<SEC-DOCUMENT>0000919574-16-015809.txt : 20161011
<SEC-HEADER>0000919574-16-015809.hdr.sgml : 20161011
<ACCEPTANCE-DATETIME>20161011163934
ACCESSION NUMBER:		0000919574-16-015809
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161011
DATE AS OF CHANGE:		20161011

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOP SHIPS INC.
		CENTRAL INDEX KEY:			0001296484
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79968
		FILM NUMBER:		161931481

	BUSINESS ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011-30-210-81-28-107

	MAIL ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOP TANKERS INC.
		DATE OF NAME CHANGE:	20040706

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOVEREIGN HOLDINGS INC.
		CENTRAL INDEX KEY:			0001317081
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O G.C. ECONOMOU & ASSOCIATES
		STREET 2:		126 KOLOKOTRONI STREET
		CITY:			PIRAEUS
		STATE:			J3
		ZIP:			185 35
		BUSINESS PHONE:		30210 4282383

	MAIL ADDRESS:	
		STREET 1:		C/O G.C. ECONOMOU & ASSOCIATES
		STREET 2:		126 KOLOKOTRONI STREET
		CITY:			PIRAEUS
		STATE:			J3
		ZIP:			185 35
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>d7276081_sc13d-a15.htm
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 13D/A</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Under the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Amendment No. 15)*</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">TOP SHIPS INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name of Issuer)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Common Stock, par value $0.01 per share</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Title of Class of Securities)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Y8897Y156</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(CUSIP Number)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">George Economou</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">G.C. Economou &amp; Associates</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">11 Kanari Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">106 71 Athens, Greece</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">011 (30) 210 364 0030</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name, Address and Telephone Number of Person Authorized to Receive</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Notices and Communications)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">October 4, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Date of Event Which Requires Filing of This Statement)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167; 240.13d-1(e), 240.13d&#8209;1(f) or 240.13d-1(g), check the following box <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Note:&#160; Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&#160; See Rule 13d-7 for other parties to whom copies are to be sent.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Family Trading Inc.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<table id="ad0e74ac9fbd447ea17c458ebc922bd9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<div><br>
</div>

<table id="8cda3d9a26404b60ad14c967084e5e87" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
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<div><br>
</div>

<table id="c97335eebdc74dcf9e9efaf5d7c57126" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>

<table id="a6a734422c98440bbf4a7607f2c216bc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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</table>

<div><br>
</div>

<table id="ea850be20e6c46aa89c7b469cd36e117" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,355,816 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="68bef695f7b44dab94e6a8fc2267612e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="458bd7b8f18542268410556d31a73607" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,355,816 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="c9b0eb73c1f94159b049e763cfaecc9b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,355,816</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="764bda34adb34ffb9c5b4b9eedbc7c64" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="0f234197fb0a4615a7478dccc4716878" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">29.0% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ffbc8e1e329c48729bc4dadc7640d9bc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">(1)&#160; Represents 1,355,816 Common Shares (defined below) currently held by Family Trading Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2)&#160; See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt">&#160;</div>

<table id="effae2153bca417b85466c3081749be9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="e9d6ef384e9c402e880d9e2152cf3543" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.06%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sovereign Holdings Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="9065148210fc4cf7878dcd904123c112" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="9d7d57cbefe84166b926efd2bca390e7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="45c9a507cf6d43ddae3a44a739100a60" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="73f6e67ccd9344da80f189ff39ac081c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="35ff118c64464d33ba010111ccd9869c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="2e1d947cbc7440a2a4d735905eac6019" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="6dda7ec073924b23b90ff5dd824d5dc8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">492,048</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="586c5969d821462aa8a66e16a377f461" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="6b0540b1761e4999894dd61cf7272d79" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">492,048</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="6d47764bfe4545238933434c56d56a6d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">492,048</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="a4ef7935620a456fb02c0042f9379819" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="7e583ebd3a734d449ad1b9c0f851c7a9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.5% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="2327a825736b4beb849b3f17a9a70311" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(1) Represents <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">492,048 </font>Common Shares currently held by Sovereign Holdings Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div><br>
</div>

<table id="dad4b1f368a3409288dbb082119e32d6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ab5c1d6d0c1747a3b31c9673c3187e4c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Epsilon Holdings Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="1bd64827055d4b0eb11ff08a534b7ca4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="f36d454e3fd44f4fbf18dcc28a528f19" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="8436c98ad70d482f910b20c4bf9e4b15" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="3f7f85a8f03846ab908f92229be2bfc1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="362ee0e1f06d4a6c9938427407e51959" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="632b9a4d05804fdb8acf160f9bdf015e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="296e53a643f54a7db20a7c988cab8182" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">221,687</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ae52199978ae41e9a2b9618298d06ed6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="374efc302613432087ecd3a5b4285950" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">221,687</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="7aec3983664142d8871db0228bd2daa0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">221,687</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="e25767e29c894f05b68906a620de4fde" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="8faa325e964a4105956a1a41d4caafa0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.7% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="5eb357d52af2445e9bc3dd96d70d8c22" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(1) Represents <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">221,687</font> Common Shares currently held by Epsilon Holdings Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<table id="da8dd01b68374ad1a5f4e27c0f6ec643" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.19%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="8ecfaa81143e48c0873f5cb2f06f9c87" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Oscar Shipholding Ltd</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="8fe910aafe9241f4a79842864cd14b3a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="5bb8bc4c80c7448887eef47a4dd3b7f5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="d015c25f56c44bb3b94df7481c02a767" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="64125cf9d56b442da09fe3c5cec583d9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ba3556dcd590460a841669eadab9dda7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="3cf10bada11844789105c51c13f89dd3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="58b0d4cecbe64e339c671fcbece04963" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000 </font>(1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="028300c092db4ef68cea76ea4268ef2c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="cd09dd5ac39945d4b2f70d2b3c703cc0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000 </font>(1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="e21143714a994167a84e5d33e1a9ae70" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">157,000</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="04266d04031e4022a9a9f19dc606c4c9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="76b3248e741e4507b7e019be4736f225" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.4% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="a2aae564f1714387a69f7543273cdbfb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(1) Represents <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000 </font>Common Shares currently held by Oscar Shipholding Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<table id="61f101a8df684fc19a19adb736d4c40e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="85379f388072426096312e4f9a395ae1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.06%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Race Navigation Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="64312e43d8cc414aaa9f7945e9c21d63" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="189b9a9fc7c840b78239e079de1cfd1d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="0a4ec1701ea54e64afaa57bff89713f6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="09538966b205434b91f00bf74a443249" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="fe4f84bf5b1042c08bf5b2401be43810" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="5caeed7dc3d04821abb5d3ba4f4a6335" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="996403f539994c6687afadf257592164" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,362,500 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="9437bf505c9d4faa83e473f28b6975a6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="dc23eb878f514e7a825533d4f77630cc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,362,500 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="5a12292ac4be4e83a82a07213b1ca969" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1,362,500</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="1e11d2a6bf9742c382ca54c6afe4e64d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="336b23a19e914f709aabb43a74b4e36e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">23.5% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="4f92ae372e684aa58d622d18b4ec89c1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">(1) Represents 250,000<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"> C</font>ommon Shares currently held by Race Navigation Inc. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; BACKGROUND-COLOR: #ffffff">and 1,112,500 Common Shares issuable upon exercise of warrants currently held by Race Navigation Inc. See Item 3 below.</font><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<table id="448a821a97794bf5a8263415ebda3160" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="c836b39cd9584e8fa2a209de8f6fa13c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tankers Family Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<div><br>
</div>

<table id="9a67e11cf6774e579ca8198885e2ed56" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
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<table id="93abcc5555c8435b83b05a35d90a2ab8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">WC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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<div><br>
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<table id="c66363fcdb6e4579bf701af5d0f306a6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
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<div><br>
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<table id="247459585f47450c8c4d35b9f83e3972" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Republic of the Marshall Islands</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
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</div>

<table id="a5cac2b281ed4c3cb132294b19721670" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
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<div><br>
</div>

<table id="c62290ad65c6495280424564ddb1ae33" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="b7ee373a97db4564a2b3f91ab7f26d40" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">183,000 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="f232a96c7e264245b9d93e10f7b794cc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ff72a95167f94f7ea2787be911edc594" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">183,000 (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="2c7e3a6df859466bb3dc1a0a315645e5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">183,000</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="7f23011eddfa4329a9ac07b605a8ab6a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="f70464c2bd764eabaa6d328880cce99a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.9%</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="5459036ca8ab4d7aa0fe91497f7e64d3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(1) Represents <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">183,000 C</font>ommon Shares currently held by Tankers Family Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<table id="de50e58d84a24ad4b2457d2ba266b1fa" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8897Y156</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 37.1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="edbb9d0b47ba4ca397fcd7911a4f5a5e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Lax Trust</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="a86a6679f7264d1fbd79b1eb672a2a09" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.87%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[X]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="6f3d7cea1d8b4ea097c40702e5e4b3bf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">OO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="d186726a24d14020a35ca570f474a16b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="1a62aa82fbc546528f2d769b516c8949" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">New Zealand</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="0af61a4cc8c6442ca4b24b858fd12f5f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.26%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.62%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="57af5a24c5ea488782f29c0232661675" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="7cd572c8ab594048b2959fdd0ead2292" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">3,772,051</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ec46dddc888a4aba9748f12fe2134051" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 91.88%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">0</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="39631e88f9434db7b3d83fc45abf04a6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">3,772,051</font> (1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="767349d06f2f40e1a3f98f92650f7ac1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">3,772,051</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="8e158b156cd74ccb83838a6f48314612" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 5.3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CERTAIN SHARES</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.13%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.59%" colspan="2">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="bbe48e6d49124925bc95b28ed3b2def7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">65.1% (2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="2368817bf0034d4b80e3442a6f9b8032" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 8.12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 81.28%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">OO</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 10.6%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">(1) The Lax Trust is an irrevocable trust established for the benefit of certain family members of Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Issuer. The Lax Trust may be deemed to own all of the outstanding shares of Family Trading Inc., Sovereign Holdings Inc., Epsilon Holdings Inc., Oscar Shipholding Ltd, Race Navigation Inc., and Tankers Family Inc., each a Marshall Islands corporation.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) See Item 5(a).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This Amendment No. 15 to Schedule 13D (this "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Amendment No. 15</u></font>") <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">amends and supplements the Schedule 13D/A (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Schedule 13D/A</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") filed with the U.S. Securities and Exchange Commission (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Commission</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") on behalf of Family Trading Inc. ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Family Trading</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), Sovereign Holdings Inc. ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Sovereign</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), Epsilon Holdings Inc. ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Epsilon</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), Oscar Shipholding Ltd ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Oscar</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), Race Navigation Inc. ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Race Navigation</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), Tankers Family Inc. ("</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Tankers Family</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), and the Lax Trust (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Trust</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">", and collectively, the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Reporting Persons</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") on September 12, 2016. </font>Capitalized terms used herein but not otherwise defined shall have the meaning set forth in the Schedule 13D/A filed with the Commission <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">on September 12, 2016</font>.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This Amendment No. 15 is being filed in connection with shareholder approval <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">of the proposal of the board of directors (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Board</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") of Top Ships Inc., a corporation incorporated in the Marshall Islands (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Issuer</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"), to waive the limitation on exercises, as it applies to Race Navigation, under Section 1(f) of the Warrant Agreement dated June 11, 2014 (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Warrant Agreement</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") to purchase common shares, par value $0.01 (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Common Shares</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">") of the Issuer</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Security and Issuer</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">No material change from the Schedule 13D/A filed with the Commission <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">on September 12, 2016</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Identity and Background.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">No material change from the Schedule 13D/A filed with the Commission <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">on September 12, 2016</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Source and Amount of Funds or Other Consideration.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Item 3 is hereby amended and supplemented to add the following:</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following information gives effect to a one-for-ten reverse stock split of the Common Shares effective as of February 22, 2016.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On June 11, 2014, Race Navigation purchased 250,000 Common Shares and 1,250,000 warrants to purchase Common Shares in accordance with the terms of the Warrant Agreement (the "</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"><u>Warrants</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">"). Such Common Shares and Warrants were acquired with the working capital of Race Navigation.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">On October 4, 2016, the Issuer's shareholders approved <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">the Board's proposal to waive the limitation on exercises of Section 1(f) of the Warrant Agreement as it applies to Race Navigation. As a result, the 1,250,000 Warrants held by Race Navigation are now immediately exercisable, with each Warrant having an exercise price of $2.80 and entitling Race Navigation to purchase 0.89 Common Shares per Warrant for a total of 1,112,500 Common Shares.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Other than as set forth above, there are no other material changes from the Schedule 13D/A filed with the Commission on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">September 12, 2016</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Purpose of Transaction</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Item 4 is hereby amended and supplemented to add the following:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As of September 30, 2016, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">the Issuer has issued an aggregate of 1,179,018 Common Shares in connection with the exercises of all other outstanding warrants, including 31,360 Common Shares that were issued between September 3, 2016 and September 30, 2016</font>.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Other than as set forth above, there are no other material changes from the Schedule 13D/A filed with the Commission on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">September 12, 2016</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Interest in Securities of the Issuer.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Item 5 is hereby amended and restated in its entirety to read as follows:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">(a. and b.) According to information received from the Issuer, as of September 30, 2016, there were 4,681,399 Common Shares issued and outstanding. Based on the foregoing, the Reporting Persons report beneficial ownership of the following Common Shares:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Family Trading may be deemed to beneficially own 1,355,816 Common Shares, representing approximately 29.0% of the outstanding Common Shares. Family Trading has the sole power to vote 0 Common Shares and the shared power to vote 1,355,816 Common Shares. Family Trading has the sole power to dispose of 0 Common Shares and the shared power to dispose of 1,355,816 Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Sovereign may be deemed to beneficially own 492,048 Common Shares, representing approximately 10.5% of the outstanding Common Shares. Sovereign has the sole power to vote 0 Common Shares and the shared power to vote 492,048 Common Shares. Sovereign has the sole power to dispose of 0 Common Shares and the shared power to dispose of 492,048 Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Epsilon may be deemed to beneficially own 221,687 Common Shares, representing approximately 4.7% of the outstanding Common Shares. Epsilon has the sole power to vote 0 Common Shares and the shared power to vote 221,687 Common Shares.&#160; Epsilon has the sole power to dispose of 0 Common Shares and the shared power to dispose of 221,687 Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Oscar may be deemed to beneficially own <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000</font> Common Shares, representing approximately 3.4% of the outstanding Common Shares. Oscar has the sole power to vote 0 Common Shares and the shared power to vote <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000</font> Common Shares. Oscar has the sole power to dispose of 0 Common Shares and the shared power to dispose of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">157,000</font> Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Race Navigation may be deemed to beneficially own 1,362,500 Common Shares, representing approximately 23.5% of the outstanding Common Shares. This percentage ownership is based on 5,793,899 Common Shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 4,681,399 Common Shares outstanding and (ii) 1,112,500 Common Shares issuable upon the exercise of all of the 1,250,000 Warrants currently held by Race Navigation. Race Navigation has the sole power to vote 0 Common Shares and the shared power to vote<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">&#160;</font>1,362,500 Common Shares.&#160; Race Navigation has the sole power to dispose of 0 Common Shares and the shared power to dispose of 1,362,500 Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Tankers Family may be deemed to beneficially own 183,000 Common Shares, representing approximately 3.9% of the outstanding Common Shares. Tankers Family has the sole power to vote 0 Common Shares and the shared power to vote<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">&#160;</font>183,000 Common Shares.&#160; Tankers Family has the sole power to dispose of 0 Common Shares and the shared power to dispose of 183,000<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">&#160;</font>Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Trust may be deemed to beneficially own <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">3,772,051</font> Common Shares, representing approximately 65.1% of the outstanding Common Shares. This percentage ownership is based on 5,793,899 Common Shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 4,681,399 Common Shares outstanding and (ii) 1,112,500 Common Shares issuable upon the exercise of all of the 1,250,000 Warrants currently held by Race Navigation. The Trustee of the Trust has the sole power to vote 0 Common Shares and the shared power to vote <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">3,772,051</font> Common Shares.&#160; The Trustee of the Trust has the sole power to dispose of 0 Common Shares and the shared power to dispose of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">3,772,051 </font>Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">To the best knowledge of the Reporting Persons, none of the other persons named in response to this paragraph (a) have the sole power to vote or to direct the vote, the shared power to vote or direct the vote, the sole power to dispose or to direct the disposition of the Common Shares that are the subject of the Schedule 13D/A and this Amendment No. 15. Voting and disposition of the Common Shares held by the Reporting Persons require the approval of the Trustee of the Trust.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">(c.) <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Except for those transactions described herein, to the best knowledge of the Reporting Persons, no transactions in the Common Shares were effected by the persons enumerated in response to paragraph (a) during the past 60 days.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">(d.) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Common Shares beneficially owned by the Reporting Persons.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">(e.) Not applicable.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">To the best of the Reporting Persons' knowledge and except as described in this Amendment No. 15, there are no materials changes from the Schedule 13D/A filed with the Commission <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">on September 12, 2016</font>.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Material to be Filed as Exhibits.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Item 7 is hereby supplemented to add the following:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Exhibit B</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Form of Warrant Agreement (i<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; BACKGROUND-COLOR: #ffffff">ncorporated by reference to the Issuer's Post-Effective Amendment No. 1 to the Registration Statement on Form F-1, filed with the Commission on May 9, 2016 (File No. 333-194690)).</font></div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 90%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Exhibit C</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Waiver to Warrant Agreement.</div>
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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.</div>

<div><br>
</div>

<table id="cd20e082ed5b40ed87c40557c49c17da" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dated: October 11, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">FAMILY TRADING INC.</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Director</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">SOVEREIGN HOLDINGS INC.</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Annita Hadjipaschali</div>
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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Annita Hadjipaschali</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President / Director</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">OSCAR SHIPHOLDING LTD</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Pinelopi Platsouka</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Pinelopi Platsouka</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vice President / Secretary</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EPSILON HOLDINGS INC.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Treasurer/Director</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RACE NAVIGATION INC.</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Stylianos Giamanis</div>
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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stylianos Giamanis</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Treasurer/Director</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TANKERS FAMILY INC.</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vice President / Secretary</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE LAX TRUST</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NEW ZEALAND TRUST CORPORATION LIMITED, as Trustee</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Karen Marshall</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Karen Marshall</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Director</div>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).</div>

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<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXHIBIT A</div>

<div style="TEXT-ALIGN: center"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOINT FILING UNDERTAKING</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">The undersigned, being duly authorized thereunto, hereby executes this agreement as an exhibit to this Schedule 13D/A with respect to the shares of common stock of Top Ships Inc. to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, as amended, to file this Schedule 13D/A, and any amendments hereto, jointly on behalf of each such party.</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="e6ff178c515d46c5b52823f89077fb1a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dated: October 11, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">FAMILY TRADING INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President / Director</div>
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<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
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<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">SOVEREIGN HOLDINGS INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Annita Hadjipaschali</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Annita Hadjipaschali</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President / Director</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">OSCAR SHIPHOLDING LTD</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Pinelopi Platsouka</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Pinelopi Platsouka</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vice President / Secretary</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EPSILON HOLDINGS INC.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Treasurer/Director</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RACE NAVIGATION INC.</div>
</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Stylianos Giamanis</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stylianos Giamanis</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Treasurer/Director</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TANKERS FAMILY INC.</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Dimosthenis Eleftheriadis</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 32.88%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dimosthenis Eleftheriadis</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 49.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 7.4%">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE LAX TRUST</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NEW ZEALAND TRUST CORPORATION LIMITED, as Trustee</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Karen Marshall</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Karen Marshall</div>
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<div style="MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXHIBIT C</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">TOP SHIPS INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">1 VAS. SOFIAS &amp; MEG.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>ALEXANDROU STREET<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>151 24, MAROUSSI<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> ATHENS, GREECE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Race Navigation Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">11 Kanari Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">151 24 Athens, Greece</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ATTN: Stylianos Giamanis</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">October 11, 2016</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Ladies and Gentlemen:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Reference is made to that certain warrant agreement dated June 11, 2014 (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Warrant Agreement</u></font>") by and among Top Ships Inc., a Marshall Islands corporation (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Company</u></font>") and Race Navigation Inc., a Marshall Islands corporation ("<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Race Navigation</u></font>"), under which Race Navigation purchased 1,250,000 warrants to purchase common shares, par value $0.01 of the Company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Warrant Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Company's board of directors (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Board</u></font>") deemed it in the best interest of the Company to waive the limitation on exercises under Section 1(f) of the Warrant Agreement with respect to Race Navigation; and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, on October 4, 2016 at the Annual Meeting of Shareholders, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">the Company's shareholders approved </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; BACKGROUND-COLOR: #ffffff">the Board's proposal to waive the limitation on exercises of Section 1(f) of the Warrant Agreement as it applies to Race Navigation.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NOW, THEREFORE</font>, the parties hereto, intending to be legally bound, hereby agree as follows:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Company hereby waives the limitation on exercises under Section 1(f) of the Warrant Agreement with respect to Race Navigation.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This letter agreement shall bind and inure to the benefit of the parties hereto and their respective successors, assigns, heirs and personal representatives.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The terms and provisions of this letter agreement may only be modified or amended by a written instrument executed and delivered by the parties hereto.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This letter agreement shall be governed by and construed in accordance with the Laws of the State of New York without giving effect to the conflict of laws provisions<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> thereof or of any other jurisdiction.</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Except as set forth in this letter agreement, all provisions of the Warrant Agreement shall remain unchanged and in full force and effect.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This letter agreement may be executed by facsimile signatures and in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; MARGIN-RIGHT: 3.6pt">[Signature Pages Follow]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sincerely,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOP SHIPS INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Alexandros Tsirikos</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Alexandros Tsirikos</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Financial Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Agreed and Accepted<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> as of the date first written above:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RACE NAVIGATION INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Stylianos Giamanis</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stylianos Giamanis</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">President/Treasurer/Director</div>
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