019 taxable year.&#160; However, it is possible that our common stock may come to constitute
        50% or less of our outstanding shares by value in a future taxable year in which case we may not be able to satisfy the listing threshold or the Publicly Traded Test.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">Notwithstanding the foregoing, the regulations provide, in pertinent part, that a class of shares will not be considered to be &#8220;regularly traded&#8221; on an established securities
        market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by
        persons who each own 5% or more of the vote and value of such class of stock, to which we refer as the &#8220;Five Percent Override Rule.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">For purposes of being able to determine the persons who actually or constructively own 5% or more of the vote and value of our common stock, or &#8220;5% Shareholders,&#8221; the
        regulations permit us to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the SEC, as owning 5% or more of our common stock. The regulations further provide that an investment company which is registered under
        the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes.&#160; In the event the Five Percent Override Rule is triggered, the regulations provide that the Five Percent Override Rule will nevertheless not
        apply if we can establish that within the group of 5% Shareholders, there are sufficient qualified shareholders for purposes of Section 883 to preclude non-qualified shareholders in such group from owning 50% or more of our common stock for more
        than half the number of days during the taxable year.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">We believe that we were subject to the Five Percent Override Rule, but nonetheless satisfied the Publicly-Traded Test for the 2019 taxable year because the nonqualified 5%
        Shareholders did not own more than 50% of our common stock for more than half of the days during the taxable year. We intend to take this position on our 2019 United States federal income tax returns.</div>
      Taxation in Absence of Exemption
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">To the extent that the benefits of Section 883 are unavailable for any taxable year, our United States source shipping income, to the extent not considered to be &#8220;effectively connected&#8221; with the
        conduct of a United States trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions which we refer to as the &#8220;4% gross basis tax regime&#8221;. Since under
        the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from United States sources, the maximum effective rate of United States federal income tax on our shipping income will not exceed 2% under
        the 4% gross basis tax regime.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">To the extent our United States source shipping income is considered to be "effectively connected" with the conduct of a United States trade or business, as described below, any such "effectively
        connected" United States source shipping income, net of applicable deductions, would be subject to United States federal income tax, currently imposed at rates of up to 21%. In addition, we would generally be subject to the 30% "branch profits" tax
        on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of our United States trade or business.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Our United States source shipping income would be considered "effectively connected" with the conduct of a United States trade or business only if:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="margin-left: 108pt;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of United States source shipping income; and</div>
      <div style="text-align: justify; text-indent: -72pt; margin-left: 144pt;"> <br>
      </div>
      <div style="margin-left: 108pt;">substantially all of our United States source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at
        regular intervals between the same points for voyages that begin or end in the United States.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We do not currently have, intend to have, or permit circumstances that would result in our having, any vessel sailing to or from the United States on a regularly scheduled basis. Based on the
        foregoing and on the expected mode of our shipping operations and other activities, it is anticipated that none of our United States source shipping income will be "effectively connected" with the conduct of a United States trade or business for
        any taxable year.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">United States Federal Income Taxation of Gain on Sale of Vessels</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If we qualify for exemption from tax under Section 883 in respect of the shipping income derived from the international operation of our vessels, then gain from the sale of any such vessel should
        likewise be exempt from United States federal income tax under Section 883. If, however, our shipping income from such vessels does not for whatever reason qualify for exemption under Section 883, then any gain on the sale of a vessel will be
        subject to United States federal income tax if such sale occurs in the United States. To the extent possible, we intend to structure the sales of our vessels so that the gain therefrom is not subject to United States federal income tax. However,
        there is no assurance we will be able to do so.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">United States Federal Income Taxation of United States Holders</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The following is a discussion of the material United States federal income tax considerations relevant to an investment decision by a United States Holder, as defined below, with respect to our
        common shares. This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some of which may be subject to special rules.&#160; This discussion only addresses considerations relevant to
        those United States Holders who purchase common shares in an offering made under this prospectus and hold such shares as capital assets, that is, generally for investment purposes.&#160; You are encouraged to consult your own tax advisors concerning the
        overall tax consequences arising in your own particular situation under United States federal, state, local or foreign law of the ownership of common shares.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As used herein, the term United States Holder means a beneficial owner of common shares that is an individual United States citizen or resident, a United States corporation or other United States
        entity taxable as a corporation, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the
        administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">If a partnership holds our common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a
        partnership holding common shares, you are encouraged to consult your tax advisor.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Distributions</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Subject to the discussion of passive foreign investment companies below, any distributions made by us with respect to our common shares to a United States Holder will generally constitute dividends
        to the extent of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of such earnings and profits will be treated first as a nontaxable return of capital to the
        extent of the United States Holder's tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a United States corporation, United States Holders that are corporations will not be entitled to
        claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as "passive category income" for purposes of computing allowable foreign tax
        credits for United States foreign tax credit purposes.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Dividends paid on our common shares to a United States Holder who is an individual, trust or estate, or a United States Non-Corporate Holder will generally be treated as "qualified dividend income"
        that is taxable to such United States Non-Corporate Holder at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market, on which our
        common shares are traded); (2) we are not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which, as discussed below, we have not been, are not and do not
        anticipate being in the future); (3) the United States Non-Corporate Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the United
        States Non-Corporate Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Any distributions out of earnings and profits we pay which are not eligible for these preferential rates will be taxed as ordinary income to a United States Non-Corporate Holder.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Special rules may apply to any "extraordinary dividend"&#8212;generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted tax basis in his common shares&#8212;paid by
        us. If we pay an "extraordinary dividend" on our common shares that is treated as "qualified dividend income," then any loss derived by a United States Non-Corporate Holder from the sale or exchange of such common shares will be treated as
        long-term capital loss to the extent of such dividend.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Assuming we do not constitute a passive foreign investment company for any taxable year, a United States Holder generally will recognize taxable gain or loss upon a sale, exchange or other
        disposition of our common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder's tax basis in such shares. Such gain or loss
        will be treated as long-term capital gain or loss if the United States Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States
        source income or loss, as applicable, for United States foreign tax credit purposes. Long-term capital gains of United States Non-Corporate Holders are currently eligible for reduced rates of taxation. A United States Holder's ability to deduct
        capital losses is subject to certain limitations.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Passive Foreign Investment Company Status and Significant Tax Consequences</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Special United States federal income tax rules apply to a United States Holder that holds shares in a foreign corporation classified as a "passive foreign investment company", or a PFIC, for United
        States federal income tax purposes. In general, we will be treated as a PFIC with respect to a United States Holder if, for any taxable year in which such Holder holds our common shares, either:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="margin-left: 72pt;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="margin-left: 72pt;">at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in
        which we own at least 25% of the value of the subsidiary's stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute
        "passive income" unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">Based on our current operations and future projections, we do not believe that we have been, are, nor do we expect to become, a passive foreign investment company with respect to any taxable year.
        Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a passive foreign investment company, the gross income we derive or are deemed to derive from
        the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income.&#160; Accordingly, such income should not constitute passive income, and the assets that we own and
        operate in connection with the production of such income, in particular, the vessels, should not constitute assets that produce or are held for the production of passive income for purposes of determining whether we are a PFIC. Therefore, based on
        our current operations and future projections, we should not be treated as a PFIC with respect to any taxable year. There is substantial legal authority supporting this position, consisting of case law and IRS pronouncements concerning the
        characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority that characterizes time charter income as rental income rather than services income for other tax
        purposes. It should be noted that in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with our position. Furthermore, although we intend to conduct our affairs
        in a manner to avoid being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a United States Holder would be subject to different United States federal income taxation rules depending on
        whether the United States Holder makes an election to treat us as a "Qualified Electing Fund," which election we refer to as a QEF election. As an alternative to making a QEF election, a United States Holder should be able to make a
        "mark-to-market" election with respect to our common shares, as discussed below.&#160; In addition, if we were to be treated as a PFIC for a taxable year, a United States Holder of our common stock would be required to file an annual information return
        on Form 8621 with the IRS.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Taxation of United States Holders Making a Timely QEF Election</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If a United States Holder makes a timely QEF election, which United States Holder we refer to as an "Electing Holder," the Electing Holder must report for United States federal income tax purposes
        his pro rata share of our ordinary earnings and net capital gain, if any, for each taxable year of the Company during which it is a PFIC that ends with or within the taxable year of the Electing Holder, regardless of whether distributions were
        received from us by the Electing Holder. No portion of any such inclusions of ordinary earnings will be treated as "qualified dividend income." Net capital gain inclusions of United States Non-Corporate Holders would be eligible for preferential
        capital gain tax rates. The Electing Holder's adjusted tax basis in the common shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a
        corresponding reduction in the adjusted tax basis in the common shares and will not be taxed again once distributed. An Electing Holder would not, however, be entitled to a deduction for its pro rata share of any losses that we incur with respect
        to any taxable year. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our common shares. A United States Holder would make a timely QEF election for our shares by filing one copy of IRS
        Form 8621 with his United States federal income tax return for the first year in which he held such shares when we were a PFIC. If we were to be treated as a PFIC for any taxable year, we would provide each United States Holder with all necessary
        information in order to make the QEF election described above.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Taxation of United States Holders Making a "Mark-to-Market" Election</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate will be the case, our common shares are treated as "marketable stock," a United States Holder would be
        allowed to make a "mark-to-market" election with respect to our common shares, provided the United States Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations.&#160; Since our common
        shares are traded on the Nasdaq Capital Market, we believe that our common shares can be treated as "marketable stock".&#160; If that election is made, the United States Holder generally would include as ordinary income in each taxable year the excess,
        if any, of the fair market value of the common shares at the end of the taxable year over such Holder's adjusted tax basis in the common shares. The United States Holder would also be permitted an ordinary loss in respect of the excess, if any, of
        the United States Holder's adjusted tax basis in the common shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A
        United States Holder's tax basis in his common shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of our common shares would be treated as ordinary income, and any loss
        realized on the sale, exchange or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the United States Holder.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Taxation of United States Holders Not Making a Timely QEF or Mark-to-Market Election</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Finally, if we were to be treated as a PFIC for any taxable year, a United States Holder who does not make either a QEF election or a "mark-to-market" election for that year, whom we refer to as a
        Non-Electing Holder, would be subject to special rules with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average
        annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common shares), and (2) any gain realized on the sale, exchange or other disposition of
        our common shares. Under these special rules:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify;">
        <div style="margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding <font style="background-color: #FFFFFF;">period</font> for the common shares;</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income and would not be "qualified dividend income"; and</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit
                      would be imposed with respect to the resulting tax attributable to each such other taxable year.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-align: justify; font-style: italic;">United States Federal Income Taxation of "Non-United States Holders"</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A beneficial owner of common shares (other than a partnership) that is not a United States Holder is referred to herein as a Non-United States Holder.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If a partnership holds common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a
        partnership holding common shares, you are encouraged to consult your tax advisor.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; font-style: italic;">Dividends on Common Stock</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A Non-United States Holder generally will not be subject to United States federal income tax or withholding tax on dividends received from us with respect to our common shares, unless that income
        is effectively connected with the Non-United States Holder's conduct of a trade or business in the United States. If the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that
        income is subject to United Stated federal income tax only if it is attributable to a permanent establishment maintained by the Non-United States Holder in the United States.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Non-United States Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common
        shares, unless:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">
        <div style="margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>the gain is effectively connected with the Non-United States Holder's conduct of a trade or business in the United States (and, if the Non-United States Holder is entitled to the benefits of a United States income <font style="background-color: #FFFFFF;">tax</font> treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-United States Holder in the United States); or</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>the Non-<font style="background-color: #FFFFFF;">United</font> States Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If the Non-United States Holder is engaged in a United States trade or business for United States federal income tax purposes, dividends on the common shares, and gains from the sale, exchange or
        other disposition of such shares, that are effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to
        the taxation of United States Holders. In addition, if you are a corporate Non-United States Holder, your earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an
        additional "branch profits" tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-style: italic;">Backup Withholding and Information Reporting</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements if you are a non-corporate United States
        Holder. Such payments or distributions may also be subject to backup withholding if you are a non-corporate United States Holder and you:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div>fail to provide an accurate taxpayer identification number;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-left: 72pt;"> <br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div>are notified by the IRS that you have failed to report all interest or dividends required to be shown on your United States federal income tax returns; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 72pt;"> <br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="background-color: #FFFFFF;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div>in certain circumstances, fail to comply with applicable certification requirements.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Non-United States Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY,
        as applicable.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If you are a Non-United States Holder and you sell your common shares to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup
        withholding and information reporting unless you certify that you are a non-United States person, under penalties of perjury, or you otherwise establish an exemption. If you sell your common shares through a non-United States office of a non-United
        States broker and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding generally will not apply to that payment. However, United States information reporting requirements, but not backup
        withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-United States office of a broker that is a United States person or has some other
        contacts with the United States. Such information reporting requirements will not apply, however, if the broker has documentary evidence in its records that you are a non-United States person and certain other conditions are met, or you otherwise
        establish an exemption.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Backup withholding is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your United States federal income tax
        liability by filing a refund claim with the IRS.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Individuals who are United States Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-United States Holders and certain United States entities)
        who hold "specified foreign financial assets" (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000
        at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other assets, our common
        stock, unless the shares are held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not
        due to willful neglect. Additionally, the statute of limitations on the assessment and collection of United States federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required may not close until three years
        after the date on which IRS Form 8938 is filed.&#160; United States Holders (including United States entities) and Non-United States Holders are encouraged to consult their own tax advisors regarding their reporting obligations under Section 6038D of
        the Code.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
      <div style="text-align: justify;">&#160;The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms a part, all of which will be paid by us.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">SEC registration fee</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">26,677</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;">FINRA fee</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;31,329</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div><br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">Legal fees and expenses</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;">Accounting fees and expenses</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">Indenture trustee fees and expenses</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;">Rating agency fees</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">Transfer Agent fees</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;">Miscellaneous</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 88.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">Total</div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>$</div>
              </td>
              <td style="width: 9.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">58,006<br>
                </div>
              </td>
              <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>*</div>
              </td>
            </tr>

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

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;">*</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To be updated, if necessary, by amendment, supplement or as an exhibit to Report on Form 6-K that is incorporated by reference in this registration statement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPERTS</div>
      <div style="text-align: justify; text-indent: 36pt;">The consolidated financial statements of EuroDry Ltd., incorporated in this prospectus by reference to the Company's Annual Report on Form 20-F for the year ended December 31, 2019, have been
        audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference.&#160; Such consolidated financial statements have been so incorporated in
        reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte Certified Public Accountants S.A. are located at Fragoklissias 3a &amp; Granikou Street, Maroussi, Athens 151 25,
        Greece.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
      <div style="text-align: justify; text-indent: 36pt;">The validity of the securities offered by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New York, New York, with respect to matters of the law of the Republic of the
        Marshall Islands and with respect to matters of United States and New York law.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
      <div style="text-align: justify; text-indent: 36pt;">As required by the Securities Act of 1933, we filed a registration statement relating to the securities offered by this prospectus with the Commission.&#160; This prospectus is a part of that
        registration statement, which includes additional information.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; font-style: italic;">Government Filings</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We file annual and special reports with the Commission.&#160; You may read and copy any document that we file and obtain copies at prescribed rates from the Commission's Public Reference Room at 100 F
        Street, N.E., Washington, D.C. 20549.&#160; You may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.&#160; The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and
        information statements, and other information regarding issuers that file electronically with the Commission.&#160; In addition, you can obtain information about us at the offices of the Nasdaq Capital Market.&#160; Further information about our company is
        available on our website at http://www.eurodry.gr.&#160; The information on our website does not constitute a part of this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; font-style: italic;">Information Incorporated by Reference</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Commission allows us to "incorporate by reference" information that we file with it.&#160; This means that we can disclose important information to you by referring you to those filed documents.&#160;
        The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the Commission prior to the termination of this offering will also be considered to be part of this prospectus and will
        automatically update and supersede previously filed information, including information contained in this document.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We incorporate by reference the documents listed below and any future filings made with the Commission under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 6pt;">
        <div>
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                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Our Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/1731388/000091957420002943/d8483984_20-f.htm">Form 20-F</a> for the year ended December 31, 2019, filed with the Commission on April 17, 2020, which contains our
                    audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and certain current reports on Form 6-K that we furnish to the Commission after
        the date of this prospectus (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated.&#160; In all
        cases, you should rely on the later information over different information included in this prospectus or any prospectus supplement.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus and any accompanying prospectus supplement.&#160; We have not, and any underwriters have not, authorized
        any other person to provide you with different information.&#160; If anyone provides you with different or inconsistent information, you should not rely on it.&#160; We are not, and any underwriters are not, making an offer to sell these securities in any
        jurisdiction where the offer or sale is not permitted.&#160; You should assume that the information appearing in this prospectus and any accompanying prospectus supplement as well as the information we previously filed with the Commission and
        incorporated by reference, is accurate as of the dates on the front cover of those documents only.&#160; Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">You may request a free copy of the above-mentioned filings or any subsequent filing we incorporated by reference in this prospectus by writing or telephoning us at the following address:</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="margin-left: 36pt;">EuroDry Ltd.</div>
      <div style="margin-left: 36pt;">4 Messogiou &amp; Evropis Street</div>
      <div style="margin-left: 36pt;">151 24 Maroussi, Greece</div>
      <div style="margin-left: 36pt;">+30-211-1804006</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="font-weight: bold;">Information provided by the Company</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent registered public accounting firm, and intend to furnish
        quarterly reports containing selected unaudited financial data for each quarter of each fiscal year. The audited financial statements will be prepared in accordance with accounting principles generally accepted in the United States and those
        reports will include a "Management's Discussion and Analysis of Financial Condition and Results of Operations" section for the relevant periods.&#160; As a "foreign private issuer", we are exempt from the rules under the Exchange Act prescribing the
        furnishing and content of proxy statements to shareholders.&#160; While we intend to furnish proxy statements to any shareholder in accordance with the rules of the Nasdaq Capital Market, those proxy statements are not expected to conform to Schedule
        14A of the proxy rules promulgated under the Exchange Act.&#160; In addition, as a "foreign private issuer", we are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">GLOSSARY OF SHIPPING TERMS</div>
      <div style="text-align: justify;">The following are definitions of certain terms that are commonly used in the shipping industry and in this prospectus.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Annual survey</font>. The inspection of a vessel pursuant to international conventions, by a classification society surveyor, on behalf of the flag state, that
        takes place every year.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Ballast</font>. A voyage during which the vessel is not laden with cargo.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Bareboat charter</font>. A charter of a vessel under which the shipowner is usually paid a fixed daily or monthly rate for a certain period of time during which
        the charterer is responsible for the vessel operating expenses and voyage expenses of the vessel and for the management of the vessel. In this case, all voyage related costs, including vessel fuel, or bunker, and port dues as well as all vessel
        operating expenses, such as day-to-day operations, maintenance, crewing and insurance are paid by the charterer. A bareboat charter is also known as a "demise charter" or a "time charter by demise" and involves the use of a vessel usually over
        longer periods of time ranging over several years. The owner of the vessel receives monthly charterhire payments on a per day basis and is responsible only for the payment of capital costs related to the vessel.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Bunkers</font>. Fuel oil used to operate a vessel's engines, generators and boilers.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Capesize</font>. A drybulk carrier with a cargo carrying capacity exceeding 80,000 dwt. These vessels generally operate along long haul iron ore and coal trade
        routes. Only the largest ports around the world possess the infrastructure to accommodate vessels of this size.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charter</font>. The hire of a vessel for a specified period of time or to carry a cargo for a fixed fee from a loading port to a discharging port. The contract for
        a charter is called a charterparty.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charterer</font>. The company that hires a vessel pursuant to a charter.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charterhire</font>. Money paid to the shipowner by a charterer for the use of a vessel under charter. Such payments are usually made during the course of the
        charter every 15 or 30 days in advance or in arrears by multiplying the daily charter rate times the number of days and, under a time charter only, subtracting any time the vessel was deemed to be off-hire. Under a bareboat charter such payments
        are usually made monthly and are calculated on a 360 or 365 day calendar year basis.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charter rate</font>. The amount of money agreed between the charterer and the shipowner accrued on a daily or monthly basis that is used to calculate the vessel's
        charterhire.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Classification society</font>. An independent society that certifies that a vessel has been built and maintained according to the society's rules for that type of
        vessel and complies with the applicable rules and regulations of the country in which the vessel is registered, as well as the international conventions which that country has ratified. A vessel that receives its certification is referred to as
        being "in class" as of the date of issuance.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Contract of affreightment</font>. A contract of affreightment, or COA, relates to the carriage of specific quantities of cargo with multiple voyages over the same
        route and over a specific period of time which usually spans a number of years. A COA does not designate the specific vessels or voyage schedules that will transport the cargo, thereby providing both the charterer and shipowner greater operating
        flexibility than with voyage charters alone. The charterer has the flexibility to determine the individual voyage scheduling at a future date while the shipowner may use different ships to perform these individual voyages. As a result, COAs are
        mostly entered into by large fleet operators such as pools or shipowners with large fleets of the same vessel type. All of the ship's operating, voyage and capital costs are borne by the shipowner while the freight rate normally is agreed on a per
        cargo ton basis.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Deadweight ton or "dwt".</font> A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in metric tons of 1,000 kilograms. A vessel's dwt or
        total deadweight is the total weight the vessel can carry when loaded to a particular load line.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Deep sea containership</font>. A Deep Sea containership has a cargo carrying capacity of more than 3,000 teu and mostly serves the mainlane East-West container
        trade routes.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drybulk</font>. Non-liquid cargoes of commodities shipped in an unpackaged state.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drybulk carriers</font>. Vessels which are specially designed and built to carry large volumes of drybulk.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drydocking</font>. The removal of a vessel from the water for inspection and/or repair of those parts of a vessel which are below the water line. During
        drydockings, which are required to be carried out periodically, certain mandatory classification society inspections are carried out and relevant certifications issued. Drydockings are generally required once every 30 to 60 months.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Freight</font>. Money paid to the shipowner by a charterer for the use of a vessel under a voyage charter. Such payment is usually made on a lump-sum basis upon
        loading or discharging the cargo and is derived by multiplying the tons of cargo loaded on board by the cost per cargo ton, as agreed to transport that cargo between the specific ports.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Gross ton</font>. A unit of measurement for the total enclosed space within a ship equal to 100 cubic feet or 2.831 cubic meters used in arriving at the
        calculation of gross tonnage.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Handymax</font>. Handymax vessels are drybulk vessels that have a cargo carrying capacity of approximately 40,000 to 59,999 dwt. These vessels operate on a large
        number of geographically dispersed global trade routes, carrying primarily grains and minor bulks. Vessels below 60,000 dwt are usually built with on-board cranes enabling them to load and discharge cargo in countries and ports with limited
        infrastructure.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Handysize</font>. Handysize vessels are drybulk vessels that have a cargo carrying capacity of approximately 10,000 to 39,999 dwt. These vessels carry exclusively
        minor bulk cargo. Increasingly, these vessels are operating on regional trading routes. Handysize vessels are well suited for small ports with length and draft restrictions that may lack the infrastructure for cargo loading and unloading.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Hull</font>. Shell or body of a ship.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">IMO</font>. International Maritime Organization, a United Nations agency that issues international regulations and standards for seaborne transportation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Intermediate survey</font>. The inspection of a vessel by a classification society surveyor which takes place between two and three years before and after each
        Special Survey for such vessel pursuant to the rules of international conventions and classification societies.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Metric ton</font>. A unit of weight equal to 1,000 kilograms.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Newbuilding</font>. A new vessel under construction or just completed.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Off-Hire</font>. The period a vessel is unable to perform the services for which it is required under a charter. Off-hire periods typically include days spent
        undergoing repairs and drydocking, whether or not scheduled.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">OPA</font>. Oil Pollution Act of 1990 of the United States (as amended).</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Panamax</font>. Panamax vessels are drybulk vessels that have a cargo carrying capacity of approximately 60,000 to 79,999 dwt. The ability of Panamax vessels to
        pass through the Panama Canal makes them more versatile than larger vessels. Panamax drybulk carriers carry coal, grains, and, to a lesser extent, minor bulks, including steel products, forest products and fertilizers.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Period charter</font>. A period charter is an industry term referring to both time and bareboat charters that last for more than a single voyage.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Pools</font>. Pooling arrangements that enable participating vessels to combine their revenues. Vessels may be employed either exclusively in spot charters or a
        combination of spot and period charters and contacts of affreightment. Pools are administered by the pool manager who secures employment for the participating vessels. The contract between a vessel in a shipping pool and the pool manager is a
        period charter where the charter hire is based on the vessel's corresponding share of the income generated by all the vessels that participate in the pool. The corresponding share of every vessel in the pool is based on a pre-determined formula
        rating the technical specifications of each vessel. Pools have the size and scope to combine spot market voyages, time charters and contracts of affreightment with freight forward agreements for hedging purposes to perform more efficient vessel
        scheduling thereby increasing fleet utilization.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Protection and indemnity (or P&amp;I) insurance</font>. Insurance obtained through mutual associations (called "Clubs") formed by shipowners to provide liability
        insurance protection against a large financial loss by one member by contribution towards that loss by all members. To a great extent, the risks are reinsured.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Scrapping</font>. The disposal of old or damaged vessel tonnage by way of sale as scrap metal.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Short fund</font>. A contract of affreightment to carry cargo.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">SOLAS</font>. The International Convention for the Safety of Life at Sea 1974, as amended, adopted under the auspices of the IMO.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Special survey</font>. An extensive inspection of a vessel by classification society surveyors that must be completed within five years. Special surveys require a
        vessel to be drydocked.</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Spot charter.</font> A spot charter is an industry term referring to both voyage and trip time charters. These charters are referred to as spot charters or spot
        market charters due to their short-term duration, constituting mostly of a single voyage between one load port and one discharge port.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Spot market</font>. The market for the immediate chartering of a vessel usually for single voyages.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">TCE</font>. Time charter equivalent, a standard industry measure of the average daily revenue performance of a vessel. The TCE rate achieved on a given voyage is
        expressed in $ per day and is generally calculated by subtracting voyage expenses, including bunkers and port charges, from voyage revenues and dividing the net amount (time charter equivalent revenues) by the voyage days, including the trip to the
        loading port. TCE is a standard seaborne transportation industry performance measure used primarily to compare period-to-period changes in a seaborne transportation company's performance despite changes in the mix of charter types (i.e., voyage
        charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed during specific periods.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Time charter</font>. A time charter is a contract under which a charterer pays a fixed daily hire rate usually on a semi-monthly basis for use of the vessel for an
        agreed period. This is either a specific fixed period of time or a specific number of loaded voyages. Subject to any restrictions in the charter, the charterer decides the type and quantity of cargo to be carried and the ports of loading and
        unloading. The charterer pays the voyage related expenses such as fuel, canal tolls, and port charges. The shipowner pays all vessel operating expenses such as the management expenses and crew costs as well as for the capital costs of the vessel.
        Any delays at port or during the voyages are the responsibility of the charterer, save for certain specific exceptions such as loss of time arising from vessel breakdown and routine maintenance.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Trip time charter</font>. A trip time charter is a short-term time charter where the vessel performs a single voyage between load port(s) and discharge port(s) and
        the charterer pays a fixed daily hire rate usually on a semi-monthly basis for use of the vessel. The difference between a trip time charter and a voyage charter is only in the form of payment for use of the vessel and the respective financial
        responsibilities of the charterer and shipowner as described under Time Charter and Voyage Charter.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Ton</font>. See "Metric ton."</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Vessel operating expenses</font>. The costs of operating a vessel that is incurred during a charter, primarily consisting of crew wages and associated costs,
        insurance premiums, lubricants and spare parts, and repair and maintenance costs. Vessel operating expenses exclude fuel and port charges, which are known as "voyage expenses." For a time charter, the shipowner pays vessel operating expenses. For a
        bareboat charter, the charterer pays vessel operating expenses.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Voyage charter</font>. A voyage charter involves the carriage of a specific amount and type of cargo from specific load port(s) to specific discharge port(s),
        subject to various cargo handling terms. Most of these charters are of a single voyage nature between two specific ports, as trading patterns do not encourage round voyage trading. The owner of the vessel receives one payment derived by multiplying
        the tons of cargo loaded on board by the cost per cargo ton, as agreed to transport that cargo between the specific ports. The owner is responsible for the payment of all expenses including voyage, operating and capital costs of the vessel. The
        charterer is typically responsible for any delay at the loading or discharging ports.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Voyage expenses</font>. Expenses incurred due to a vessel's traveling from a loading port to a discharging port, such as fuel (bunker) cost, port expenses, agent's
        fees, canal dues and extra war risk insurance, as well as commissions.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
  </div>
  <div><br>
  </div>
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  </div>
  <div><br>
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  <div style="margin-bottom: 10pt;"><br>
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    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><br>
      <br>
      Up to $5,500,000</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Common Shares</div>
    <div><br>
    </div>
    <div style="text-align: center;"><img width="235" height="188" src="image0.jpg"></div>
  </div>
  <div>
    <div><br>
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  </div>
  <div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">______________________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Prospectus Supplement</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">______________________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Noble Capital Markets, Inc.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">October 12, 2021</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
