<SEC-DOCUMENT>0000919574-19-005772.txt : 20190910
<SEC-HEADER>0000919574-19-005772.hdr.sgml : 20190910
<ACCEPTANCE-DATETIME>20190910094314
ACCESSION NUMBER:		0000919574-19-005772
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20190910
DATE AS OF CHANGE:		20190910

FILER:

	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:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-232851
		FILM NUMBER:		191084443

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>d8119139c_f-1a.htm
<TEXT>
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    <div style="text-align: center; font-weight: bold;">As filed with the U.S. Securities and Exchange Commission on September 10, 2019</div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-232851</div>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-weight: bold;">Amendment No. 3 to</div>
    <div style="text-align: center; font-weight: bold;">FORM F-1</div>
    <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">TOP SHIPS INC.</div>
    <div style="text-align: center; font-weight: bold;">(Exact name of Registrant as specified in its charter)</div>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Republic of The Marshall Islands</div>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">4412</div>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">N/A</div>
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            <div style="text-align: center; font-weight: bold;">(State or other jurisdiction of</div>
            <div style="text-align: center; font-weight: bold;">incorporation or organization)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(Primary Standard Industrial Classification Code Number)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(I.R.S. Employer</div>
            <div style="text-align: center; font-weight: bold;">Identification No.)</div>
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            <div style="text-align: center; font-weight: bold;">TOP Ships Inc.</div>
            <div style="text-align: center; font-weight: bold;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
            <div style="text-align: center; font-weight: bold;">15124 Maroussi, Greece</div>
            <div style="text-align: center; font-weight: bold;">011 30 210 8128180</div>
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          <td style="width: 33%; vertical-align: top;">&#160;</td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Seward &amp; Kissel LLP</div>
            <div style="text-align: center; font-weight: bold;">Attention: Gary J. Wolfe, Esq.</div>
            <div style="text-align: center; font-weight: bold;">One Battery Park Plaza</div>
            <div style="text-align: center; font-weight: bold;">New York, New York 10004</div>
            <div style="text-align: center; font-weight: bold;">(212) 574-1223</div>
          </td>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(Address and telephone number of</div>
            <div style="text-align: center; font-weight: bold;">Registrant&#8217;s principal executive offices)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">&#160;</td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(Name, address and telephone</div>
            <div style="text-align: center; font-weight: bold;">number of agent for service)</div>
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    <div style="text-align: center; font-style: italic; font-weight: bold;">Copies to:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Gary J. Wolfe, Esq.</div>
            <div style="text-align: center; font-weight: bold;">Seward &amp; Kissel LLP</div>
            <div style="text-align: center; font-weight: bold;">One Battery Park Plaza</div>
            <div style="text-align: center; font-weight: bold;">New York, New York 10004</div>
            <div style="text-align: center; font-weight: bold;">(212) 574-1223 (telephone number)</div>
            <div style="text-align: center; font-weight: bold;">(212) 480-8421 (facsimile number)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Barry I. Grossman, Esq.</div>
            <div style="text-align: center; font-weight: bold;">Lawrence A. Rosenbloom, Esq.</div>
            <div style="text-align: center; font-weight: bold;">1345 Avenue of the Americas, Fl 11</div>
            <div style="text-align: center; font-weight: bold;">New York, New York 10105</div>
            <div style="text-align: center; font-weight: bold;">(212) 370 &#8211; 1300 (telephone number)</div>
            <div style="text-align: center; font-weight: bold;">(212) 370 - 7889 (facsimile number)</div>
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    <div><br>
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    <div style="text-indent: 18pt; font-weight: bold;">Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.</div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box.&#160; &#160; [x]</div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the
      earlier effective registration statement for the same offering.&#160; &#160; &#9723;</div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
      statement for the same offering.&#160; &#160; &#9723;</div>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div><br>
    </div>
    <div style="text-indent: 18pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
      statement for the same offering.&#160; &#160; &#9723;</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</div>
    <div style="text-align: right;">Emerging growth company&#160;&#160; &#9723;</div>
    <div><br>
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    <div>If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
      accounting standards&#8224; provided pursuant to Section 7(a)(2)(B) of the Securities Act.&#160; &#160; &#9723;</div>
    <div><br>
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    <div>&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
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    <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <div><br>
    </div>
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            <div style="text-align: center; font-weight: bold;">Title of Each Class of</div>
            <div style="text-align: center; font-weight: bold;">Securities to be Registered</div>
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          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Proposed Maximum</div>
            <div style="text-align: center; font-weight: bold;">Aggregate</div>
            <div style="text-align: center; font-weight: bold;">Offering Price(1)</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-weight: bold;">Amount of</div>
            <div style="text-align: center; font-weight: bold;">Registration Fee</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <div>
              <div style="text-indent: -9pt; margin-left: 9pt;">Common Shares, $0.01 par value per share, including related preferred stock purchase rights (3)</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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              <div>11,500,000</div>
            </div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">$</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-indent: -9pt; margin-left: 9pt;">Class A Warrants to purchase Common Shares (4)(5)</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>&#8212;</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>&#8212;</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-indent: -9pt; margin-left: 9pt;">Common Shares Underlying Class A Warrants (5)</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">$<br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">14,950,000<br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-indent: -9pt; margin-left: 9pt;">Prefunded Warrants to purchase Common Shares (6)</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="margin-left: 36pt;">Total</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">$</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>26,450,000</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>(2)</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>$</div>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>3,206</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>
              <div>(7)</div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zda524b01ec92452db4bdb20518dbaf93" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zec4a3961772d427da8eb7009a1afcdc4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Includes common shares and Class A Warrants that may be sold pursuant to the underwriters&#8217; over-allotment option.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z07ec193ccf564d68abca167e967e1ebd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Preferred stock purchase rights are not currently separable from the common shares and are not currently exercisable. The value attributable to the preferred stock purchase rights, if any, will be reflected in the market price of the
                  common shares.&#160; For more information please see Description of Share Capital&#8212;Stockholders Rights Agreement&#8221; below.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za2975fd045474df6a8bf72bb8ebc449c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Class A Warrants to be issued to investors are included in the price of the common shares above.&#160; No separate registration fee required pursuant to Rule 457(i) of the Securities Act.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Pursuant to Rule 416 under the Securities Act, the shares registered hereby also include an indeterminate number of additional shares as may from time to time become issuable by reason of stock splits, distributions, recapitalizations
                  or other similar transactions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="ze200eaec1288461ca82fb9debcf94e2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top;">
                <div>The proposed maximum aggregate offering price of the common shares to be sold in the offering will be reduced on a dollar-for-dollar basis based on the offering price of any Pre-Funded Warrants offered and sold in the offering, and, as
                  such, the proposed maximum aggregate offering price of the common shares and Pre-Funded Warrants (including the common shares issuable upon exercise of the Pre-Funded Warrants), if any, is $10,000,000.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zad440b53c9ba446b8381371b681db0ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top;">
                <div>A fee of $1,394 was previously paid.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this
      Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
      acting pursuant to said Section 8(a), may determine.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0);">The information in this preliminary prospectus is not complete and may be changed.&#160; We may not sell these securities until the registration statement filed with the Securities and Exchange
      Commission is effective.</div>
    <font style="color: rgb(255, 0, 0);"> </font>
    <div><font style="color: rgb(255, 0, 0);"><br>
      </font> </div>
    <font style="color: rgb(255, 0, 0);"> </font>
    <div style="font-weight: bold; color: rgb(255, 0, 0);">PRELIMINARY PROSPECTUS</div>
    <font style="color: rgb(255, 0, 0);"> </font>
    <div><font style="color: rgb(255, 0, 0);"><br>
      </font> </div>
    <font style="color: rgb(255, 0, 0);"> </font>
    <div style="text-align: center; font-weight: bold; color: rgb(255, 0, 0);">SUBJECT TO COMPLETION, DATED SEPTEMBER 10, 2019</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">1,144,165 of Common Shares</div>
    <div style="text-align: center;"><font style="font-weight: bold;">Pre-Funded Warrants to Purchase</font> <font style="font-weight: bold;">1,144,165</font> <font style="font-weight: bold;">Common Shares</font></div>
    <div style="text-align: center;"><font style="font-weight: bold;">Class A Warrants to Purchase</font> <font style="font-weight: bold;">1,144,165</font> <font style="font-weight: bold;">Common Shares</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><img width="210" height="135" src="image0.jpg"></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">This is a firm commitment offering of 1,144,165 common shares, par value $0.01 per share, and Class A Warrants to purchase up to 1,144,165 common shares, at a combined offering price of $8.74 per
      common share and accompanying warrant. Each common share is being sold together with a Class A Warrant (each a &#8220;Purchase Warrant&#8221;) to purchase either 1 common share upon a cash exercise or 0.7 common shares upon a cashless exercise. Each Purchase
      Warrant will have an exercise price per share of $11.36, representing 130% of the closing price, will be exercisable beginning on the date of issuance, and will expire on December 31, 2019. The Purchase Warrant may be exercised on a cashless basis
      beginning on the earlier of (i) 30 days from the closing date and (ii) the trading day on which a total of more than three times the amount of shares offered in this offering have traded since the closing date (&#8220;Cashless Date&#8221;) if the VWAP (as
      defined in the Purchase Warrant) of the common shares on any Trading Day (as defined in the Purchase Warrant) on or after the Cashless Date fails to exceed the exercise price in effect on such date (as may be subject to adjustment). The number of
      common shares issuable in such cashless exercise shall be half the number of common shares that would be issuable upon exercise of the Purchase Warrant in accordance with its terms if such exercise were by means of a cash exercise.&#160; The common shares
      and Purchase Warrants are immediately separable and will be issued separately, but will be purchased together in this offering.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">We are also offering pre-funded warrants to purchase 1,144,165 common shares to those purchasers whose purchase of our common shares in this offering would otherwise result in such purchaser,
      together with its affiliates and other related parties, beneficially owning more than 4.99% (or 9.99% upon the election of the purchaser) of our outstanding common shares immediately following the consummation of this offering in lieu of purchasing
      common shares (the &#8220;Pre-Funded Warrants,&#8221; and together with the Purchase Warrants, the &#8220;Warrants&#8221;). The purchase price of each Pre-Funded Warrant will equal the price per share at which our common shares are being sold to the public in this offering,
      minus $0.01, and the exercise price of each Pre-Funded Warrant will equal $0.01 per common share.&#160; Each Pre-Funded Warrant purchased in this offering in lieu of common shares also is being sold together with a Purchase Warrant. Pursuant to this
      prospectus, we are also offering the common shares issuable upon the exercise of the Purchase Warrants and Pre-Funded Warrants offered hereby.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Each Pre-Funded Warrant is exercisable for one common share (subject to adjustment as provided for therein) at any time at the option of the holder until such Pre-Funded Warrant is exercised in full,
      provided that the holder will be prohibited from exercising Pre-Funded Warrants for common shares if, as a result of such exercise, the holder, together with its affiliates, would own more than 4.99% of the total number of our common shares then
      issued and outstanding. However, any holder may increase such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, our common shares trade on the Nasdaq Capital Market under the symbol &#8220;TOPS.&#8221;&#160; The last reported sale price of our common shares on September 9, 2019 was $8.74 per
      share.&#160; There is no public trading market for the Purchase Warrants or the Pre-Funded Warrants and we do not expect a market to develop.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Investing in our securities is highly speculative and involves a high degree of risk.&#160; See &#8220;Risk Factors&#8221; beginning on page<font style="font-style: italic;">&#160;</font>15<font style="font-style: italic;">&#160;</font>of this prospectus for a discussion of information that should be considered in connection with an investment in our common shares and in the documents incorporated by reference into this prospectus<font style="font-style: italic;">.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities, or determined if this prospectus is truthful or
      complete. Any representation to the contrary is a criminal offense.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z518ffd3332c949bba95cd8471ca7f7fe">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Per Share</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify;">Public offering price</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: justify;">Underwriting discounts and commissions</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify;">Proceeds to the Company before expenses</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">We have granted a 45-day option to the underwriters to purchase up to&#160; &#160; &#160; &#160; additional common shares and Purchase Warrants solely to cover over-allotments, if any. Please see "Underwriting" for
      additional disclosure regarding underwriting compensation payable by us.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The underwriters expect to deliver the shares and Warrants to purchasers in the offering on or above&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -1.2pt; margin-left: 1.2pt; font-weight: bold; font-size: 14pt;">Maxim Group LLC</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">The date of this prospectus is&#160; &#160; &#160; &#160; &#160;&#160; , 2019</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <table cellspacing="0" cellpadding="0" id="zaf0c51497b5f40639194a234f77d2d7f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">PROSPECTUS SUMMARY</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">THE OFFERING</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">SUMMARY FINANCIAL DATA</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">RISK FACTORS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">15<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">RISKS RELATING TO THIS OFFERING</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">DESCRIPTION OF THE SECURITIES WE ARE OFFERING</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">DESCRIPTION OF SHARE CAPITAL</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">46</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">CAPITALIZATION</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">DILUTION</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">BUSINESS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">57<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">72<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">76</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">77<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">79</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">TAXATION</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">83</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">UNDERWRITING</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">93</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">EXPENSES</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">96</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">LEGAL MATTERS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">96</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">EXPERTS</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">96</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">96</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.63%; vertical-align: top;">
            <div style="margin-right: 1.45pt;">INFORMATION INCORPORATED BY REFERENCE</div>
          </td>
          <td style="width: 6.37%; vertical-align: top;">
            <div style="text-align: right; margin-right: 1.45pt;">97<br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As permitted under the rules of the U.S. Securities and Exchange Commission, or the Commission, this prospectus incorporates important information about us that is contained in documents that we have
      previously filed with the Commission but that are not included in or delivered with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the Commission at www.sec.gov, as well as other sources. You
      may also obtain copies of the incorporated documents, without charge, upon written or oral request to TOP Ships Inc., 1 Vas. Sofias and Meg. Alexandrou Str, 15124 Maroussi, Greece. The telephone number of our registered office is
      011-30-210-812-8000.&#160; See &#8220;Where You Can Find Additional Information.&#8221;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">You should rely only on information contained in and incorporated by reference into this prospectus. We have not, and the underwriters have not, authorized anyone to give any
      information or to make any representations other than those contained in this prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an
      offer to sell, and it is not soliciting an offer to buy, (1) any securities other than our common shares and Class A Warrants or (2) our common shares and Warrants in any circumstances in which such an offer or solicitation is unlawful. The
      information contained in this prospectus may change after the date of this prospectus. Do not assume after the date of this prospectus that the information contained in this prospectus is still correct. <font style="background-color: #FFFFFF;">Information



























        contained on our website, www.topships.org, does not constitute part of this prospectus.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">We obtained certain statistical data, market data and other industry data and forecasts used or incorporated by reference into this prospectus from publicly available information. While we believe
      that the statistical data, industry data, forecasts and market research are reliable, we have not independently verified the data, and we do not make any representation as to the accuracy of that information.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">We are a Marshall Islands company, and our principal executive office is located outside of the United States in Greece. Most of our directors, officers and the experts named in this registration
      statement reside outside the United States. In addition, a substantial portion of our assets and the assets of certain of our directors, officers and experts are located outside of the United States. As a result, it may be difficult or impossible for
      U.S. purchasers to serve process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against us or these persons in
      any action, including actions based upon the civil liability provisions of United States federal or state securities laws.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Furthermore, there is substantial doubt that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets of our subsidiaries, directors or officers and
      such experts are located (i) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries, directors or officers and such experts based upon the civil liability provisions of applicable U.S. federal and state securities
      laws or (ii) would enforce, in original actions, liabilities against us or our subsidiaries, directors or officers and such experts based on those laws.</div>
    <div><br>
    </div>
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    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="margin-bottom: 12pt; font-weight: bold;">PROSPECTUS SUMMARY</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">This section summarizes certain of the information that is contained in this
          prospectus</font><font style="font-weight: normal;">&#160;<font style="font-style: italic;">or the documents incorporated by reference herein, and this summary is qualified in its entirety by that more detailed information. This summary may not
            contain all of the information that may be important to you. We urge you to carefully read this entire prospectus and the documents incorporated by reference herein, including our financial statements and the related notes and the information
            in the section entitled &#8220;Item 5. Operating and Financial Review and Prospects&#8221; in our Annual Report on Form 20-F for the year ended December 31, 2018, which is incorporated by reference herein. As an investor or prospective investor, you should
            review carefully the more detailed information that appears later in this prospectus and the information incorporated by reference in this prospectus, including the section entitled &#8220;Risk Factors&#8221; herein.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">Unless the context otherwise requires, as used in this prospectus, the terms &#8220;Company,&#8221;
        &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to TOP SHIPS INC. and all of its subsidiaries, and &#8220;TOP SHIPS INC.&#8221; refers only to TOP SHIPS INC. and not to its subsidiaries.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed
        in metric tons each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">Our reporting currency is in the U.S. dollar and all references in this prospectus to &#8220;$&#8221;
        or &#8220;dollars&#8221; are to U.S. dollars.</div>
      <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Our Company</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">We are an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the
        transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. As of the date of this prospectus our owned fleet has an average age of 2.3 years compared to an industry average age of about 10 years for oil tankers.
        Our fleet, both chartered-in and owned has a total capacity of 892,000 deadweight tonnes (&#8220;dwt&#8221;). As of the date of this prospectus, our fleet consists of two owned 39,000 dwt product/chemical tankers vessels, the M/T Eco Fleet and the M/T Eco
        Revolution, and six owned 50,000 dwt product/chemical tankers, the M/T Stenaweco Excellence, M/T Nord Valiant, M/T Stenaweco Elegance, M/T Eco Palm Desert, the M/T Eco California and the M/T Eco Marina Del Ray and two owned 159,000 dwt Suezmax
        tankers, the M/T Eco Bel Air and M/T Eco Beverly Hills and we also own 50% interests in two 50,000 dwt product/chemical tankers, M/T Eco Holmby Hills and the M/T Palm Springs as well as two chartered-in 50,000 dwt product/chemical tankers vessels,
        the M/T Stenaweco Energy and the M/T Stenaweco Evolution. All of our vessels are IMO certified and are capable of carrying a wide variety of oil products including chemical cargos which we believe make our vessels attractive to a wide base of
        charterers.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">We intend to continue to review the market in order to identify potential acquisition targets on in line with our
        strategy.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">We believe we have established a reputation in the international ocean transport industry for operating and
        maintaining vessels with high standards of performance, reliability and safety. We have assembled a management team comprised of executives who have extensive experience operating large and diversified fleets of tankers and who have strong ties to
        a number of national, regional and international oil companies, charterers and traders.</div>
    </div>
    <br>
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    <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="margin-bottom: 12pt; font-weight: bold;">Our Current Fleet</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following tables present our fleet list as of the date of this prospectus:</div>
      <div style="margin-bottom: 12pt; font-weight: bold;"><u>Owned and operating MR Tanker vessels:</u></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Vessel Type</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Eco Fleet</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>39,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">April 2022</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$12,600 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> year, $13,100 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> year and $13,600 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> year / $14,350 / $15,600</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Revolution</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>39,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">January 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$13,500 / $16,000 / $16,750</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Excellence</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">November 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$16,200 / $17,200 / $18,000</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Nord Valiant</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">DS Norden A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">August 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$16,800 / $17,600 / $18,400</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Elegance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">March 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$16,500 / $17,500 / $18,500</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Palm Desert</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">September 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1 year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$13,300 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Eco California</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">January 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1 year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$13,750 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Marina Del Ray</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Cargill</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">March 2024</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">-</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$15, 100</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;"><u>Owned and operating Suezmax Vessels:</u></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Eco Bel Air</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>157,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">April 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$24,500 / $27,500 / $29,000</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Eco Beverly Hills</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>157,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">May 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$24,500 / $27,500 / $29,000</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="margin-bottom: 12pt; font-weight: bold;"><u>Chartered-in vessels under operating leases:</u></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Energy</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">February 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$15,616 / $17,350 / $18,100</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Stenaweco Evolution</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">October 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$15,516 / $17,200 / $18,000</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;"><u>Joint Venture fleet (50% owned):</u></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Eco Holmby Hills</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td style="vertical-align: middle; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',Times,serif;">50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">March 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Eco Palm Springs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td style="vertical-align: middle; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',Times,serif;">50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">May 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$14,750 up to May 2020 and $15,175 thereafter / $15,550 / $16,550</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">All the vessels in our fleet are equipped with engines of modern design and with improvements in the hull, propellers and other parts of the vessel to decrease fuel consumption and reduce
        emissions. Vessels with this combination of technologies, introduced from certain shipyards, are commonly referred to as eco vessels. We believe that recent advances in shipbuilding design and technology should make these latest generation vessels
        more fuel-efficient than older vessels in the global fleet that compete with our vessels for charters, providing us with a competitive advantage. Furthermore three of our vessels have scrubbers installed.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Our Competitive Strengths </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">We believe our Company has the following competitive strengths:</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top;">
                <div style="margin-bottom: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Experienced Management Team</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font>Our founder, President and Chief Executive Officer, Evangelos J. Pistiolis, has assembled a management team of senior executive officers, some of whom have been with us for more than 10
                  years, with extensive experience in all aspects of the shipping industry and management of diversified fleets. Our management team&#8217;s experience encompasses the commercial, technical, management and financial areas of our business, and we
                  believe that their extensive experience will promote focused marketing efforts, tight quality and cost controls, effective operations and safety.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-bottom: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Modern, Fuel Efficient, Partly Scrubber Fitted Fleet</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font><font style="background-color: #FFFFFF;">All of our vessels have the latest-generation, fuel efficient design and specifications. Additionally, all our
                    vessels have IMO II/III designation specifications that enable them to transport a wide variety of oil products, including certain chemical cargoes, which we believe will make our vessels attractive to a wide base of charterers. We
                    believe that modern, fuel-efficient vessels like ours command higher charter rates than conventional vessels. </font>Furthermore three of our vessels have scrubbers installed.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-bottom: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Relationships with Well-Known Charterers</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font>We have built relationships with many well-known charterers, which we believe is the result of our reputation for reliable service, safety and dependability. Through a combination
                  of fixed period time charters and spot charters, we have historically provided services to many national, regional and international oil companies, charterers and oil traders, including Shell, BP, ExxonMobil, Petrobras, ConocoPhillips,
                  Pemex, Hellenic Petroleum, Glencore, Vitol and Trafigura. We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements and specifications of our charterers, which we believe will
                  enable us to obtain repeat business from our customers. As of the date of this prospectus, all <font style="background-color: #FFFFFF;">of our vessels are employed on multi-year time charters, four with StenaWeco A/S, three with BP
                    Shipping Limited, two with Shell, one with Dampskibsselskabet NORDEN A/S and three with Clearlake </font>Shipping Pte Ltd<font style="background-color: #FFFFFF;">.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="margin-bottom: 12pt; font-weight: bold;">Our Business Strategy </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our business strategy is focused on expanding our fleet by identifying potential acquisition targets. Our acquisition strategy focuses on the acquisition and operation of the latest generation
        tankers with fuel-efficient specifications and sizes of greater than 38,000 dwt, consistent with our current fleet. We believe that recent advances in shipbuilding design and technology should make these latest generation vessels more
        fuel-efficient than older vessels that compete with us for charters, providing us with a competitive advantage over owners of older vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We may also invest in assets that are outside the focus of our business strategy, but are in line with our vessel owning and operating history, if we are presented with investment opportunities
        that we consider attractive. Historically, in addition to product/chemical tankers, we have owned and operated crude oil tankers and dry bulk vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Additionally, we aim to further nurture and maintain our relationships with participants in the international shipping industry, including leading charterers, national and independent oil
        companies, oil traders, brokers, suppliers, classification societies, insurers, shipyards and others.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The key elements of our business strategy are:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-bottom: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="font-weight: bold; font-style: italic;">Timely and Opportunistic Acquisitions</font>. We intend to grow our fleet through timely and selective acquisitions of modern, fuel efficient vessels.
                  Our acquisition strategy focuses on the acquisition and operation of the latest generation tankers with fuel-efficient specifications and sizes of greater than 38,000 dwt. We also continuously monitor acquisition opportunities in various
                  sectors of the shipping industry. We seek to identify, analyze and opportunistically invest in vessels as attractive opportunities arise.</div>
              </td>
            </tr>

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

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              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="font-weight: bold; font-style: italic;">Focus on high specification ECO modern tonnage</font>. All of the vessels in our fleet are built with the latest generation fuel-efficient design and
                  specification, and we intend to focus our acquisition strategy on additional modern fuel-efficient vessels.</div>
              </td>
            </tr>

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

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              <td style="width: 36pt;">&#160;</td>
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                <div style="margin: 0px 0px 0px;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="font-weight: bold; font-style: italic;">Capitalize on relationships with high-quality customers</font>.<font style="font-weight: bold;">&#160;</font>We plan to continue to cultivate relationships
                  with major international oil companies and other well-known charterers for our vessels in order to minimize counter party risk.</div>
              </td>
            </tr>

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

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              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin: 0px 0px 0px;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 0px;"><font style="font-weight: bold; font-style: italic;">Act Opportunistically.</font><font style="font-weight: bold;">&#160;</font>When appropriate, act opportunistically and take advantage of attractive market
                  opportunities even if not in line with our principal growth strategy. We may also invest in assets that are outside our principal growth strategy, but are in line with our vessel owning and operating history, if we are presented with
                  investment opportunities that we consider attractive.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Industry Overview</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The seaborne transportation industry is a vital link in international trade, with ocean going vessels representing the most efficient and often the only method of transporting large volumes of
        basic commodities and finished products. Demand for tankers is dictated by world oil demand and trade, which is influenced by many factors, including international economic activity; geographic changes in oil production, processing, and
        consumption; oil price levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as the United States, China and India.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Shipping demand, measured in tonne-miles, is a product of (a) the amount of cargo transported in ocean going vessels, multiplied by (b) the distance over which this cargo is transported. The
        distance is the more variable element of the tonne-mile demand equation and is determined by seaborne trading patterns, which are principally influenced by the locations of production and consumption. Seaborne trading patterns are also periodically
        influenced by geo-political events that divert vessels from normal trading patterns, as well as by inter-regional trading activity created by commodity supply and demand imbalances. Tonnage of oil shipped is primarily a function of global oil
        consumption, which is driven by economic activity as well as the long-term impact of oil prices on the location and related volume of oil production. Tonnage of oil shipped is also influenced by transportation alternatives (such as pipelines) and
        the output of refineries.</div>
    </div>
    <div><br>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <div style="text-indent: 36pt; margin-bottom: 12pt;">Demand for tankers and tonnage of oil shipped is primarily a function of global oil consumption, which is driven by economic activity, as well as the long-term impact of oil prices on the
          location and related volume of oil production. Global oil demand returned to limited growth in 2010 and has since been expanding at a modest pace, as a steady rise in Asia has outweighed decreasing demand in Europe and in the United States.
          According to the International Energy Agency, global oil demand for 2018 rose to 99.2 million barrels/day compared to 97.9 million barrels/day during 2017.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">We strategically monitor developments in the tanker industry on a regular basis and, subject to market demand, will seek to enter into shorter or longer time or bareboat charters according to
          prevailing market conditions.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">We will compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. We will arrange our time charters and
          bareboat charters through the use of brokers, who negotiate the terms of the charters based on market conditions. We will compete primarily with owners of tankers in the Handymax and Suezmax class sizes. Ownership of tankers is highly fragmented
          and is divided among major oil companies and independent vessel owners.</div>
        <div style="margin-bottom: 12pt; font-weight: bold;">Recent Developments</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">We entered into sale and leaseback agreements with Oriental Fleet International Company Limited, a non-affiliated party, for M/T
            Stenaweco Excellence on July 15, 2019, and for both M/T Stenaweco Energy and M/T Stenaweco Evolution on August 30, 2019. The sale of the M/T Stenaweco Excellence was concluded on the same date and we expect to conclude sale of the last two
            vessels in the fourth quarter of 2019. Following the sale, we have bareboat chartered back the M/T Stenaweco Excellence for a period of ten years at a bareboat hire rates comprising of financing principal based on straight-line amortization
            plus interest based on the three months Libor plus 3.90% per day. As part of this transaction, we have continuous options, after the third year, to buy back the vessels at purchase prices stipulated in the bareboat agreements depending on when
            the option is exercised and at the end of the ten year period we must buy the vessels back for $0.001. The gross proceeds from the sale of the M/T Stenaweco Excellence were $25.6 million. The sale and leaseback agreement for the last two
            vessels will be on similar terms, with the gross proceeds to be finally determined around the sale date.</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">The abovementioned sale and leaseback transactions contain, customary covenants and event of default clauses, including
            cross-default provisions and restrictive covenants and performance requirements. The sale and leaseback agreements with Oriental Fleet International Company Limited will be accounted as financing transactions, since control will remain with us
            and the vessels will continue to be recorded as assets on our balance sheet. In addition we have the obligation to repurchase the vessels.</div>
        </div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">On July 25 and August 9, 2019, we redeemed 3,043 and 1,739 of Series E Preferred Shares for $3.5 million and $2.0 million, respectively.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">On August 22, 2019, we effected a 1-for-20 reverse stock split of our common shares. There was no change in the number of our authorized common shares. All numbers of share and earnings per share
          amounts in this prospectus has been retroactively adjusted to reflect this reverse stock split.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 9, 2019, Nasdaq notified us that we have regained compliance with the minimum bid price requirement for the Nasdaq Capital Market.<br>
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold;">Corporate Information</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">Our predecessor, Ocean Holdings Inc., was formed as a corporation in January 2000 under the laws of the Republic of the Marshall Islands and renamed Top Tankers Inc. in May 2004. In December
          2007, Top Tankers Inc. was renamed TOP Ships Inc.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">Central Shipping Inc., or CSI, a related party affiliated with the family of Evangelos J. Pistiolis, our President, Chief Executive Officer and Director, performs all vessel operational,
          technical and commercial functions for us, including the chartering of our fleet, as well as newbuilding supervision and accounting, reporting and administrative services.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">The current address of our principal executive office is 1 Vas. Sofias and Meg. Alexandrou Str, 15124 Maroussi, Greece. The telephone number of our registered office is 011-30-210-812-8000. Our
          corporate website address is www.topships.org. The information contained on our website does not constitute part of this prospectus.</div>
        <div style="margin-bottom: 12pt; font-weight: bold;">Summary Risk Factors</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Investing in our securities is highly speculative and involves a high degree of risk.&#160; </font>We face a number of risks associated with our business and industry
          and must overcome a variety of challenges to utilize our strengths and implement our business strategy. These risks include, among others:</div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">our inability to finance new vessel acquisitions;</div>
                </td>
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          </table>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">5</font></div>
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      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <div>
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                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">our inability to successfully employ our vessels;</div>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 36pt;">&#160;</td>
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                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">changes in the international shipping market, including supply and demand, charter hire and utilization rates, and commodity prices;</div>
                </td>
              </tr>

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

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                <td style="width: 36pt;">&#160;</td>
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                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">increased costs of compliance with regulations affecting the international shipping industry;</div>
                </td>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 36pt;">&#160;</td>
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                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">a downturn in the global economy;</div>
                </td>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">hazards inherent in the international shipping industry and marine operations resulting in liability for personal injury or loss of life, damage to or destruction of property and equipment, pollution or
                    environmental damage;</div>
                </td>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">our inability to maintain the listing of our common shares on the Nasdaq Capital Market;</div>
                </td>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">the risk inherent in related party transactions which we are and may be a party to;</div>
                </td>
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        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">our inability to comply with loan covenants;</div>
                </td>
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          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">in 2013 U.S. federal tax authorities treated us as a &#8220;passive foreign investment company&#8221; and we could be treated as such again, which could have adverse U.S. federal income tax consequences to U.S.
                    shareholders; and</div>
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          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin: 0px 0px 0px;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 0px;">the fact that the Warrants offered hereby are not expected to trade on any exchange or market.</div>
                </td>
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          </table>
        </div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">This is not a comprehensive list of risks to which we are subject, and you should carefully consider all the information in this prospectus in connection with your ownership of our common shares.
          In particular, we urge you to carefully consider the risk factors set forth in the section of this prospectus entitled &#8220;Risk Factors&#8221; beginning on page 15.</div>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="margin-bottom: 12pt;">
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">THE OFFERING</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Common Shares outstanding</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>1,585,258 common shares</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Common Shares offered by us:</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>1,144,165 common shares at a price of $8.74 per share and related Purchase Warrant</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Pre-Funded Warrants offered by us:</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We are also offering Pre-funded Warrants to purchase up to 1,144,165 common shares to those purchasers whose purchase of common shares in this offering would otherwise result in such purchaser, together with its affiliates and certain
                  related parties, beneficially owning more than 4.99% (or 9.99% upon the election of the purchaser) of our outstanding common shares immediately following the consummation of this offering in lieu of purchasing common shares. Each
                  Pre-Funded Warrant purchased in this offering in lieu of common shares also is being sold together with a Purchase Warrant. The purchase price of each Pre-Funded Warrant will equal the price per share at which the common shares are being
                  sold to the public in this offering, minus $0.01, and the exercise price of each Pre-Funded Warrant will be $0.01 per common share. Each Pre-Funded Warrant will be exercisable immediately upon issuance. See &#8220;Description of the Securities
                  We are Offering&#8211;Pre-Funded Warrants&#8221; for a discussion on the terms of the Pre-Funded Warrants.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">&#160;</td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>Each Pre-Funded Warrant is exercisable for one common share (subject to adjustment as provided therein) at any time at the option of the holder, provided that the holder will be prohibited from exercising its Pre-Funded Warrant for
                  common shares if, as a result of such exercise, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our common shares then issued and outstanding.&#160; However, any holder may increase such
                  percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. This prospectus also relates to the common shares issuable upon the
                  exercise of the Pre-Funded Warrants.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Purchase Warrants offered by us:</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>Each common share and each Pre-Funded Warrant is being sold together with a Purchase Warrant to purchase either 1 common share upon a cash exercise or 0.7 common shares upon a cashless exercise. Each Purchase Warrant will have an
                  exercise price of $11.36 per share, representing 130% of the closing price, will be exercisable beginning on the date of issuance, and will expire on December 31, 2019. The Purchase Warrant may be exercised on a cashless basis beginning
                  on the earlier of (i) 30 days from the closing date and (ii) the trading day on which a total of more than three times the amount of shares offered in this offering have traded since the closing date (the &#8220;Cashless Date&#8221;) if the VWAP of
                  the common shares on any Trading Day on or after the Cashless Date fails to exceed the exercise price in effect on such date (as may be subject to adjustment). The number of common shares issuable in such cashless exercise shall be half
                  the number of common shares that would be issuable upon exercise of the Purchase Warrant in accordance with its terms if such exercise were by means of a cash exercise. Each holder of Purchase Warrants will be prohibited from exercising
                  its Purchase Warrant for common shares if, as a result of such exercise, the holder, together with its affiliates, would own more than 4.99% of the total number of common shares then issued and outstanding. However, any holder may
                  increase such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. This prospectus also relates to the offering of the
                  common shares issuable upon exercise of the Purchase Warrants</div>
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        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
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              <td style="width: 37.14%; vertical-align: top;">
                <div>Common shares to be<br>
                  outstanding after this offering (1):</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>2,729,423 Common shares (or 3,873,588 common shares if the Pre-funded Warrants and the Purchase Warrants sold in this offering are exercised in full and for cash and 4,045,212 common shares if the underwriters exercise their
                  overallotment option and the Purchase Warrants related to the overallotment option are exercised in full).</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Over-allotment option</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We have granted the underwriters an option for a period of 45 days to purchase from us up to 171,624 common shares and/or 171,624 Purchase Warrants, to cover any over-allotments.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div style="text-align: justify;">Use of proceeds</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We estimate that the net proceeds from this offering will be approximately $9.07 million (or approximately $10.47 million if the underwriters exercise their over-allotment option in full), based on a public offering price of $8.74 per
                  share and after deducting assumed underwriting discounts and commissions and estimated offering expenses and further assuming no cash exercise of the Purchase Warrant.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">&#160;</td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We expect to use the net proceeds of this offering for working capital and general corporate purposes. Please see &#8220;Use of Proceeds.&#8221;</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Preferred stock purchase rights</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We have entered into a Stockholders Rights Agreement dated September 22, 2016 (the &#8220;Stockholders Rights Agreement&#8221;), with Computershare Trust Company, N.A. as Rights Agent. Pursuant to this Stockholders Rights Agreement, each of our
                  common shares includes one right (a &#8220;Right&#8221;) that entitles the holder to purchase from us a unit consisting of one one-thousandth of a share of our preferred stock at an exercise price specified in the Stockholders Rights Agreement,
                  subject to specified adjustments. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other stockholder rights. See &#8220;Description of Capital Stock&#8212;Stockholders Rights Agreement&#8221; for
                  further details.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Tax consequences</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>We are a &#8220;Passive Foreign Investment Company,&#8221; or PFIC, with respect to certain U.S. Holders, as defined below. United States persons owning our common shares prior to 2014 are encouraged to consult their personal tax advisors with
                  respect to an investment in the common shares offered hereunder.</div>
                <div>The U.S. federal income tax and Marshall Islands tax consequences of purchasing, owning and disposing of our common shares are described under the heading &#8220;Taxation &#8212;U.S. Federal Income Consequences&#8212;U.S. Federal Income Taxation of U.S.
                  Holders<font style="background-color: #FFFFFF;">.&#8221;</font> Prospective investors are urged to consult their own tax advisors regarding the tax consequences of purchasing, owning and disposing of our common shares.</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Listing</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div>Our common shares are listed for trading on the Nasdaq Capital Market under the symbol &#8220;TOPS.&#8221;</div>
                <div> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Risk Factors</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div><font style="background-color: #FFFFFF; font-weight: bold;">Investing in our securities is highly speculative and involves substantial risk.</font><font style="background-color: #FFFFFF;"> You should carefully consider all the
                    information in this prospectus prior to investing in our securities. In particular, we urge you to consider carefully the factors set forth in the section of this prospectus entitled &#8220;Risk Factors&#8221; beginning on page 15.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 37.14%; vertical-align: top;">
                <div>Lock-Up Provision</div>
              </td>
              <td style="width: 62.86%; vertical-align: top;">
                <div><font style="background-color: #FFFFFF;">Subject to certain exceptions, we, all of our executive officers and directors, and certain affiliates have entered into lock-up agreements with the underwriters. Under these agreements, we and
                    each of these persons may not, without the prior written approval of the representative offer, sell, contract to sell or otherwise dispose of or hedge common shares or securities convertible into or exchangeable for common shares. These
                    restrictions will be in effect for a period of 90 days after the date of the closing of this offering.</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>(1) The number of common shares outstanding immediately after this offering is based on 1,585,258 common shares outstanding as of September 10, 2019 and excludes the approximately 4,931,646 common shares underlying our Series E Preferred
          Shares.</div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SUMMARY FINANCIAL DATA</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth our selected historical consolidated financial information and other operating data as of and for the periods indicated. Our selected historical consolidated
          financial information as of December 31, 2017 and 2018 and for the years ended December 31, 2016, 2017 and 2018 is derived from our audited consolidated financial statements included in &#8220;Item 18. Financial Statements&#8221; of our Annual Report on Form
          20-F for the year ended December 31, 2018, which is incorporated herein by reference. The selected historical consolidated financial information as of December 31, 2014, 2015 and 2016 and for the years ended December 31, 2014 and 2015 is derived
          from our audited consolidated financial statements that are not included in this prospectus. The consolidated financial data for the six months ended June 30, 2018 and 2019, and as of December 31, 2018 and June 30, 2019, have been derived from
          our unaudited interim condensed consolidated financial statements. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2019. Our
          consolidated financial statements are prepared and presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">The information provided below should be read in conjunction with &#8220;Item 4. Information on the Company&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and the consolidated financial
          statements, related notes and other financial information included in our Annual Report on Form 20-F for the year ended December 31, 2018, which is incorporated herein by reference. Our unaudited interim condensed consolidated financial
          statements of comprehensive loss and cash flows for the six months ended June 30, 2018 and 2019 and the consolidated balance sheet and shareholders&#8217; equity for the six month period ended June 30, 2019 and year ended December 31, 2018, together
          with the notes thereto on Form 6-K filed on September 4, 2019 are incorporated herein by reference.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">All references to our common shares and per-share data included in the selected historical consolidated financial data below have been retrospectively adjusted to reflect the one-for-twenty
          reverse stock split effective on August 22, 2019.</div>
      </div>
    </div>
    <div><br>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="font-style: italic;">(Amounts in U.S. Dollars in thousands, except per share data)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
                <div style="text-align: center; font-weight: bold;">Six Months Ended</div>
                <div style="text-align: center; font-weight: bold;">June 30,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="18">
                <div style="text-align: center; font-weight: bold;">Year Ended December 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                <div style="font-weight: bold;">STATEMENT OF COMPREHENSIVE (LOSS)/INCOME</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2019</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2015</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2016</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Time charter revenues</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>19,683</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>25,339</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,602</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>13,075</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>28,433</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>39,363</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>39,442</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Time charter revenues from related parties</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,311</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,606</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>Voyage charter revenue</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,136</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">3,602</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">13,075</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">28,433</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">39,363</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">41,048</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Voyage expenses</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>492</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,205</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>113</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>370</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>736</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>999</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,020</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>Operating lease expenses</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,944</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Bareboat charter hire expense</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,115</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5,274</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,299</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,282</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,282</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">
                <div>Amortization of prepaid bareboat charter hire</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>828</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,431</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,577</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,657</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>7,135</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>1,143</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>4,789</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>13,444</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>14,826</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>4,254</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,125</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>703</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,621</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,824</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>4,730</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>7,765</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>4,358</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>663</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,335</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,983</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>2,906</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5,805</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,997</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>(861</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>274</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(3,137</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>(914</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,002</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>5,305</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>757</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>668</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,467</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>5,744</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>6,390</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,081</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">1,616</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-weight: bold;">(3,</font><font style="font-weight: bold;">889</font></div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-weight: bold;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>&#160;</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(3,350</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(7,909</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(450</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(719</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(3,093</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(15,793</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(9,662</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>Gain/(Loss) on derivative financial instruments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,487</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,866</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(392</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(698</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(301</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,821</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>98</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(6</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(5</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,120</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>180</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div>Equity gains in unconsolidated joint ventures</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>425</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(27</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>291</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div style="font-weight: bold;">Net (loss)/income</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">(6,619</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">(628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">2,896</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">(8,507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">1,052</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">(13,372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">(11,129</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>Deemed dividend for beneficial conversion feature of Series E Shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(9,339</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(1, 403</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div>Deemed dividend equivalents on Series E Shares related to redemption value</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(4,223</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(15,219</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(8,507</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(351</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(13,372</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(11,129</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(6,624</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(15,219</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,896</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(8,507</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(351</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(13,404</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(11,134</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>5</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>32</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>5</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">(Loss)/Earnings per share, basic</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(8.48</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(11.59</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>8,274,280</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(15,467,280</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(319,100</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(251</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(12.20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">(Loss)/Earnings per share, diluted</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(8.48</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(11.59</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>7,240,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(15,467,280</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(319,100</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(251</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(12.20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div>Weighted average common shares outstanding, basic</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>781,027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,313,102</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>53,169</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>909,072</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #FFFFFF;">
                <div>Weighted average common shares outstanding, diluted</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>781,027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,313,102</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>53,169</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>909,072</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 16%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
                <div>Other comprehensive loss</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(1,388</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>(1,388</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(6,619</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(16,607</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,896</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(8,507</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(351</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(13,372</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(11,129</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
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                <div style="text-align: center; font-weight: bold;">June 30,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>7,263</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,227</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>5,269</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>4,541</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>29,055</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>5,288</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>423,046</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>75,575</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>74,006</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>143,317</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>220,448</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div>258,488</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>47,337</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>9,334</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>17,577</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>20,033</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>25,581</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>36,819</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>249,613</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>23,712</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>22,276</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>76,022</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>87,593</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>117,388</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>266,242</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>19,419</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>24,226</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>84,539</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>103,949</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>140,655</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>126,096</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>42,529</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>34,153</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>45,521</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>107,274</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>104,281</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>15</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>4</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>11</div>
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        <div style="text-align: justify; font-weight: bold;">OTHER FINANCIAL DATA</div>
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              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                <div style="text-align: center; font-weight: bold;"> 2014</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2015</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2016</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <tr>
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                <div style="text-align: justify; font-weight: bold;">FLEET DATA</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Total number of vessels at end of period (including leased vessels)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>6.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>7.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>8.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Average number of vessels<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>0.5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6.8</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>7.3</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Total calendar days for fleet<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>810</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,812</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,496</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,670</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Total available days for fleet<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>805</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,812</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,495</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,668</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Total operating days for fleet<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>796</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,799</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,491</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Total time charter days for fleet</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>796</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,799</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,491</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Fleet utilization<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>100.00</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>%</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>98.91</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>%</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>99.28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>%</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>99.81</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>%</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>99.81</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>%</div>
              </td>
            </tr>

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

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3">
                <div style="text-align: center; font-weight: bold;"> 2014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3">
                <div style="text-align: center; font-weight: bold;">2015</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3">
                <div style="text-align: center; font-weight: bold;">2016</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3">
                <div style="text-align: center; font-weight: bold;">2017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3">
                <div style="text-align: center; font-weight: bold;">2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: justify; font-weight: bold;">AVERAGE DAILY RESULTS</div>
              </td>
              <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">Time charter equivalent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>17,892</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>15,961</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>15,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>15,403</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>15,031</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;">Vessel operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>5,862</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>5,914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>5,470</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>5,386</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div>5,552</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;">General and administrative expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>11,974</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>3,684</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>1,604</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>2,323</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div>2,620</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

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

            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                <div style="text-align: justify; font-style: italic;">U.S. dollars in thousands</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2019</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
                <div style="text-align: center; font-weight: bold;">2014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
                <div style="text-align: center; font-weight: bold;">2015</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
                <div style="text-align: center; font-weight: bold;">2016</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
                <div style="text-align: center; font-weight: bold;">2017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
                <div style="text-align: center; font-weight: bold;">2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,448</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>15,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>16,186</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>16,405</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>10,910</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Average number of vessels is the number of vessels that constituted our fleet (including chartered in vessels) for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the
                      period divided by the number of calendar days in that period.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Calendar days are the total days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet over the relevant period and affect both the amount of revenues and expenses that
                      we record during that period.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(3)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Available days are the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or scheduled guarantee inspections in the case of newbuildings, vessel upgrades or special or
                      intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be
                      capable of generating revenues.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(4)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the
                      aggregate number of days in a period that our vessels actually generate revenue.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(5)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Fleet utilization is calculated by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company&#8217;s efficiency in finding
                      suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of newbuildings, vessel upgrades, special or
                      intermediate surveys and vessel positioning.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">12</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(6)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Time charter equivalent rate, or TCE rate, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing TCE revenues by operating days for the
                      relevant time period. TCE revenues are revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time
                      charter contract, as well as commissions. TCE revenues and TCE rate, which are non-U.S. GAAP measures, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure.
                      We use TCE rates and TCE revenues to compare period-to-period changes in our performance and it assists investors and our management in evaluating our financial performance. The following table below reflects the reconciliation of TCE
                      revenues to revenues as reflected in the consolidated statements of operations and our calculation of TCE rates for the periods presented.</div>
                  </td>
                </tr>

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

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: justify;">(Amounts in <font style="font-style: italic;">U.S. dollars in thousands, except average daily time charter equivalent and total operating days)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2014</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2015</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2016</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2017</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: justify; font-style: italic; font-weight: bold;">On a consolidated basis</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Revenues*</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,602</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>13,075</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>28,433</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>39,363</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>41,048</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Less:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Voyage expenses</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(113</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>))</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(370</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(736</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(999</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(1,020</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                <div>&#160;Time charter equivalent revenues</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,489</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>12,705</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>27,697</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>38,364</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>40,028</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Total operating days</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>796</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,799</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,491</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="text-align: justify; font-weight: bold;">Average Daily Time Charter Equivalent (TCE)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">17,892</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">15,961</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">15,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">15,403</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">15,031</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify;">*Represents the aggregate of Time Charter Revenues from third parties and Time Charter Revenues from related parties</div>
          <div><br>
          </div>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(7)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs are calculated by dividing vessel operating expenses by fleet calendar days for the
                      relevant time period.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(8)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Daily general and administrative expenses are calculated by dividing general and administrative expenses by fleet calendar days for the relevant time period.</div>
                  </td>
                </tr>

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

                <tr>
                  <td style="width: 27pt; vertical-align: top; align: right;">(9)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization (Adjusted EBITDA), is not a measure prepared in accordance with U.S. GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation and
                      amortization, vessel bareboat charter hire expenses (including amortization of prepaid hire), vessel impairments, gains on sale of vessels, gains on disposal of subsidiaries and gains/losses on derivative financial instruments.
                      Adjusted EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We
                      believe that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between
                      periods of interest, gain/loss on financial instruments, depreciation and amortization, vessel bareboat charter hire expenses (including amortization of prepaid hire),&#160;vessel impairments and which items are affected by various and
                      possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods. This non-U.S. GAAP measure should not be considered in isolation from, as
                      a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP.&#160; In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the
                      adjustments in this presentation. Our definition of Adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries. Adjusted EBITDA does not represent and should not be considered as an
                      alternative to operating income or cash flow from operations, as determined in accordance with U.S. GAAP.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="6">
                <div style="text-align: center; font-weight: bold;">Six Months Ended</div>
                <div>
                  <div style="text-align: center; font-weight: bold;">June 30,</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="18">
                <div>
                  <div style="text-align: center; font-weight: bold;">Year Ended December 31,</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: justify; font-style: italic;">(Amounts in U.S. dollars in thousands)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2019</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2014</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2015</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2016</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2017</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div>
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify; font-weight: bold;">Net (loss)/income</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">(6,619</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-weight: bold;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-weight: bold;">(628</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-weight: bold;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">2,896</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">(8,507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">1,052</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">(13,372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">(11,129</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Add: Operating lease expenses</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,944</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Add: Bareboat charter hire expenses</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,115</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5,274</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,299</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,282</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,282</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Add: Amortization of prepaid bareboat charter hire</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>828</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,431</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,577</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,657</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,657</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Add: Vessel depreciation</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,002</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5,305</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>757</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>668</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,467</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>5,744</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,389</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Add: Impairment on vessel</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,081</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Add: Interest and finance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,350</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>7,909</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>719</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,093</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>15,793</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>9,662</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="text-align: justify;">Add: (Gain)/Loss on derivative financial instruments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(1,487</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(3,866</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>392</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>698</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>301</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>(1,821</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify;">Less: Interest income</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(98</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(29</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(74</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>(130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #FFFFFF;">
                <div style="text-align: justify; font-weight: bold;">Adjusted EBITDA</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">3,448</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">15,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-weight: bold;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-weight: bold;">163</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">3,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">16,186</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">16,405</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-weight: bold;">10,910</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">14</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic;"><font style="font-weight: bold;">Investing in our securities is highly speculative and involves a high degree of risk. </font>Before making an investment in our securities, you
      should carefully consider the risks described below, as well as the other information included in this prospectus before deciding to invest in our common shares.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>RISKS RELATED TO OUR INDUSTRY</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The international tanker industry has historically been both cyclical and volatile and this may lead to reductions and
        volatility in our charter rates, our vessel values, our revenues, earnings and cash flow results.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The international tanker industry in which we operate is cyclical, with attendant volatility in charter hire rates, vessel values and industry profitability.
        For tanker vessels, the degree of charter rate volatility has varied widely. Please see &#8220;&#8212;</font>The international oil tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that these charter rates
      and vessel values will not decrease in the near future.&#8221;&#160; <font style="background-color: #FFFFFF;">Currently, all of our vessels are employed on time charters. However, changes in spot rates and time charter rates can affect the revenues we will
        receive from operations</font>&#160;<font style="background-color: #FFFFFF;">in the event our charterers default or seek to renegotiate the charter hire, and can affect the value of our vessels, even if they are employed under long-term time charters.
        Our ability to re-charter our vessels on the expiration or termination of their time or bareboat charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the
        tanker markets and several other factors outside of our control.</font>&#160;<font style="background-color: #FFFFFF;">If we enter into a charter when charter rates are low, our revenues and earnings will be adversely affected. A decline in charter hire
        rates will also likely cause the value of our vessels to decline.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Fluctuations in charter rates and vessel values result from changes in the supply and demand for vessels and changes in the supply and demand for oil, chemicals and other liquids our vessels carry.
      Factors affecting the supply and demand for our vessels are outside of our control and are unpredictable. The nature, timing, direction and degree of changes in the tanker industry conditions are also unpredictable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z37d83ecff4cd4159a62f94ec0045e1da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Factors that influence demand for tanker vessel capacity include:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zac2da01c217f49168063dfd8b68c58d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply and demand for petroleum products and chemicals carried;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z629468f93f7546c9999af5ac42decbc8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in oil production and refining capacity resulting in shifts in trade flows for oil products;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9fbc16d1e93147158c0f0cf725cb12b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the distance petroleum products and chemicals are to be moved by sea;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z50b4d9aa7db94cef975d1286ea046277" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>global and regional economic and political conditions, including developments in international trade, national oil reserves policies, fluctuations in industrial and agricultural production, armed conflicts and work stoppages;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z198805749fde4ecc9018eead2f0d3c3b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increases in the production of oil in areas linked by pipelines to consuming areas, the extension of existing, or the development of new pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to oil
                  pipelines in those markets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf62c2d5d3ac74f52b43a879fb057ab5c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>environmental and other legal and regulatory developments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5202d2390a7846488378c4af6f7da1f7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>currency exchange rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc20e6fda1a8a4db48f5f796b6664c1f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>weather, natural disasters and other acts of God;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9fa12964b61541a1803ed59f5024f4ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>competition from alternative sources of energy, other shipping companies and other modes of transportation; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z614ac58b1ca64cefbe0951a7c1a94cf9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1fe9c9793cac4bd88a22e07c3456b89f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The factors that influence the supply of tanker capacity include:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3da35a6859d24325a15e5cb818a9b5c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the number of newbuilding deliveries;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7afe1d1e24c14970a91e8146d694b7ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>current and expected newbuilding orders for vessels;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z70cdcfd5cd454a08a47aacc5974c676e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the scrapping rate of older vessels;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z624082e2e64d499a8ff98167a8911c4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>vessel freight rates, which are affected by factors that may affect the rate of newbuilding, swapping and laying up of vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbcb1ca9569cc45d9ac40d399b9f13923" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the price of steel and vessel equipment;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z69ba082b2a7f48e6b63292303abbc0cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>technological advances in the design and capacity of vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za1aa1dd6c9f04732b3e02f78586aa73b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>potential conversion of vessels for alternative use;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z71901d8edf46493cb6fe6472b92a8bdc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>changes in environmental and other regulations that may limit the useful lives of vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbb4557af61974717a068619ea8a351cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>port or canal congestion;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9204d3d61f7d4a25afd726b2f64d8d72" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the number of vessels that are out of service at a given time; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zde132bbe80d644a7ae533707caac56e1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>changes in global petroleum and chemical production.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.
        Market conditions were volatile in 2018 and continued volatility may reduce demand for transportation of oil, petroleum products and chemicals over longer distances and increase the supply of tankers, which may have a material adverse effect on our
        business, financial condition, results of operations, cash flows, ability to pay dividends and existing contractual obligations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The international oil tanker industry has experienced volatile charter rates and vessel values and there can be no
          assurance that these charter rates and vessel values will not decrease in the near future.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The Baltic Dirty Tanker Index, or the BDTI, a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into account input from
          brokers around the world regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. For example, in 2018, the BDTI reached a high of 1,266 and a low of 628. The Baltic Clean Tanker Index, or BCTI, a comparable
          index to the BDTI, has similarly been volatile. In 2018, the BCTI reached a high of 919 and a low of 476. Although the BDTI and BCTI were 651 </font><font style="background-color: #FFFFFF;">and 470, respectively, as of September 3, 2019, there
          can be no assurance that the crude oil and petroleum products charter market will increase, and the market could again decline. This volatility in charter rates depends, among other factors, on (i) the demand for crude oil and petroleum products,
          (ii) the inventories of crude oil and petroleum products in the United States and in other industrialized nations, (iii) oil refining volumes, (iv) oil prices, and (v) any restrictions on crude oil production imposed by the Organization of the
          Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If the charter rates in the oil tanker market decline from their current levels, our future earnings may be adversely affected, we may have to record impairment adjustments to the carrying values
        of our fleet and we may not be able to comply with the financial covenants in our loan agreements.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Volatile economic conditions throughout the world could have an adverse impact on our operations and financial
          results.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Among other factors, we face risks attendant to changes in economic environments, changes in interest rates, and instability in the banking and securities markets around the world.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The world economy continues to face a number of challenges</font>. Concerns persist regarding the debt burden of certain European countries and their
        ability to meet future financial obligations and the overall stability of the euro. A renewed period of adverse development in the outlook for the financial stability of European countries, or market perceptions concerning these and related issues,
        could reduce the overall demand for oil and chemicals, and thus for shipping and our services, and thereby could affect our financial position, results of operations and cash available for distribution. In addition, turmoil and hostilities in the
        Middle East and other geographic areas and countries may negatively impact the world economy.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A general deterioration in the global economy may also cause a decrease in worldwide demand for certain goods and, thus, shipping. In the past, economic and governmental factors, together with
        concurrent declines in charter rates and vessel values, have had a material adverse effect on our results of operations, financial condition and cash flows, causing the price of our common shares to decline.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Further, the economic slowdown in China has and may continue to exacerbate the effect on us of any slowdown in the rest of the world. Specifically, China currently has one of the world&#8217;s fastest
        growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. The growth rate of China&#8217;s GDP for the year ended December 31, 2018 was 6.6%. China and other countries in the Asia Pacific region may
        continue to experience slow or even negative economic growth in the future. Our financial condition and results of operations, as well as our future prospects, would likely be impeded by a continuing or worsening economic downturn in any of these
        countries.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">European countries have likewise experienced relatively slow growth. Over the past several years, the credit markets in Europe have experienced significant
          contraction, deleveraging and reduced liquidity, and European authorities continue to implement a broad variety of governmental action and/or new regulation of the financial markets. </font>Worldwide economic conditions have in the past
        impacted, and could in the future impact, lenders&#8217; willingness to provide credit to us and our customers. In addition, a portion of the credit under our credit facilities is provided by European banking institutions. If economic conditions in
        Europe preclude or limit financing from these banking institutions, we may not be able to obtain financing from other institutions on terms that are acceptable to us, or at all, even if conditions outside Europe remain favorable for lending.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The current state of the global financial markets and current economic conditions may adversely impact our ability to
          obtain financing on acceptable terms and may otherwise negatively impact our business.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Global financial markets and economic conditions have been volatile. This volatility has negatively affected the general willingness of banks and other financial institutions to extend credit,
        particularly to the shipping industry, due to the historically volatile values of vessels. The shipping industry, which is highly dependent on the availability of credit to finance and expand operations, has been negatively affected by this
        decline.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As a result of concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets has increased as many
        lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt on terms similar to current debt and reduced, and in some cases ceased, to provide funding to borrowers. Due to these factors, we cannot be
        certain that financing will be available if needed and to the extent required, on acceptable terms. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or
        we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Uncertainty regarding the London Interbank Offered Rate (&#8220;LIBOR&#8221;) may adversely impact our indebtedness under our
          credit and loan facilities, which would have a material adverse effect on our business, financial condition and results of operations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">&#160;</font>In July 2017, the U.K. Financial Conduct Authority announced that it would phase out LIBOR as a benchmark by the end of 2021. It is
        unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021. Proposed alternative reference interest rates so far are based on overnight tenors only, while the most frequently used LIBOR rates are
        for one, three and six month tenors. Most of our credit and loan facilities are linked to LIBOR. When LIBOR ceases to exist, we may need to amend our credit and loan facilities based on a new standard that is established, if any. The basis of
        calculation of such standard is not yet agreed upon amongst market participants and as a result the cost of our borrowings may increase. In addition, any resulting differences in interest rate standards among our assets and our financing
        arrangements may result in interest rate mismatches between our assets and the borrowings used to fund such assets. There is no guarantee that a transition from LIBOR to an alternative reference interest rate will not result in financial market
        disruptions or significant increases in benchmark rates, or borrowing costs to borrowers, any of which could have an adverse effect on our business, financial condition and results of operations.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We are subject to complex laws and regulations, including environmental regulations that can adversely affect the
          cost, manner or feasibility of doing business.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force
        in the jurisdictions in which our vessels will operate or are registered, which can significantly affect the operation of our vessels. These regulations include, but are not limited to the International Convention for the Prevention of Pollution
        from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including the designation of Emission Control Areas, or ECAs, thereunder, the International Convention on Load Lines of 1966, the International Convention on
        Civil Liability for Oil Pollution Damage of 1969, generally referred to as CLC, the International Convention on Civil Liability for Bunker Oil Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of
        1974, or SOLAS, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, the International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments, or the BWM
        Convention, the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Water Act, the U.S. Clean Air Act, the U.S. Outer Continental Shelf Lands Act, the U.S.
        Maritime Transportation Security Act of 2002, or the MTSA, and European Union regulations. Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect
        the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, maintenance and
        inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of
        operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability
          without regard to whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly liable for the discharge of oil within the 200-mile exclusive economic zone around the
          United States. Events such as the 2010 explosion of the </font><font style="background-color: #FFFFFF; font-style: italic;">Deepwater Horizon</font><font style="background-color: #FFFFFF;"> and the subsequent release of oil into the Gulf of
          Mexico, or other events, may result in further regulation of the shipping industry, and modifications to statutory liability schemes, which could have a material adverse effect on our business, financial condition, results of operations and cash
          flows. An oil spill could result in significant liability, including fines, penalties and criminal liability and remediation costs for natural resource damages under other federal, state and local laws, as well as third-party damages. We are
          required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. Although insurance covers certain environmental risks, there can be no assurance that such
          insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends, if any, in the future.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We are subject to international safety regulations and requirements imposed by classification societies and the
          failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The operation of our vessels is affected by the requirements set forth in the United Nations&#8217; International Maritime Organization&#8217;s International Management Code for the Safe Operation of Ships and
        Pollution Prevention, or ISM Code. The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive &#8220;Safety Management System&#8221; that includes the adoption of a safety and environmental protection policy
        setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. We expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us. The failure of a
        shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or
        detention in, certain ports, including United States and European Union ports.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In addition, the hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel
        is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the International Convention for Safety of Life at Sea. If a vessel does not maintain its class and/or fails any annual
        survey, intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable, which will negatively impact our revenues and results from operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Due to concern over the risk of climate change, a number of countries and the IMO have adopted regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among
        others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards, and incentives or mandates for renewable energy. In addition, although the emissions of greenhouse gases from international shipping currently are not subject
        to the Kyoto Protocol to the United Nations Framework Convention on Climate Change or the Paris Agreement, a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and
        obligations relating to climate change could increase our costs related to operating and maintaining our vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions, or administer
        and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our
        services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. Any long-term
        material adverse effect on the oil and gas industry could have a significant adverse financial and operational impact on our business that we cannot predict with certainty at this time.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Regulations relating to ballast water discharge coming into effect during September 2019 may adversely affect our
          revenues and profitability.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast water.&#160; Depending on
        the date of the International Oil Pollution Prevention (&#8220;IOPP&#8221;) renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after September 8, 2019.&#160; For most vessels, compliance with the
        D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ships constructed on or after September 8, 2017 are to comply with the D-2 standards.&#160; Currently all our vessels comply with the updated
        guideline.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Furthermore, United States regulations are currently changing.&#160; Although the 2013 Vessel General Permit (&#8220;VGP&#8221;) program and&#160;U.S. National Invasive Species Act (&#8220;NISA&#8221;) are currently in effect to
        regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018, requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations
        regarding ballast water within two years. &#160;The new regulations could require the installation of new equipment, which may cause us to incur substantial costs.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our vessels may suffer damage due to the inherent operational risks of the tanker industry and we may experience
          unexpected dry-docking costs, which may adversely affect our business and financial condition.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The operation of an ocean-going vessel carries inherent risks. Our vessels and their cargoes are at risk of being damaged or lost because of events such as marine disasters, bad weather and other
        acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy and other circumstances or events. These hazards may result in death or injury to persons, loss of
        revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships or delay or re-routing, which may also subject us to litigation. In addition, the operation of tankers has unique
        operational risks associated with the transportation of oil or chemicals. An oil or chemical spill may cause significant environmental damage, and the costs associated with a catastrophic spill could exceed the insurance coverage available to us.
        Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the oil and chemicals transported
        in such tankers.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If our vessels suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable and may be substantial. We may have to pay dry-docking costs
        that our insurance does not cover in full. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space at dry-docking facilities is
        sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space at a suitable dry-docking facility or our vessels may be forced to travel to a dry-docking facility that is not conveniently located to
        our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to steam to more distant dry-docking facilities would decrease our earnings.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In the case of bareboat chartered-out vessels, dry-docking risks, expenses and loss of hire or freight revenue affect the bareboat charterer and not the shipowner, for the duration of the bareboat
        charter. In the case of our bareboat chartered-in vessels, dry-docking risks, expenses and loss of hire or freight revenue affect us. Currently we do not employ any of our vessels on bareboat charters.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The market value of our vessels, and those we may acquire in the future, may fluctuate significantly, which could
          cause us to incur losses if we decide to sell them following a decline in their market values or we may be required to write down their carrying value, which will adversely affect our earnings.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze49c5cc3fc63403fb9ee4797735231a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The fair market value of our vessels may increase and decrease depending on the following factors:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za93db69f1b3a407faf761aecfe9f2015" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>general economic and market conditions affecting the shipping industry;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2fbe40f49c8d43839ff336cfb40cec4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>prevailing level of charter rates;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7ae8d583684c45bdabab44a33d858d03" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>competition from other shipping companies;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb05f62ef167c4a39a2a2d8c725a12ffd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>types, sizes and ages of vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z69efc3c41a004aae966603200ce606a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the availability of other modes of transportation;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4aac8dbd06034778ad04ba908696db6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>supply and demand for vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5cf93ef029894c7596499516a2aaa0b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf96740e34f5745bdba8b4f0f3d8a3210" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>cost of newbuildings;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze649d14e7a7e4b329c9c6e1af8c41960" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>price of steel;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb602a91f6dd34da4880d5d4244503116" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>governmental or other regulations; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4ab67f387a19401b9b44bbd41b961f16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>technological advances.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If we sell any vessel at a time when vessel prices have fallen, the sale price may be less than the vessel&#8217;s carrying amount in our financial statements, in which case we will realize a loss.
        Vessel prices can fluctuate significantly, and in the case where the market value falls below the carrying amount, we will evaluate the vessel for a potential impairment adjustment.&#160; If the estimate of undiscounted cash flows, excluding interest
        charges, expected to be generated by the use of the vessel is less than its carrying amount, we may be required to write down the carrying amount of the vessel to its fair value in our financial statements and incur a loss and a reduction in
        earnings. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting Policies&#8212;Impairment of Vessels.&#8221; in our Annual Report on Form 20-F for the year ended December 31, 2018, which is incorporated by reference
        herein.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">An over-supply of tanker capacity may lead to reductions in charter hire rates and profitability.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The market supply of tankers is affected by a number of factors such as demand for energy resources, crude oil, petroleum products and chemicals, as well as
          strong overall economic growth of the world economy. </font>If the capacity of new<font style="background-color: #FFFFFF;">&#160;</font>tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel<font style="background-color: #FFFFFF;">&#160;</font>capacity will increase, which could lead to reductions in charter rates. <font style="background-color: #FFFFFF;">As of the date of this prospectus, newbuilding orders have been placed for an aggregate
          of approximately </font>9<font style="background-color: #FFFFFF;">% of the existing global tanker fleet with the bulk of deliveries expected during 2020.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">An over-supply of oil tankers has already resulted in an increase in oil tanker charter hire rate volatility. If this volatility persists, we may not be able to find profitable charters for our
        vessels, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our vessels may call on ports located in countries that are subject to restrictions imposed by the U.S. or other
          governments, which could adversely affect our business, reputation and the market for our common shares.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">While none of our vessels called on ports located in countries subject to U.S. sanctions during 2018 and up to the date of this prospectus, and we intend to comply with all applicable sanctions and
        embargo laws and regulations, our vessels may call on ports in these countries from time to time on charterers&#8217; instructions in the future, and there can be no assurance that we will maintain such compliance, particularly as the scope of certain
        laws may be unclear and may be subject to changing interpretations.&#160;The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such
        sanctions and embargo laws and regulations may be amended or strengthened over time.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the Trump administration, the European
        Union, and/or other international bodies as a result of the annexation of Crimea by Russia in March 2014. If we determine that such sanctions require us to terminate existing or future contracts to which we or our subsidiaries are party or if we
        are found to be in violation of such applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm. Currently, we do not believe that any of our existing counterparties are affiliated with persons or
        entities that are subject to such sanctions.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance that we will be
        in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to
        access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or
        restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our common shares may adversely affect the price at which our common shares trade. Moreover, our charterers may violate
        applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities
        may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries,
        or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. Investor perception of the value of our common shares may be
        adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">World events could adversely affect our results of operations and financial condition.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The continuing conflicts in the Middle East and elsewhere, and the presence of the United States and other armed forces in Afghanistan and Syria, may lead to additional acts of terrorism and armed
        conflict around the world, which may contribute to further economic instability in the global financial markets. These uncertainties could also adversely affect our ability to obtain additional financing or, if we are able to obtain financing, to
        do so on terms unfavorable to us. In the past, political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping. Acts of terrorism and piracy have also affected vessels trading in
        regions such as the South China Sea and the Gulf of Aden off the coast of Somalia. Any of these occurrences could have a material adverse impact on our business, financial condition and results of operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Acts of piracy on ocean-going vessels could adversely affect our business.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Arabian Sea, the Red Sea, the
          Gulf of Aden off the coast of Somalia, the Indian Ocean and the Gulf of Guinea. Sea piracy incidents continue to occur. Acts of piracy could result in harm or danger to the crews that man our vessels.&#160; If insurers or the Joint War Committee
          characterize the regions in which our vessels are deployed as &#8220;war risk&#8221; zones or &#8220;war and strikes&#8221; listed areas,&#8221; respectively, premiums payable for insurance coverage could increase significantly and such coverage may be more difficult to
          obtain if available at all. In addition, crew costs, including costs that may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these
          incidents, least of all for bearing the cost of the applicable deductible(s) or unforeseen charges/costs, which could have a material adverse effect on us. In addition, hijacking as a result of an act of piracy against our vessels, or an increase
          in cost or unavailability of insurance for our vessels, </font>could have a material<font style="background-color: #FFFFFF;">&#160;</font>adverse impact on our business, results of operations, cash flows, financial condition and ability to pay
        dividends and may<font style="background-color: #FFFFFF;">&#160;</font>result in loss of revenues, increased costs and decreased cash flows to our customers, which could impair their ability to<font style="background-color: #FFFFFF;">&#160;</font>make
        payments to us under our charters.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Changes in the economic and political environment in China and policies adopted by the Chinese government to regulate
          its economy may have a material adverse effect on our business, financial condition and results of operations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Chinese economy differs from the economies of most countries belonging to the Organization for Economic Cooperation and Development, or OECD, in respects such as structure, government
        involvement, level of development, growth rate, capital reinvestment, allocation of resources, rate of inflation and balance of payments position. Prior to 1978, the Chinese economy was a planned economy. Since 1978, increasing emphasis has been
        placed on the utilization of market forces in the development of the Chinese economy. Annual and five-year plans, or State Plans, are adopted by the Chinese government in connection with the development of the economy. Although state-owned
        enterprises still account for a substantial portion of the Chinese industrial output, in general, the Chinese government is reducing the level of direct control that it exercises over the economy through State Plans and other measures. There is an
        increasing level of freedom and autonomy in areas such as allocation of resources, production, pricing and management and a gradual shift in emphasis to a &#8220;market economy&#8221; and enterprise reform. Limited price reforms were undertaken, with the
        result that prices for certain commodities are principally determined by market forces. Many of the reforms are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments. If the
        Chinese government does not continue to pursue a policy of economic reform, the level of imports to and exports from China could be adversely affected and could adversely affect our business, operating results and financial condition.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">International shipping is subject to various security and customs inspection and related procedures in countries of origin and destination. Inspection procedures can result in the seizure of, delay
        in the loading, off-loading or delivery of, the contents of our vessels or the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal
        obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such
        changes or developments may have a material adverse effect on our business, financial condition, and results of operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We rely on our information systems to conduct our business, and failure to protect these systems against security
          breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The efficient operation of our business is dependent on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. We
        rely on industry-accepted security measures and technology to securely maintain confidential and proprietary information kept on our information systems. However, these measures and technology may not adequately prevent cybersecurity breaches, the
        access, capture or alteration of information by criminals, the exposure or exploitation of potential security vulnerabilities, the installation of malware or ransomware, acts of vandalism, computer viruses, misplaced data or data loss. In addition,
        the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and
        results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business, results of operations and financial condition, as well as our cash flows,
        including cash available for dividends to our stockholders.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>RISKS RELATED TO OUR COMPANY</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We were subject to litigation and we may be subject to similar or other litigation in the future.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We and certain of our current executive officers were defendants in purported class-action lawsuits pending in the U.S. District Court for the Eastern District of New York, brought on behalf of our
        shareholders.&#160;The lawsuits alleged violations of Sections 9, 10(b), 20(a) and/or 20A of the Securities Exchange Act of 1934, as amended, or the Exchange Act and Rule 10b-5 promulgated hereunder. In connection with these lawsuits, certain
        co-defendants requested that the Company indemnify and hold them harmless against all losses, including reasonable costs of defense, arising from the litigation, pursuant to the provisions of the Common Stock Purchase Agreement between the Company
        and Kalani.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On August 3, 2019 the Eastern District Court of New York dismissed the case with prejudice. On&#160; August 26, 2019, plaintiffs appealed the dismissal to the United States Court of Appeals. We believe
        these claims to be without merit and intend to continue to defend these lawsuits vigorously. Furthermore, we may, from time to time, be a party to other litigation in the normal course of business. Monitoring and defending against legal actions,
        whether or not meritorious, is time-consuming for our management and detracts from our ability to fully focus our internal resources on our business activities. In addition, our legal fees and costs incurred in connection with such activities and
        any legal fees of co-defendants for which we are deemed responsible may be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages. A decision adverse to our interests
        could result in the payment of substantial damages and could have a material adverse effect on our cash flow, results of operations and financial position.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">With respect to any litigation, our insurance may not reimburse us or may not be sufficient to reimburse us for the expenses or losses we may suffer in contesting and concluding such lawsuit.
        Furthermore, our insurance does not cover legal fees associated with co-defendants. Substantial litigation costs, including the substantial self-insured retention that we are required to satisfy before any insurance applied to the claim, or an
        adverse result in any litigation may adversely impact our business, operating results or financial condition.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">We are co-operating in an investigation by the United States Securities and Exchange Commission, the results of which may have a material adverse effect on
        our financial condition and business</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On August 1, 2017, we received a subpoena from the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) requesting certain documents and information in connection with offerings made by us between
        February 2017 and August 2017. We provided the requested information to the SEC in response to that subpoena. On September 26, 2018 and on October 5, 2018 we received two additional subpoenas from the SEC requesting certain documents and
        information in connection with the previous subpoena we received on August 1, 2017. We provided the requested information to the SEC in response to these subpoenas. The SEC investigation is ongoing and we continue to cooperate with the SEC in its
        investigation. We are unable to predict what action, if any, might be taken by the SEC or its staff as a result of this investigation or what impact, if any, the cost of responding to the SEC&#8217;s investigation or its ultimate outcome might have on
        our financial position, results of operations or liquidity, or the price of our common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our operating, joint venture and chartered-in fleet consists of fourteen MR product tankers. Any limitation in the
          availability or operation of these vessels could have a material adverse effect on our business, results of operations and financial condition.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">As of the date of this prospectus, our operating fleet </font>consists of two chartered-in 50,000 dwt product/chemical tankers vessels, the M/T Stenaweco
        Energy and the M/T Stenaweco Evolution, two 39,000 dwt product/chemical tankers vessels, the M/T Eco Fleet and the M/T Eco Revolution, six 50,000 dwt product/chemical tankers, the M/T Stenaweco Excellence, M/T Nord Valiant, <font style="background-color: #FFFFFF;">M/T Stenaweco Elegance, M/T Eco Palm Desert, M/T Eco California and M/T Eco Marina Del Ray and two 157,000 dwt Suezmax tanker vessels M/T Eco Bel Air and M/T Eco Beverly Hills. Furthermore we have a 50% interest
          in two 50</font>,000 dwt product/chemical tanker vessels,<font style="background-color: #FFFFFF;"> the M/T Eco Holmby Hills and the M/T Palm Springs.</font>&#160;<font style="background-color: #FFFFFF;">If these vessels are unable to generate revenue
          as a result of off hire time, early termination of the applicable time charter or otherwise, our business, results of operations, financial condition and ability to pay dividends on our common shares could be materially adversely affected.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such
          counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Currently all of our revenues are currently derived from six charterers, Stena Weco A/S, BP Shipping Limited, Clearlake Shipping Pte Ltd, Shell Tankers Singapore Private Limited, Cargill
        International SA and Dampskibsselskabet NORDEN A/S (&#8220;DS Norden A/S&#8221;). Such agreements subject us to counterparty risks. The ability of each of our counterparties to perform its obligations under a contract with us will depend on a number of factors
        that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition of the counterparty, charter rates received for specific types of vessels, and
        various expenses. The combination of a reduction of cash flow resulting from declines in world trade, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a
        significant reduction in the ability of charterers to make charter payments to us. In addition, in depressed market conditions, charterers and customers may no longer need a vessel that is then under charter or contract or may be able to obtain a
        comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations under those contracts. Should one of our counterparties fail to honor its
        obligations under agreements with us, we could sustain significant losses that could have a material adverse effect on our business, financial condition, results of operations and cash flows.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The bareboat charters in connection with our sale and leaseback agreements contain restrictive covenants that may
          limit our liquidity and corporate activities, and could have an adverse effect on our financial condition and results of operations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The bareboat charters in connection with the sale and leaseback agreements for the M/T Stenaweco Excellence, M/T Stenaweco Energy, M/T Stenaweco Evolution, M/T Nord Valiant, M/T Eco California, M/T
        Eco Marina Del Ray, M/T Eco Bel Air and M/T Eco Beverly Hills contain, and any future sale and leaseback agreements we may enter into are expected to contain, customary covenants and event of default clauses, including cross-default provisions and
        restrictive covenants and performance requirements that may affect our operational and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to incur additional indebtedness,
        create liens, sell assets, or engage in mergers or acquisitions. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. There can be
        no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our bareboat charters in connection with the sale and leaseback agreements require us to maintain specified financial ratios, satisfy financial covenants and contain cross-default clauses,
        including the following:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z20adff2a615e4d89a0514b04c3501cdb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>maintain a consolidated leverage ratio of not more than 75%; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za6a3b9786a2d4d26b508ac37b7022d8c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>maintain minimum free liquidity of $1.0 million per owned Suezmax tanker vessel, $0.75 million per owned MR tanker vessel and $0.5 million per bareboated chartered-in MR tanker vessel.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As of June 30, 2019, we are in compliance with the consolidated leverage ratio and the minimum free liquidity covenants in our sale and leaseback agreements.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As a result of the restrictions in our bareboat charters in connection with our sale and leaseback agreements, or similar restrictions in our future sale and leaseback agreements, we may need to
        seek permission from the owners of our leased vessels in order to engage in certain corporate actions. Their interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us from taking actions
        that we believe are in our best interest, which may adversely impact our revenues, results of operations and financial condition.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A failure by us to meet our payment and other obligations, including our financial covenant requirements, could lead to defaults under our bareboat charters in connection with our sale and
        leaseback agreement or any future sale and leaseback agreements. If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications, the current or future owners of our leased vessels, as appropriate,
        could retake possession of our vessels or require us to pay down our indebtedness to a level where we are in compliance with our covenants or sell vessels in our fleet. We could lose our vessels if we default on our bareboat charters in connection
        with the sale and leaseback agreements, which would negatively affect our revenues, results of operations and financial condition.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our strategic relationships subject us to risks that could adversely affect our business, financial condition and
          results of operations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We own 50% of City of Athens Inc., a Marshal Islands corporation that owns the M/T Eco Holmby Hills and another 50% of ECO Nine Inc., a Marshall Islands corporation that owns the M/T Eco Palm
        Springs, two 50,000 dwt product tankers. Fly Free Company and Maxima International Co. own the other 50% of City of Athens Inc. and ECO Nine Inc., respectively. Fly Free Company and Maxima International Co. are wholly-owned subsidiaries of Gunvor
        S.A., or Gunvor, a non-affiliated company with which we have entered into a joint venture agreement on July 7, 2017.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">These strategic relationships are subject to various risks that could adversely affect the value of our investments and our results of operations and financial condition. These risks include, but
        are not limited to, the following:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zef992b22927c4d689537bee6ab4c6ac3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>our interests could diverge from our partners&#8217; interests or we may not agree with our strategic partners on ongoing activities or on the amount, timing or nature of further investments in the relationship;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z88c203c5c95e4fcf814495d2768531c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>we do not&#160; control the operations of City of Athens Inc. and ECO Nine Inc. as we have joint control;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5af04588fdfd4c0f84e2a90e892007cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>due to financial constraints, our strategic partners may be unable to meet their commitments to us;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z01cc9dd52b0841619e73e799b3a4740f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>due to differing long-term business goals, our partners may decide not to join us in funding capital investment by our business ventures, which may result in higher levels of cash expenditures by us;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8d9d85fa21464a5a91f7e7a2bdcc460f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>we may experience difficulties or delays in collecting amounts due to us from our strategic partners;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1cc96da65e87406f81521db50a78f4cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the terms of our arrangements may turn out to be unfavorable; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z081cee247af142a58220867110525253" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>changes in tax, legal or regulatory requirements may necessitate changes in the agreements with our strategic partners.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Further, in spite of performing customary due diligence prior to entering into the aforementioned strategic relationships, we cannot guarantee full disclosure of prior acts or omissions of the
        sellers or those with whom we enter into strategic arrangements. If our strategic relationships are unsuccessful or there are unanticipated changes in, or termination of, our strategic relationships, our business, results of operations and
        financial condition may be adversely affected.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our credit facilities contain restrictive covenants that limit our business and financing activities.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The operating and financial restrictions and covenants in our ABN Senior Credit Facility, or the ABN Facility, Norddeutsche Landesbank Girozentrale Bank of
          Germany Facility, or the NORD/LB Facility, Amsterdam Trade Bank Facility, or the AT Bank Facility, Alpha Bank of Greece Facility, or the Alpha Bank Facility, and any new or amended credit facility we enter into in the future could adversely
          affect our ability to finance future operations or capital needs or to engage, expand or pursue our business activities.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For example, our ABN Facility, <font style="background-color: #FFFFFF;">NORD/LB Facility, AT Bank Facility, AT Bank Bridge Note and Alpha Bank Facility</font> require the consent of our lenders
        to, among other things:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze4b2313fe9b84a28a07c338b062d2e75" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>incur or guarantee indebtedness outside of our ordinary course of business;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb87b6bf73b7d45f18aea067e6137f231" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>provide guarantees other than for financing of new vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z33e3cd2389a54373a592e3e692496985" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>pay any dividends or distribute any of our capital or redeem any class of our shares;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze2b034e1db5a4b2c93fad4ee6dc7ba47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>charge, pledge or encumber our vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0afeaa87f1aa46249862b8d85fd28767" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>change the flag, class, management or ownership of our vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3fe06874e8124139b5f5174bdb11ddaf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>change the commercial and technical management of our vessels; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z472eea71cc8441dc895423c607c9eb0a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>sell or change the beneficial ownership or control of our vessels.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">Furthermore some of our facilities also contain restrictions in the use of proceeds of future issuances of capital, incurrence of unsecured debt and
          repayment/redemption and interest/dividend payments on related party debt/preferred shares. Finally, our credit facilities require us to satisfy certain financial and other covenants. In general, these financial covenants require us to maintain,
          among other things, </font>a minimum ratio of total net debt to the aggregate market value of our fleet, minimum free consolidated liquidity per collateralized vessel and to maintain a ratio of EBITDA (as defined in each credit facility) to net
        interest expense. In addition, our credit facilities require that we maintain a</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">minimum security coverage ratio, usually defined as the ratio of the market value of the collateralized vessels or vessel and net realizable value of additional acceptable security to our outstanding loans. A breach
        of any of these, or other, covenants in our credit facilities would prevent us from borrowing additional money under our credit facilities and could constitute an event of default under our credit facilities, which, unless cured within the grace
        period set forth under the credit facility, if applicable, or waived or modified by our lenders, may provide our lenders with the right to, among other things, require us to post additional collateral, enhance our equity and liquidity, increase our
        interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet and accelerate our indebtedness and foreclose their liens on our vessels and the other assets securing the credit
        facilities, which would impair our ability to continue to conduct our business.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our ability to comply with the covenants and restrictions contained in our current or future credit facilities may be affected by events beyond our control, including prevailing economic, financial
        and industry conditions, interest rate developments, changes in the funding costs of our banks and changes in vessel earnings and asset valuations. If market or other economic conditions deteriorate, our ability to comply with these covenants may
        be impaired. If we are in breach of any of the restrictions, covenants, ratios or tests in our current or future credit facilities, or if we trigger a cross-default contained in our current or future credit facilities, a significant portion of our
        obligations may become immediately due and payable. We may not have, or be able to obtain, sufficient funds to make these accelerated payments. In addition, obligations under our current and future credit facilities are and are expected to be
        secured by our vessels, and if we are unable to repay debt under our current or future credit facilities, the lenders could seek to foreclose on those assets.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Furthermore, if the estimated asset values of the vessels in our fleet decrease, such decreases may limit the amounts we can draw down under our future credit facilities to purchase additional
        vessels and our ability to expand our fleet. In addition, we may be obligated to prepay part of our outstanding debt in order to remain in compliance with the relevant covenants in our current or future credit facilities. If funds under our current
        or future credit facilities become unavailable as a result of a breach of our covenants or otherwise, we may not be able to perform our business strategy which could have a material adverse effect on our business, results of operations and
        financial condition and our ability to pay dividends.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We intend to continue to grow our fleet in the future. Our future growth will primarily depend on our ability to:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z00e265c2ac3b4486839e076f0d87917e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>generate excess cash flow for investment without jeopardizing our ability to cover current and foreseeable working capital needs (including debt service);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za8eb58157bdc474d8505d1b8928f8d2a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                  <div>raise equity and obtain required financing for our existing and new operations;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb205c64ddfdf487ea0c32e4ca459e237" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div>locate and acquire suitable vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z405bbc0b0d994ec6a6935c60b3ca382b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>identify and consummate acquisitions or joint ventures;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z443dc586d6244eb4a41ab9710badffd2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
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                  <div>integrate any acquired business successfully with our existing operations;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc9146dfd2a92424599fded2f686eaa9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z12a0e46d0c7141bfa89e27ac0081d22a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>enhance our customer base; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z961a0ca0aee248d788b93985c2d2bc15" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>manage expansion.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing relationships with
        customers and suppliers and integrating newly acquired operations into existing infrastructures. We may not be successful in executing our growth plans and we may incur significant additional expenses and losses in connection therewith.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">27</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our ability to obtain additional debt financing may be dependent on our ability to charter our vessels, the
          performance of our charters and the creditworthiness of our charterers.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our inability to re-charter our vessels and the actual or perceived credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain the additional capital
        resources that we will require to purchase additional vessels or may significantly increase our costs of obtaining such capital. Our inability to obtain financing, or receiving financing at a higher than anticipated cost, may materially affect our
        results of operation and our ability to implement our business strategy.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The industry for the operation of tanker vessels and the transportation of oil, petroleum products and chemicals is
          highly competitive and we may not be able to compete for charters with new entrants or established companies with greater resources.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We will employ our tankers and any additional vessels we may acquire in a highly competitive market that is capital intensive and highly fragmented. The operation of tanker vessels and the
        transportation of cargoes shipped in these vessels, as well as the shipping industry in general, is extremely competitive. Competition arises primarily from other vessel owners, including major oil companies as well as independent tanker shipping
        companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil, petroleum products and chemicals can be intense and depends on price, location, size, age, condition and the acceptability of the
        vessel and its operators to the charterers. Due in part to the highly fragmented market, competitors with greater resources could enter and operate larger fleets through consolidations or acquisitions that may be able to offer better prices and
        fleets than us.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">A limited number of financial institutions hold our cash.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A limited number of financial institutions, including institutions located in Greece, hold all of our cash. Our cash balances have been deposited from time to time with banks in Monaco, Germany,
        Holland, United Kingdom, Greece and Switzerland amongst others. Our cash balances are not covered by insurance in the event of default by these financial institutions. The occurrence of such a default could have a material adverse effect on our
        business, financial condition, results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Uncertainty related to the Greek sovereign debt crisis may adversely affect our operating results.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Uncertainty related to the Greek sovereign debt crisis may adversely affect our operating results. Greece experienced a macroeconomic downturn in recent years, including as a result of the
        sovereign debt crisis and the related austerity measures implemented by the Greek government. As a result, our operations in Greece may be subjected to new regulations or regulatory action that may require us to incur new or additional compliance
        or other administrative costs and may require that we or Central Shipping Inc, which we refer to as our Fleet Manager or CSI, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and
        Director, pay to the Greek government new taxes or other fees. We and our Fleet Manager also face the risk that strikes, work stoppages, civil unrest and violence within Greece may disrupt our and our Fleet Manager&#8217;s shore side operations located
        in Greece. The Greek government&#8217;s taxation authorities have increased their scrutinization of individuals and companies to secure tax law compliance. If economic and financial market conditions remain uncertain or deteriorate further, the Greek
        government may impose further changes to tax and other laws to which we and our Fleet Manager may be subject or change the ways they are enforced, which may adversely affect our business, operating results, and financial condition.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">28</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Evangelos Pistiolis,</font>&#160;<font style="font-weight: bold; font-style: italic;">our President, Chief Executive Officer and Director, exercises significant control
            over us.</font></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, Lax Trust, which is an irrevocable trust established for the benefit of certain family members of our President, Chief Executive Officer and Director, Mr.
        Evangelos Pistiolis, may be deemed to beneficially own, directly or indirectly, all of the 100,000 outstanding shares of our Series D Preferred Shares.&#160; Each Series D Preferred Share carries 1,000 votes.&#160; By its ownership of 100% of our Series D
        Preferred Shares, Lax Trust has control over our actions.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As of&#160;the date of this prospectus, the Lax Trust may be deemed to own all of the outstanding shares of Family Trading Inc., and Tankers Family Inc., which in aggregate own approximately 75.7% of
        our outstanding common shares, including 4,931,646 Common Shares issuable upon the conversion of 23,376 Series E Perpetual Convertible Preferred Shares held by Family Trading Inc. See also the section entitled &#8220;Security Ownership of Certain
        Beneficial Owners and Management&#8221; below.&#160; Due to the number of shares that the Lax Trust may be deemed to own, it has the power to exert considerable influence over our actions and to effectively control the outcome of matters on which our
        shareholders are entitled to vote, including the election of our directors and other significant corporate actions. The interests of the Lax Trust or the family of Mr. Pistiolis may be different from your interests.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We may be unable to attract and retain key management personnel and other employees in the international tanker
          shipping industry, which may negatively impact the effectiveness of our management and our results of operations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our success depends to a significant extent upon the abilities and efforts of our management team. All of our executive officers are employees of Central Mare Inc., or Central Mare, a related party
        affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director, and we have entered into agreements with Central Mare for the compensation of Mr. Evangelos J. Pistiolis; Alexandros Tsirikos, our Chief
        Financial Officer and Director; Vangelis G. Ikonomou our Chief Operating Officer and Konstantinos Patis, our Chief Technical Officer. The loss of any of these individuals could adversely affect our business prospects and financial condition.
        Difficulty in hiring and retaining personnel could adversely affect our results of operations. We do not maintain &#8220;key man&#8221; life insurance on any of our officers.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our
          business, results of operations, cash flows, financial condition and available cash.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Central Shipping Inc, which we refer to as our Fleet Manager, is responsible for recruiting, mainly through a crewing agent, the senior officers and all other crew members for
        our vessels and all other vessels we may acquire. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material
        adverse effect on our business, results of operations, cash flows, financial condition and available cash.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">If we expand our business, we will need to improve our operations and financial systems and staff; if we cannot
          improve these systems or recruit suitable employees, our performance may be adversely affected.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our current operating and financial systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve those systems may be ineffective. If we are
        unable to operate our financial and operations systems effectively or to recruit suitable employees as we expand our fleet, our performance may be adversely affected.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">29</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div>
        <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could
            affect our cash flow and financial condition.</font></div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">When we enter into a time charter or bareboat charter, rates under that charter are fixed throughout the term of the charter. If the spot charter rates in the tanker shipping industry become
        significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our then existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter.
        If our charterers fail to pay their obligations, we would have to attempt to re-charter our vessels at lower charter rates, and as a result we could sustain significant losses which could have a material adverse effect on our cash flow and
        financial condition, which would affect our ability to meet our current or future loans or current leaseback obligations. If our current or future lenders choose to accelerate our indebtedness and foreclose their liens, or if the owners of our
        leased vessels choose to repossess vessels in our fleet as a result of a default under the sale and leaseback agreements, our ability to continue to conduct our business would be impaired.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">An increase in operating costs could decrease earnings and available cash.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Vessel operating costs include the costs of crew, fuel (for spot chartered vessels), provisions, deck and engine stores, insurance and maintenance and repairs, which depend on a variety of factors,
        many of which are beyond our control. Some of these costs, primarily relating to insurance and enhanced security measures, have been increasing. If any vessels we have or will acquire suffer damage, they may need to be repaired at a dry-docking
        facility. The costs of dry-docking repairs are unpredictable and can be substantial. Increases in any of these expenses could decrease our earnings and available cash.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The aging of our fleet may result in increased operating costs in the future, which could adversely affect our
          earnings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In general, the cost of maintaining a vessel in good operating condition increases with the age of the vessel. As our fleet ages, operating and other costs will increase. In the case of bareboat
        charters, operating costs are borne by the bareboat charterer. Cargo insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, including environmental regulations, safety or
        other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to our vessels and may restrict the type of activities in which our vessels may engage. As our fleet ages, market
        conditions might not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Unless we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end
          of a vessel&#8217;s useful life, which would adversely affect our business, results of operations and financial condition.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Unless we maintain reserves or are able to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their remaining useful lives,
        which we estimate to be 25 years from the date of initial delivery from the shipyard. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels to customers. If we are unable to replace the vessels in our fleet
        upon the expiration of their useful lives, our business, results of operations and financial condition will be materially and adversely affected.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could
          adversely affect our earnings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We may expand our fleet through the acquisition of secondhand vessels. While we rigorously inspect previously owned or secondhand vessels prior to purchase, this does not normally provide us with
        the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems with
        such vessels prior to purchase. Any such hidden defects or problems, when detected, may be expensive to repair, and if not detected, may result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing
        previously owned vessels, we do not receive the benefit of warranties from the builders if the vessels we buy are older than one year. In general, the costs to maintain a vessel in good operating condition increase with the age and type of the
        vessel. In the case of chartered-in vessels, we run the same risks.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">30</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to our vessels and may
        restrict the type of activities in which the vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We may not have adequate insurance to compensate us if we lose any vessels that we acquire.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We carry insurance for all vessels we acquire against those types of risks commonly insured against by vessel owners and operators. These insurances include hull and machinery insurance, protection
        and indemnity insurance (which includes environmental damage and pollution insurance coverage), freight demurrage and defense and war risk insurance. Reasonable insurance rates can best be obtained when the size and the age/trading profile of the
        fleet is attractive. As a result, rates become less competitive as a fleet downsizes.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In the future, we may not be able to obtain adequate insurance coverage at reasonable rates for the vessels we acquire. The insurers may not pay particular claims. Our insurance policies also
        contain deductibles for which we will be responsible as well as limitations and exclusions that may increase our costs or lower our revenue.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and
          indemnity associations.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We may be subject to increased premium payments, or calls, in amounts based on our claim records and the claim records of our Fleet Manager as well as the claim records of other members of the
        protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related liability. In addition, our protection and indemnity associations may not have enough resources to cover claims made
        against them. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations and financial condition.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims
          against us.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our vessels may call in ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our
        vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims that could have an adverse effect on our
        business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Maritime claimants could arrest vessels we acquire, which could interrupt our cash flow.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In
        many jurisdictions, a maritime lienholder may enforce its lien by &#8220;arresting&#8221; or &#8220;attaching&#8221; a vessel through foreclosure proceedings. The arrest or attachment of one or more vessels we acquire could result in a significant loss of earnings for the
        related off-hired period. In addition, in jurisdictions where the &#8220;sister ship&#8221; theory of liability applies, a claimant may arrest the vessel which is subject to the claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned or
        controlled by the same owner. In countries with &#8220;sister ship&#8221; liability laws, claims might be asserted against us or any of our vessels for liabilities of other vessels that we own.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">31</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Governments could requisition vessels we acquire during a period of war or emergency, resulting in loss of earnings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A government could requisition vessels for title or hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition for hire occurs when a
        government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Government requisition of any vessels we acquire could negatively impact our
        revenues should we not receive adequate compensation.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">U.S. federal tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which could have adverse U.S. federal income tax consequences to U.S.
        shareholders.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A foreign corporation will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either (1) at least 75% of its gross income for any taxable year
        consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive income&#8221; includes
        dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. Income
        derived from the performance of services does not constitute &#8220;passive income&#8221; for this purpose. U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the
        distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In general, income derived from the bareboat charter of a vessel should be treated as &#8220;passive income&#8221; for purposes of determining whether a foreign corporation is a PFIC, and such vessel should be
        treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;&#160; On the other hand, income derived from the time charter of a vessel should not be treated as &#8220;passive income&#8221; for such purpose, but rather should be treated as
        services income; likewise, a time chartered vessel should generally not be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We believe that we were not a PFIC for our 2014 through 2018 taxable years and do not expect to be treated as a PFIC in subsequent taxable years. In this regard, we intend to treat the gross income
        we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute &#8216;&#8216;passive income,&#8217;&#8217; and the assets
        that we own and operate in connection with the production of that income do not constitute passive assets.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">There is, however, no direct legal authority under the PFIC rules addressing our proposed method of operation. Accordingly, no assurance can be given that the United States Internal Revenue
        Service, or IRS, or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year
        if there were to be changes in the nature and extent of our operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our U.S. shareholders may face adverse U.S. federal income tax consequences and certain information reporting obligations as a result of us being treated as a PFIC.&#160; Under the PFIC rules, unless
        those shareholders make an election available under the Code (which election could itself have adverse consequences for such shareholders, as discussed below under &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8221;), such shareholders would be
        liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of their common shares, as if the excess distribution or gain had been
        recognized ratably over the shareholder&#8217;s holding period of the common shares.&#160; See &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8221; for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders as a
        result of our status as a PFIC.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We may have to pay tax on U.S. source income, which would reduce our earnings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the U.S. Internal Revenue Code of 1986, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and our subsidiaries, that is
        attributable to transportation that begins or ends, but that does not begin and end, in the United States is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for deduction,
        unless that corporation qualifies for exemption from tax under Section 883 of the Code. Although we have qualified for this statutory exemption in previous taxable years and have taken this position for U.S. federal income tax return reporting
        purposes in such taxable year, there are factual circumstances beyond our control that could cause us to lose the benefit of the exemption and thereby become subject to U.S. federal income tax on our U.S. source shipping income. For example, we
        would fail to qualify for exemption under Section 883 of the Code for a particular tax year if shareholders, each of whom owned, actually or under applicable constructive ownership rules, a 5% or greater interest in the vote and value of our common
        shares, owned in the aggregate 50% or more of the vote and value of such stock, and &#8220;qualified shareholders&#8221; as defined by the Treasury regulation under Section 883 of the Code did not own, directly or under applicable constructive ownership rules,
        sufficient shares in our closely-held block of common shares to preclude the shares in that closely-held block that are not so owned from representing 50% or more of the value of our common shares for more than half of the number of days during the
        taxable year. Establishing such ownership by qualified shareholders will depend upon the status of certain of our direct or indirect shareholders as residents of qualifying jurisdictions and whether those shareholders own their shares through
        bearer share arrangements. In addition, such shareholders will also be required to comply with ownership certification procedures attesting that they are residents of qualifying jurisdictions, and each intermediary or other person in the chain of
        ownership between us and such shareholders must undertake similar compliance procedures. Due to the factual nature of the issues involved, we may not qualify for exemption under Section 883 of the Code for any future taxable year. We intend to take
        the position for U.S. federal income tax reporting purposes that we are not subject to U.S. federal income taxation for the 2018 taxable year because more than 50% of our stock was not owned by non-qualified shareholders that each held 5% or more
        of our stock.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We are a &#8220;foreign private issuer,&#8221; which could make our common shares less attractive to some investors or otherwise
          harm our stock price.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We are a &#8220;foreign private issuer,&#8221; as such term is defined in Rule 405 under the Securities Act. As a &#8220;foreign private issuer&#8221; the rules governing the information that we disclose differ from those
        governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, our
        officers and directors are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchase and sales of our securities. Our exemption from the rules of
        Section 16 of the Exchange Act regarding sales of common shares by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act. Moreover, we are exempt from the proxy rules,
        and proxy statements that we distribute will not be subject to review by the Commission. Accordingly there may be less publicly available information concerning us than there is for other U.S. public companies. These factors could make our common
        shares less attractive to some investors or otherwise harm our stock price.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>RISKS RELATED TO OUR COMMON SHARES</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our share price may continue to be highly volatile, which could lead to a loss of all or part of a shareholder&#8217;s
          investment.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares has fluctuated widely since our common shares began trading in July of 2004 on the Nasdaq Stock Market LLC, or Nasdaq. Over the last few years, the stock
        market has experienced price and volume fluctuations. This volatility has sometimes been unrelated to the operating performance of particular companies. During 2019, the price of our common shares experienced a high of $22.00 in January 2019 and a
        low of $5.81 in September 2019.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">33</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares is affected by a variety of factors, including:</div>
      <div style="margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>fluctuations in interest rates;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za0fc67e23608418dacfe5c4d7df43cb8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>fluctuations in the availability or the price of oil and chemicals;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z74c86c7bbc6349a0a8f3dfae91cab615" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>fluctuations in foreign currency exchange rates;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdcf226d4a4c04937925bfab5f7a61470" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>announcements by us or our competitors;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>changes in our relationships with customers or suppliers;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>actual or anticipated fluctuations in our semi-annual and annual results and those of other public companies in our industry;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7ed015269cbf43c9bcc68e8a477c3020" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>changes in United States or foreign tax laws;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5e56a25ee4804897b20c0ac863303a41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>actual or anticipated fluctuations in our operating results from period to period;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc53125f37c9d46dc81c981c7fbeef63a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>shortfalls in our operating results from levels forecast by securities analysts;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>market conditions in the shipping industry and the general state of the securities markets;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z21c33929996042958d4b474d30d95f13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>mergers and strategic alliances in the shipping industry;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcc255bda39884f60a4285e80cbf22a10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>changes in government regulation;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z26a89e9b899e4d608b750f0ca3f43572" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>a general or industry-specific decline in the demand for, and price of, our common shares resulting from capital market conditions independent of our operating performance;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z620c2a4ff3464bf6b41e5e31b67eba6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the loss of any of our key management personnel;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb1578d04633b492e8bfc93125dd20de5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>our failure to successfully implement our business plan; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1ca317c65a2a44b7967b3852e421eeb9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>issuance of shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">There is no guarantee of a continuing public market for you to resell our common shares.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our common shares currently trade on the Nasdaq Capital Market. We cannot assure you that an active and liquid public market for our common shares will continue and you may not be able to sell your
        common shares in the future at the price that you paid for them or at all. The price of our common shares may be volatile and may fluctuate due to factors such as:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3bf2d4c404c842ffa9afd1cb50a2e9c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9829461f571342e1b52cac1abe915880" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>mergers and strategic alliances in the shipping industry;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z669867bd587a4f28af9224040f01f654" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>market conditions in the shipping industry and the general state of the securities markets;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc28a3b9f315f41668f7acbaf70ec5647" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>changes in government regulation;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze2116675cedf4bc090baceed0b14166f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>shortfalls in our operating results from levels forecast by securities analysts; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd97237db55cc4542bd852adcfc44d268" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>announcements concerning us or our competitors.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Further, lack of trading volume in our stock may affect investors&#8217; ability to sell their shares. Our common shares have been experiencing low daily trading volumes in the market. As a result,
        investors may be unable to sell all or any of their shares in the desired time period, or may only be able to sell such shares at a significant discount to the previous closing price.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">The market price of our common shares has recently declined significantly. If the average closing price of our common
          shares declines to less than $1.00 over 30 consecutive trading days, our common shares could be delisted from Nasdaq or trading could be suspended.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On July 27, 2016, we transferred our Nasdaq listing from the Nasdaq Global Select Market to the Nasdaq Capital Market. Our common shares continue to trade on Nasdaq under the symbol &#8220;TOPS&#8221;. The
        Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Select Market. We then fulfilled the listing requirements of the Nasdaq Capital Market and the approval of the transfer cured
        our deficiency under Nasdaq Listing Rule 5450(b)(1)(C).</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On June 27, 2017, we received written notification from Nasdaq, indicating that because the closing bid price of our common shares for the last 30 consecutive business days was below $1.00 per
        share, we no longer met the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance was 180 days, or until
        December 26, 2017. We regained compliance on August 17, 2017.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On October 10, 2017, we received written notification from Nasdaq indicating that because the closing bid price of our common shares for the last 30 consecutive business days was below $1.00 per
        share, we no longer meet the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until
        April 9, 2018. After requesting a grace period from Nasdaq, we regained compliance on April 11, 2018.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On March 11, 2019, we received written notification from Nasdaq, indicating that because the closing bid price of our common shares for the last 30 consecutive business days was below $1.00 per
        share, we no longer met the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until
        September 9, 2019.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On August 22, 2019 we effectuated a 20 to 1 reverse stock split in order to regain compliance with Nasdaq Listing Rule 5450(a)(1).&#160; We regained compliance on September 9, 2019.<br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A renewed or continued decline in the closing price of our common shares on Nasdaq could result in a breach of these requirements. Although we would have an opportunity to take action to cure such
        a breach, if we do not succeed, Nasdaq could commence suspension or delisting procedures in respect of our common shares.&#160; The commencement of suspension or delisting procedures by an exchange remains, at all times, at the discretion of such
        exchange and would be publicly announced by the exchange. If a suspension or delisting were to occur, there would be significantly less liquidity in the suspended or delisted securities. In addition, our ability to raise additional necessary
        capital through equity or debt financing would be greatly impaired. Furthermore, with respect to any suspended or delisted common shares, we would expect decreases in institutional and other investor demand, analyst coverage, market making activity
        and information available concerning trading prices and volume, and fewer broker-dealers would be willing to execute trades with respect to such common shares. A suspension or delisting would likely decrease the attractiveness of our common shares
        to investors, may constitute a breach under certain of our credit agreements and constitute an event of default under certain classes of our preferred stock and cause the trading volume of our common shares to decline, which could result in a
        further decline in the market price of our common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Finally, if the volatility in the market continues or worsens, it could have a further adverse effect on the market price of our common shares, regardless of our operating performance.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We issued 704,692 common shares and 434,386 common shares during 2018 and 2019, respectively, through various
          transactions.&#160;Shareholders may experience significant dilution as a result of our offerings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We have already sold large quantities of our common shares pursuant to previous public and private offerings of our equity and equity-linked securities.&#160; We currently have an effective registration
        statement on Form F-3 (333-215577) for the sale of up $200,000,000, of which approximately $100.8 million has been sold.&#160; We also have 23,376 Series E Preferred Shares outstanding which are convertible into approximately 4,931,646 common shares as
        of the date of this prospectus.&#160; All of the Series E Preferred Shares are held by Family Trading Inc., a company related to Mr. Evangelos Pistiolis, our President, Chief Executive Officer and Director.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Purchasers of the common shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at prices significantly below the price at which they invested.
        In addition, we may issue additional common shares or other equity securities of equal or senior rank in the future in connection with, among other things, future vessel acquisitions, redemptions of our Series E Preferred Shares, or our equity
        incentive plan, without shareholder approval, in a number of circumstances. Our existing shareholders may experience significant dilution if we issue shares in the future at prices below the price at which previous shareholders invested.</div>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">35</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our issuance of additional shares of common shares or other equity securities of equal or senior rank would have the following effects:</div>
      <div style="margin-bottom: 12pt;">
        <div>
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                  <div>our existing shareholders&#8217; proportionate ownership interest in us will decrease;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: auto; vertical-align: top;">
                  <div>the amount of cash available for dividends payable on the shares of our common shares may decrease;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: auto; vertical-align: top;">
                  <div>the relative voting strength of each previously outstanding common share may be diminished; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the market price of the shares of our common shares may decline.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Future issuances or sales, or the potential for future issuances or sales, of our common shares may cause the trading
          price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We have issued a significant number of our common shares and we may do so in the future. Shares to be issued in relation to a future follow-on offering could cause the market price of our common
        shares to decline, and could have an adverse effect on our earnings per share if and when we become profitable. In addition, future sales of our common shares or other securities in the public markets, or the perception that these sales may occur,
        could cause the market price of our common shares to decline, and could materially impair our ability to raise capital through the sale of additional securities.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common shares in the market, including sales of common shares by our
        large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common shares and impair our ability to raise capital through the sale of
        additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect that future sales of common shares or other
        equity-related securities would have on the market price of our common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation, as amended, authorize our Board of Directors to, among other things, issue additional shares of common or preferred stock or securities
        convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any additional shares of common or preferred stock or
        convertible securities could be substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or warrants to purchase our common shares in the future and those stock
        appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of shares of our common shares have no preemptive rights that entitle such holders to purchase
        their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Future issuance of common shares may trigger anti-dilution provisions in our Series E Preferred Shares and affect the
          interests of our common shareholders.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Series E Preferred Shares contain anti-dilution provisions that could be triggered by the issuance of common shares in a future offering, depending on their offering price. For instance, the
        issuance by us of common shares for less than $20.00 per common share, which is the current conversion price of the Series E Preferred Shares, could result in an adjustment downward of the Series E Preferred Shares conversion price and an increase
        in the number of common shares each Series E Preferred Share is converted into. These adjustments could affect the interests of our common shareholders and the trading price for our common shares. Furthermore the Series E Preferred Shares holders
        have the option to replace the fixed conversion price with a variable exercise price, namely 80% of the lowest daily VWAP of our common shares over the 20 consecutive trading days expiring on the trading day immediately prior to the date of
        delivery of an exercise notice (but in no event can this variable conversion price be less than</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">36</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">$0.60) and purchase such proportionate number of shares based on the variable conversion price in effect on the date of conversion. If using the variable conversion price of the Series E Preferred Shares, as of
        September 10, 2019, the Series E Preferred Shares have a conversion price of $4.74 and are converted into 4,931,646 common shares per Series E Preferred Share, as may be further adjusted.&#160; As of the date of this prospectus, we have 23,376 Series E
        Preferred Shares outstanding which are convertible into approximately 4,931,646 common shares. Moreover, future issuance of other equity or debt convertible into or issuable or exchangeable for common shares at a price per share less than the then
        current conversion price of the Series E Preferred Shares would result in similar adjustments.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate
          law and as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our corporate affairs are governed by <font style="background-color: #FFFFFF;">Our Third Amended and Restated Articles of Incorporation and Amended and Restated By-laws, as further amended,</font>
        and by the Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the
        Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under
        statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other
        states with substantially similar legislative provisions, our public shareholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a
        corporation incorporated in a United States jurisdiction.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We and all of our subsidiaries are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition, most of
        our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within
        the U.S. upon us, our subsidiaries or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we or our subsidiaries are
        incorporated or where our assets or the assets of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon the civil liability provisions of applicable U.S. federal and
        state securities laws or (2) would enforce, in original actions, liabilities against us or our subsidiaries based on those laws.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Anti-takeover provisions in our organizational documents as well as our stockholders rights agreement could make it difficult for our stockholders to replace
        or remove our current Board of Directors or have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Several provisions of our Third Amended and Restated Articles of Incorporation, as amended, and Amended and Restated By-Laws, as amended, could make it difficult for our stockholders to change the
        composition of our board of directors in any one year, preventing them from changing the composition of management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that stockholders may consider favorable.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">37</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">These provisions include:</div>
      <div style="margin-bottom: 12pt;">
        <div>
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                  <div>authorizing our Board of Directors to issue &#8220;blank check&#8221; preferred stock without stockholder approval;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                  <div>providing for a classified Board of Directors with staggered, three-year terms;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: auto; vertical-align: top;">
                  <div>prohibiting cumulative voting in the election of directors;</div>
                </td>
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        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: auto; vertical-align: top;">
                  <div>authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for the directors;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                  <div>prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z12c385493e364a15947a4575da22fc0d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: auto; vertical-align: top;">
                  <div>limiting the persons who may call special meetings of shareholders;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1d2374bd02824decb28ef8c9b5f0e24c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: auto; vertical-align: top;">
                  <div>establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by shareholders at shareholder meetings; and</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: auto; vertical-align: top;">
                  <div>restricting business combinations with interested shareholders.</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In addition, we have entered into a stockholders rights agreement that will make it more difficult for a third party to acquire significant stake in us without the support of our Board of
        Directors.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The above anti-takeover provisions and the provisions of our stockholders rights agreement could substantially impede the ability of public stockholders to benefit from a change in control and, as
        a result, may adversely affect the market price of our common shares and your ability to realize any potential change of control premium.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;"><u>RISKS RELATED TO OUR RELATIONSHIP WITH OUR FLEET MANAGER AND ITS AFFILIATES</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We are dependent on our Fleet Manager to perform the day-to-day management of our fleet.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our executive management team, provided by Central Mare, consists of Evangelos J. Pistiolis; Alexandros Tsirikos, our Chief Financial Officer and Director; Vangelis G. Ikonomou our Chief Operating
        Officer and Konstantinos Patis, our Chief Technical Officer. We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Furthermore, upon delivery of any vessels we may acquire, we
        expect to subcontract their day-to-day management to our Fleet Manager. Our Fleet Manager is a related party affiliated with the family of Mr. Pistiolis. We are dependent on our Fleet Manager for the technical and commercial operation of our fleet
        and the loss of our Fleet Manager&#8217;s services or its failure to perform obligations to us could materially and adversely affect the results of our operations. If our Fleet Manager suffers material damage to its reputation or relationships it may
        harm our ability to:</div>
      <div style="margin-bottom: 12pt;">
        <div>
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                  <div>continue to operate our vessels and service our customers;</div>
                </td>
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        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zac3c1e38885b4edbbd880c846631ae25" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>renew existing charters upon their expiration;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2305eaf4fa6c4f818ab4da06a1beda76" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: auto; vertical-align: top;">
                  <div>obtain new charters;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcc75a701c2ce43b5ad99e4dd0261043d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
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                  <div>obtain financing on commercially acceptable terms;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc13e53832d83422c9396e79dd7c4f1df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
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                  <div>obtain insurance on commercially acceptable terms;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6575c569499f419db662ed9560200c31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div>maintain satisfactory relationships with our customers and suppliers; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z99b3ff64b499431483ffc857c744eb59" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div>successfully execute our growth strategy.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">38</font></div>
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      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our Fleet Manager is a privately held company and there may be limited or no publicly available information about it.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Fleet Manager is a privately held company. The ability of our Fleet Manager to provide services for our benefit will depend in part on its own financial strength. Circumstances beyond our
        control could impair our Fleet Manager&#8217;s financial strength, and there may be limited publicly available information about its financial condition. As a result, an investor in our common shares might have little advance warning of problems
        affecting our Fleet Manager, even though these problems could have a material adverse effect on us.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Our Fleet Manager may have conflicts of interest between us and its other clients.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Our Fleet Manager may provide similar services for vessels owned by
        other shipping companies, and it also may provide similar services to companies with which our Fleet Manager is affiliated. These responsibilities and relationships could create conflicts of interest between our Fleet Manager&#8217;s performance of its
        obligations to us, on the one hand, and our Fleet Manager&#8217;s performance of its obligations to its other clients, on the other hand. These conflicts may arise in connection with the crewing, supply provisioning and operations of the vessels in our
        fleet versus vessels owned by other clients of our Fleet Manager. In particular, our Fleet Manager may give preferential treatment to vessels owned by other clients whose arrangements provide for greater economic benefit to our Fleet Manager. These
        conflicts of interest may have an adverse effect on our results of operations.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">39</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISKS RELATING TO THIS OFFERING</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Investors may experience significant dilution as a result of this offering and future offerings.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We are selling common shares and&#160; Warrants exercisable into common shares, or common shares and Warrants exercisable into common shares assuming exercise of the underwriters&#8217; over-allotment option,
        which is approximately 72% (assuming no exercise of the Warrants or the overallotment option), 144% (assuming exercise of the Warrants only) or 155% assuming exercise of the underwriters&#8217; over-allotment option and exercise of the Warrants, of our
        issued and outstanding common shares through this offering pursuant to this prospectus.&#160; The investors may resell some or all of the shares of our common shares we issue to them and such sales could cause the market price of our common shares to
        decline.&#160; Under these circumstances, our existing stockholders would experience greater dilution.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Purchasers of the shares of our common shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at prices significantly below the price at which
        they invested. In addition, we may offer additional common shares in the future, which may result in additional significant dilution.</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-indent: 36pt; font-style: italic; font-weight: bold;">Our management team will have broad discretion over the use of the net proceeds from this offering.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="text-indent: 36pt;">Our management will use its discretion to direct the net proceeds from this offering. We intend to use the net proceeds of this offering, <font style="background-color: #FFFFFF;">after deducting the Underwriters&#8217;
          commissions and our estimated offering expenses,</font> for general corporate purposes, which may include capital expenditures.&#160; Our management&#8217;s judgments may not result in positive returns on your investment and you will not have an opportunity
        to evaluate the economic, financial or other information upon which our management bases its decisions.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">There is currently no public market for the Warrants offered in this offering, and we can provide no&#160;assurance that a market for the Warrants may develop,
        which may make it difficult for our investors&#160;to sell their Warrants.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">There is currently no market for the Warrants. Holders of our Warrants therefore have no access to information about prior market history on which to base their investment decisions. An active
        trading market for the Warrants may never develop or, if developed, it may not be sustained. Our investors may not be able to sell Warrants.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Holders of our Warrants will have no rights as a holder of our common shares until they acquire our&#160;common shares by exercising their Warrants.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Until a Warrant holder acquires common shares upon exercise of its Warrants, such holder will have no rights with respect to common shares issuable upon exercise of the Warrants. Upon exercise of
        Warrants, the holder will be entitled to exercise the rights of a holder of common shares only as to matters for which the record date occurs after the exercise date.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">The exercise of Warrants would cause dilution, which could cause the&#160;price of our common shares to decline.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We will be issuing Warrants to purchase up to 1,144,165 common shares. Such Warrants, when exercised, will increase the number of issued and outstanding common shares. Future issuances of our
        common shares upon the exercise of Warrants will cause immediate and substantial dilution to the ownership interests of existing holders of our common shares, including their relative voting rights. Such dilutive effect may cause the price of our
        common shares to decline.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">40</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Matters discussed in this prospectus may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements
        in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and
        other statements, which are other than statements of historical facts.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor
        legislation. This prospectus and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this
        report, the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; and similar expressions identify forward-looking statements.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The forward-looking statements in this prospectus are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management&#8217;s
        examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to
        significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or
        those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management&#8217;s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties
        that could cause actual performance or results to differ materially from what is expressed in or suggested by the forward-looking statements.&#160; The forward-looking statements in this prospectus should be read in addition to the risks described in
        reports we file with the SEC, including our most recently file annual report filed on Form 20-F.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements
        to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference
        should be drawn that we will make additional updates with respect to those or other forward-looking statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">41</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We estimate that the net proceeds from this offering will be approximately $9.07 million or approximately $10.47 million if the underwriters exercise their over-allotment option in full but
        assuming no cash exercise of the Purchase Warrants, after deducting assumed underwriting discounts and commissions and estimated offering expenses payable by us.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We expect to use the net proceeds of this offering for working capital and general corporate purposes. You may not agree with how we use the proceeds of this offering. See &#8220;Risk Factors&#8221; on the
        beginning on page 15.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">42</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF THE SECURITIES WE ARE OFFERING</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For the complete terms of our capital stock, please refer to our amended and restated articles of incorporation and our amended and restated bylaws, which are filed as exhibits to the registration
        statement of which this prospectus forms a part. The Business Corporation Act of the Republic of the Marshall Islands, or the BCA, may also affect the terms of our capital stock.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We are offering 1,144,165 common shares or Pre-Funded Warrants together with Purchase Warrants to purchase up to an aggregate of 2,288,330 common shares (assuming the Purchase Warrants are
        exercised for cash) or 1,945,080 (assuming the Purchase Warrants are exercised on a cashless basis), and assuming no exercise of the underwriter's overallotment option at a combined offering price of $8.74 per Unit.&#160; Our common shares or Pre-Funded
        Warrants and related Purchase Warrants will be issued separately.&#160; We are also registering our&#160; common shares issuable upon exercise of the Pre-Funded Warrants and Purchase Warrants offered hereby.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For purposes of the following description of capital stock, references to &#8220;us,&#8221; &#8220;we&#8221; and &#8220;our&#8221; refer only to Top Ships Inc. and not any of its subsidiaries.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Common Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The material terms of our common shares are set forth in the section entitled &#8220;Additional Information &#8211; Memorandum and Articles of Association&#8221; of our annual report on Form 20-F for the year ended
        December 31, 2018 filed on March 28, 2019 and incorporated herein by reference.&#160; Our common shares are listed on the NASDAQ Capital Market under the symbol &#8220;TOPS.&#8221;&#160; The transfer agent and registrar for our common shares is American Stock Transfer
        &amp; Trust Company LLC.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Purchase Warrants to be Issued in this Offering</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">The following summary of certain terms and provisions of the Purchase Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by
        the provisions of, the Purchase Warrant. Prospective investors should carefully review the terms and provisions of the form of Purchase Warrant&#160;for a complete description of the terms and conditions of the Purchase Warrants.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability.</font> The Purchase Warrants are exercisable beginning on the date of original issuance and will expire on December 31, 2019. The Purchase Warrants
        will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the common shares underlying the Purchase Warrants
        under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the
        number of common shares purchased upon such exercise. If a registration statement registering the issuance of the common shares underlying the Purchase Warrants under the Securities Act is not effective or available and an exemption from
        registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Purchase Warrant through a cashless exercise, in which case the holder would receive upon such
        exercise the net number of common shares determined according to the formula set forth in the Purchase Warrant. In addition, the Purchase Warrant may be exercised on a cashless basis beginning on the earlier of (i) 30 days from the closing date and
        (ii) the trading day on which a total of more than three times the amount of shares offered in this offering have traded since the closing date (the &#8220;Cashless Date&#8221;) if the VWAP of the common shares on any Trading Day on or after the Cashless Date
        fails to exceed the exercise price in effect on such date (as may be subject to adjustment).&#160; The number of common shares issuable in such cashless exercise shall be half the number of common shares that would be issuable upon exercise of the
        Purchase Warrant in accordance with its terms if such exercise were by means of a cash exercise. No fractional common shares will be issued in connection with the exercise of a Purchase Warrant. In lieu of fractional shares, we will pay the holder
        an amount in cash equal to the fractional amount multiplied by the exercise price.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Limitation.&#160;</font>A holder will not have the right to exercise any portion of the Purchase Warrant if the holder (together with its affiliates) would
        beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the number of common shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
        Purchase Warrants.&#160; However, any holder may increase or decrease such percentage, provided that any increase will not be effective until the 61st day after such election.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">43</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price.</font>&#160;The Purchase Warrants will have an exercise price of $11.36 per share. The exercise price is subject to appropriate adjustment in the event
        of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our stockholders.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Transferability.</font>&#160;Subject to applicable laws, the Purchase Warrants may be offered for sale, sold, transferred or assigned without our consent.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange Listing.</font>&#160;There is no established public trading market for the Purchase Warrants and we do not expect a market to develop. In addition, we do not
        intend to apply for the listing of the Purchase Warrants on any national securities exchange or other trading market. Without an active trading market, the liquidity of the Purchase Warrants will be limited.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Fundamental Transactions.</font>&#160;If a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for us, and may exercise every
        right and power that we may exercise and will assume all of our obligations under the Purchase Warrants with the same effect as if such successor entity had been named in the Purchase Warrant itself. If holders of our common shares are given a
        choice as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any exercise of the Purchase Warrant following such fundamental
        transaction.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Rights as a Stockholder</font>. Except as otherwise provided in the Purchase Warrants or by virtue of such holder&#8217;s ownership of common shares, the holder of a
        Purchase Warrant does not have the rights or privileges of a holder of our common shares, including any voting rights, until the holder exercises the Purchase Warrant.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Pre-Funded Warrants</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">The following summary of certain terms and provisions of the Pre-Funded Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety
        by the provisions of, the Pre-Funded Warrant. Prospective investors should carefully review the terms and provisions of the form of Pre-Funded Warrant&#160;for a complete description of the terms and conditions of the Pre-Funded Warrants.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The term &#8220;pre-funded&#8221; refers to the fact that the purchase price of our common shares in this offering includes almost the entire exercise price that will be paid under the Pre-Funded Warrants,
        $8.74 per share, except for a nominal remaining exercise price of $0.01 per share.&#160; The purpose of the Pre-Funded Warrants is to enable investors that may have restrictions on their ability to beneficially own more than 4.99% (or 9.99% upon the
        election of the purchaser) of our outstanding common shares following the consummation of this offering the&#160;opportunity to invest capital into the Company without triggering their ownership restrictions, by receiving Pre-Funded Warrants in lieu of
        our common shares which would result in such ownership of more than 4.99% (or 9.99% upon the election of the purchaser), and receive the ability to exercise their option to purchase the shares underlying the Pre-Funded Warrants&#160;at such nominal
        price at a later date.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Duration</font>.&#160;<font style="background-color: #FFFFFF;">The Pre-Funded Warrants offered hereby will entitle the holders thereof to purchase </font>common <font style="background-color: #FFFFFF;">shares at a nominal exercise price of $0.01 per share, commencing immediately on the date of issuance.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Limitation.</font>&#160;<font style="background-color: #FFFFFF;">A holder will not have the right to exercise any portion of the&#160;Pre-Funded Warrant if the
          holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the number of </font>common <font style="background-color: #FFFFFF;">shares outstanding immediately after giving effect
          to the exercise, as such percentage ownership is determined in accordance with the terms of the&#160;Pre-Funded&#160;Warrants.&#160; However, any holder may increase or decrease such percentage, provided that any increase will not be effective until the 61</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: #FFFFFF;">st</font></sup><font style="background-color: #FFFFFF;">&#160;day after such election.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">44</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price.</font>&#160;The Pre-Funded Warrants will have an exercise price of $0.01 per share. The exercise price is subject to appropriate adjustment in the event
        of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our stockholders.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Transferability.</font>&#160;Subject to applicable laws, the Pre-Funded Warrants may be offered for sale, sold, transferred or assigned without our consent.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange Listing.</font>&#160;There is no established public trading market for the Pre-Funded Warrants and we do not expect a market to develop. In addition, we do not
        intend to apply for the listing of the Pre-Funded Warrants on any national securities exchange or other trading market. Without an active trading market, the liquidity of the Pre-Funded Warrants will be limited.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Fundamental Transactions.</font>&#160;If a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for us, and may exercise every
        right and power that we may exercise and will assume all of our obligations under the Pre-Funded Warrants with the same effect as if such successor entity had been named in the Pre-Funded Warrant itself. If holders of our common shares are given a
        choice as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any exercise of the Pre-Funded Warrant following such fundamental
        transaction.&#160;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Rights as a Stockholder.</font>&#160;Except as otherwise provided in the Pre-Funded Warrants or by virtue of such holder&#8217;s ownership of common shares, the holder of a
        Pre-Funded Warrants does not have the rights or privileges of a holder of our common shares, including any voting rights, until the holder exercises the Pre-Funded Warrant.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
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      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF SHARE CAPITAL</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">You should carefully review the description of our share capital under the heading &#8220;Item 10. Additional Information&#8221; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018,
        which is incorporated by reference herein. The following is a description of our Series E Perpetual Convertible Preferred Stock, which has been issued since our fiscal year ended December 31, 2018. The following description of the Series E
        Perpetual Convertible Preferred Stock is subject to and qualified in its entirety by reference to the Certificate of Designation (the &#8220;Certificate of Designation&#8221;) of the Series E Perpetual Convertible Preferred Stock, which is incorporated by
        reference herein.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Share Capital</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Between January 1, 2019 and the date of this prospectus we have issued 97,350 common shares pursuant to exercises of 1,947,000 of our 2018 Warrants for gross proceeds of $1.5 million and 337,036&#160;
        common shares pursuant to exercises of 1,268,000 of our 2014 Warrants for gross proceeds of $3.2 million.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For more information about the share capital of the Company please see Item 4. Information on the Company &#8211; A. History and Development of the Company found in the Company&#8217;s Annual Report on Form
        20-F for the year ended December 31, 2018, which is incorporated herein by reference.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Authorized Capitalization</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our authorized capital stock consists of 1,000,000,000 common shares, par value $0.01 per share, of which 1,585,258 shares were issued and outstanding as of September 10, 2019 and 20,000,000
        preferred shares with par value of $0.01 and 100,000 Series D Preferred Shares and 23,376 Series E Preferred Shares are issued and outstanding as of September 10, 2019. Our Board of Directors has the authority to establish such series of preferred
        stock and with such designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in the resolution or resolutions providing for the issue of such preferred
        stock.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 14, 2016, we declared a dividend of one preferred share purchase right for each outstanding common share and adopted a shareholder rights plan, as set forth in a Stockholders Rights
        Agreement dated as of September 22, 2016, by and between us and Computershare Trust Company, N.A., as rights agent (now taken over by our new transfer agent, AST), described below under the section entitled &#8220;&#8212;Stockholders Rights Agreement&#8221;. In
        connection with the Stockholders Rights Agreement, we designated 1,000,000 shares as Series A Participating Preferred Stock, none of which are outstanding as of the date of this prospectus.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Common Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares,
        holders of common shares are entitled to receive ratably all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our
        assets, after payment in full of all amounts required to be paid to creditors and to the holders of our preferred shares having liquidation preferences, if any, the holders of our common shares will be entitled to receive pro rata our remaining
        assets available for distribution. Holders of our common shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of our common shares are subject to the
        rights of the holders of any preferred shares that we may issue in the future.</div>
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      <div style="margin-bottom: 12pt; font-weight: bold;">Preferred Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our&#160;Third Amended and Restated Articles of Incorporation&#160;authorize our Board of Directors to establish one or more series of preferred shares and to determine, with respect to any series of
        preferred shares, the terms and rights of that series, including the designation of the series, the number of shares of the series, the preferences and relative, participating, option or other special rights, if any, and any qualifications,
        limitations or restrictions of such series, and the voting rights, if any, of the holders of the series.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Series B Convertible Preferred Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On November 22, 2016, we completed a private placement of up to 3,160 Series B Convertible Preferred Shares for an aggregate principal amount of up to $3.0 million. The investor purchased 1,579
        Series B Convertible Preferred Shares at the initial closing of the Transaction and 527 Series B Convertible Preferred Shares on November 28, 2016 for a total of $2.0 million. The Selling Securityholder waived the right to purchase any additional
        Series B Preferred Shares. The description of the Series B Preferred Shares is incorporated by reference from our registration statement on Form F-3 (333-215577). The description of the Series B Convertible Preferred Shares is subject to and
        qualified in its entirety by reference to the Securities Purchase Agreement, Certificate of Designation of the Series B Convertible Preferred Shares and Registration Rights Agreement entered into in connection with the private placement. Copies of
        the Securities Purchase Agreement, Certificate of Designation of the Series B Convertible Preferred Shares and Registration Rights Agreement have been filed as exhibits to our Report on Form 6-K filed with the Commission on November 23, 2016. The
        waiver agreement was filed as an exhibit to our Report on Form 6-K filed with the Commission on January 10, 2017.&#160;We issued 901 common shares in connection with the conversions of all of our Series B Convertible Preferred Shares, and there are
        currently no Series B Convertible Preferred Shares outstanding.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Series C Convertible Preferred Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On February 17, 2017, we closed a private placement with a non-U.S. institutional investor for the sale of 7,500 newly issued Series C Convertible Preferred Shares, which are convertible into our
        common shares, for $7.5 million pursuant to a securities purchase agreement, or the Series C Transaction.&#160; The description of the Series C Preferred Shares is incorporated by reference from our registration statement on Form F-3 (333-215577). The
        description of the Series C Convertible Preferred Shares is subject to and qualified in its entirety by reference to the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C Convertible Preferred
        Shares entered into in connection with the private placement. Copies of the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C Convertible Preferred Shares have been filed as exhibits to our Report
        on Form 6-K filed with the Commission on February 21, 2017. We issued 45,232 common shares in connection with the conversions of all our Series C Convertible Preferred Shares, and there are currently no Series C Convertible Preferred Shares
        outstanding.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Series D Preferred Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On May 8, 2017, we issued 100,000 shares of Series D Preferred Shares to Tankers Family Inc., a company controlled by Lax Trust, which is an irrevocable trust established for the benefit of certain
        family members of Evangelos Pistiolis, for $1,000 pursuant to a stock purchase agreement. Each Series D Preferred Share has the voting power of one thousand (1,000) common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On April 21, 2017, we were informed by ABN Amro Bank that we were in breach of a loan covenant that requires that any member of the family of Mr. Evangelos Pistiolis, maintain an ownership interest
        (either directly and/or indirectly through companies beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of 30% of our outstanding Common Shares. ABN
        Amro Bank requested that either the family of Mr. Evangelos Pistiolis maintain an ownership interest of at least 30% of the outstanding common shares or maintain a voting rights interest of above 50% in us. In order to regain compliance with the
        loan covenant, we issued the Series D Preferred Shares.</div>
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      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Series D Preferred Stock has the following characteristics:</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Conversion</font>. The Series D Preferred Shares are not convertible into common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Voting</font>. Each Series D Preferred Share has the voting power of 1,000 common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Distributions</font>. The Series D Preferred Shares shall have no dividend or distribution rights.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Maturity</font>.&#160; The Series D Preferred Shares shall expire and all outstanding Series D Preferred Shares shall be redeemed by us for par value
        on the date the currently outstanding loans with ABN Amro Bank and NORD/LB, or loans with any other financial institution, which contain covenants that require that any member of the family of Mr. Evangelos Pistiolis, maintain a specific minimum
        ownership interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of our
        issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise redeemable.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Liquidation, Dissolution or Winding Up</font>. Upon any liquidation, dissolution or winding up of the Company, the Series D Preferred Shares
        shall have a liquidation preference of $0.01 per share.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Series E Convertible Preferred Stock</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On April 1, 2019, we announced the sale of 27,129 newly issued Series E Perpetual Convertible Preferred Stock at a price of $1,000 per share to Family Trading Inc., a company affiliated with
        Evangelos Pistiolis, our President, Chief Executive Officer and director, in exchange for the full and final settlement of the loan facility between our Company and Family Trading dated December 23, 2015, as amended.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Series E Perpetual Convertible Preferred Stock has the following characteristics:</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Conversion</font><font style="font-weight: bold;">.&#160;</font>Each holder of Series E Perpetual Convertible Preferred Stock, at any time and from
        time to time, has the right, subject to certain conditions, to convert all or any portion of the Series E Perpetual Convertible Preferred Stock then held by such holder into our common shares at the conversion rate then in effect. Each Series E
        Perpetual Convertible Preferred Stock is convertible into the number of our common shares equal to the quotient of $1,000 plus any accrued and unpaid dividends divided by the lesser of the following four prices: (i) $20.00, (ii) 80% of the lowest
        daily VWAP of the Company&#8217;s common shares over the twenty consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of any of the
        Company&#8217;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Company&#8217;s common shares in any transaction from the date of the issuance the Series E Perpetual Preferred Stock onwards, but in no event will the
        conversion price be less than $0.60.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Limitations of Conversion.</font><font style="font-style: italic;">&#160;</font>Holders of the shares of Series E Perpetual Convertible Preferred
        Stock shall be entitled to convert the Series E Perpetual Convertible Preferred Stock in full, regardless of the beneficial ownership percentage of the holder after giving effect to such conversion.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Voting</font>.&#160; The holders of Series E Perpetual Convertible Preferred Stock are entitled to the voting power of one thousand (1,000) common
        shares of the Company.&#160; The holders of Series E Perpetual Convertible Preferred Stock and the holders of our common shares shall vote together as one class on all matters submitted to a vote of shareholders of the Company. The holders of Series E
        Perpetual Convertible Preferred Stock have no special voting rights and their consent shall not be required for taking any corporate action.</div>
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      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Distributions</font><font style="font-weight: bold;">.&#160;</font>Upon any liquidation, dissolution or winding up of the Company, the holders of
        Series E Perpetual Convertible Preferred Stock shall be entitled to receive the net assets of the Company pari passu with the Common Shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Redemption</font><font style="font-weight: bold;">.</font>&#160;&#160;The Company at its option shall have the right to redeem a portion or all of the
        outstanding Series E Perpetual Convertible Preferred Stock. The Company shall pay an amount equal to one thousand dollars ($1,000) per each Series E Perpetual Convertible Preferred Stock, or the Liquidation Amount, plus a redemption premium equal
        to fifteen percent (15%) of the Liquidation Amount being redeemed if that redemption takes place up to and including March 29, 2020 and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption takes place after March 29,
        2020, plus an amount equal to any accrued and unpaid dividends on such Preferred Shares (collectively referred to as the &#8220;Redemption Amount&#8221;). In order to make a redemption, the Company shall first provide one business day advanced written notice
        to the holders of our intention to make a redemption, or the Redemption Notice, setting forth the amount it desires to redeem. After receipt of the Redemption Notice, the holders shall have the right to elect to convert all or any portion of its
        Series E Perpetual Convertible Preferred Stock. Upon the expiration of the one business day period, the Company shall deliver to each holder the Redemption Amount with respect to the amount redeemed after giving effect to conversions effected
        during the notice period.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Series E Perpetual Convertible Preferred Stock shall not be subject to redemption in cash at the option of the holders thereof under any circumstance.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Dividends</font><font style="font-style: italic;">.&#160;</font>The holders of outstanding Series E Perpetual Convertible Preferred Stock shall be
        entitled to receive out of funds legally available for the purpose, semi-annual dividends payable in cash on the last day of June and December in each year (each such date being referred to herein as a &#8220;Semi Annual Dividend Payment Date&#8221;),
        commencing on the first Semi Annual Dividend Payment Date in an amount per share (rounded to the nearest cent) equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series E Perpetual Convertible Preferred Stock
        computed on the basis of a 365-day year and the actual days elapsed.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Accrued but unpaid dividends shall bear interest at fifteen percent (15%). Dividends paid on the Series E Perpetual Convertible Preferred Stock in an amount less than the total amount of such
        dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Company&#8217;s Board of Directors may fix a record date for the determination of holders of
        Series E Perpetual Convertible Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Ranking</font>. All shares of Series E Perpetual Convertible Preferred Stock shall rank pari passu with all classes of our common shares.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Shareholder Meetings</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under our Amended and Restated By-Laws, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall
        Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time exclusively by our Board of Directors. Notice of every annual and special meeting of shareholders shall be
        given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Directors</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our Third Amended and Restated Articles of
        Incorporation and Amended and Restated By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>
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      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors must consist of at least one member and not more than twelve, as fixed from time to time by the vote of not less than 66 2/3% of the entire board. Each director shall be
        elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office.
        Our Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for attendance at any meeting or for services rendered to us.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Classified Board</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Amended and Restated Articles of Incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
        staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of
        our Company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Election and Removal</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws require parties other than our Board of Directors to give advance written notice of nominations for the
        election of directors. Our Third Amended and Restated Articles of Incorporation provide that our directors may be removed only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital
        stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Dissenters&#8217; Rights of Appraisal and Payment</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including certain mergers or consolidations or sales of all or substantially all of our assets not made in
        the usual course of our business, and receive payment of the fair value of their shares, subject to exceptions.&#160;For example, the right of a dissenting shareholder to receive payment of the fair value of his shares is not available if for the shares
        of any class or series of shares, which shares at the record date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the agreement of merger or consolidation, were either (1) listed
        on a securities exchange or admitted for trading on an interdealer quotation system or (2) held of record by more than 2,000 holders.&#160;In the event of any further amendment of the articles, a shareholder also has the right to dissent and receive
        payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.&#160;In the event that we and any dissenting shareholder fail
        to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the High Court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which our shares are
        primarily traded on a local or national securities exchange. The value of the shares of the dissenting shareholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a
        holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. On November 20, 2014, we amended our Amended and Restated By-Laws to provide that unless we consent in
        writing to the selection of alternative forum, the sole and exclusive forum for (i) any shareholders&#8217; derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,
        officer or other of our employees or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the BCA, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the High Court of the
        Republic of the Marshall Islands, in all cases subject to the court&#8217;s having personal jurisdiction over the indispensable parties named as defendants.</div>
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      <div style="margin-bottom: 12pt; font-weight: bold;">Anti-takeover Provisions of our Charter Documents</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Several provisions of our Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws may have anti-takeover effects. These provisions are intended to avoid costly
        takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover
        provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our Company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best interest and (2) the
        removal of incumbent officers and directors.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Business Combinations</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation include provisions which prohibit us from engaging in a business combination with an interested shareholder for a period of three years
        after the date of the transaction in which the person became an interested shareholder, unless:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0fdde77cb9e9457ea0ec875e2637baf5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the Board approved either the business combination or the transaction that resulted in the shareholder becoming an interested
                    shareholder;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6c61eb7afc984d3f9b64e4787c5714a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
                    commenced;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze1ff17cd83264f9e80a3ffbc27e7e4f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by the Board and authorized at an annual or special meeting of shareholders by
                    the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested shareholder; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5651cb05ad304a84b910e668f00c65e1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the shareholder became an interested shareholder prior to the consummation of the initial public offering.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that any action required or permitted to be taken by our shareholders must be effected at an
        annual or special meeting of shareholders or by the unanimous written consent of our shareholders.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that only our Board of Directors may call special meetings of our shareholders and the business
        transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our Board of Directors
        and shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our Third Amended and Restated Articles of Incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000
        shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our Company or the removal of our management.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">51</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Super-majority Required for Certain Amendments to Our By-Laws</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On February 28, 2007, we amended our by-laws to require that amendments to certain provisions of our by-laws may be made when approved by a vote of not less than 66 2/3% of the entire Board of
        Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended are provisions governing: the nature of business to be transacted at our annual meetings of shareholders, the calling of special meetings by
        our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our Board of Directors is elected, the nomination procedures of our Board of Directors, removal of our Board of
        Directors and the filling of vacancies on our Board of Directors.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Stockholders Rights Agreement</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 14, 2016, our Board of Directors declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder rights plan, as set
        forth in the Stockholders Rights Agreement dated as of September 22, 2016, or the Rights Agreement, by and between us and Computershare Trust Company, N.A. (now taken over by our new transfer agent, AST), as rights agent.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or
        group that acquires 15% or more of our outstanding common shares without the approval of our Board of Directors. If a shareholder&#8217;s beneficial ownership of our common shares as of the time of the public announcement of the rights plan and
        associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such announcement, the shareholder
        increases its ownership percentage by 1% or more.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board of Directors. As a result,
        the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of the Rights for a permitted offer, the Rights should not interfere with a merger or
        other business combination approved by our Board.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a summary, and is not complete,
        and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on September 22, 2016 and incorporated herein by reference.&#160;The foregoing description of the Rights Agreement is qualified in its entirety
        by reference to such exhibit.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">The Rights</font>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that represent our common
        shares. New Rights will accompany any new of our common shares issued after October 5, 2016 until the Distribution Date described below.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price</font>. Each Right allows its holder to purchase from us one one-thousandth of a share of Series A Participating Preferred Stock, or a Series A
        Preferred Share, for $50.00, or the Exercise Price, once the Rights become exercisable. This portion of a Series A Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as would one common share.
        Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability</font>. The Rights are not exercisable until ten days after the public announcement that a person or group has become an &#8220;Acquiring Person&#8221; by
        obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">52</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership of the underlying common shares or are reportable for purposes
        of Regulation 13D of the Exchange Act&#8212;are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the derivative position, to the extent our actual common shares are directly or indirectly
        held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial ownership.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding common shares, the Rights Agreement &#8220;grandfathers&#8221; their current
        level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share certificates (or, in the case of uncertificated shares, by notations in the book-entry
        account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our common shares and will be evidenced by book-entry credits or by Rights
        certificates that we will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><u>Series A Preferred Share Provisions</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5869a0ed352e48a59b747cb6c8d85c92" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>not be redeemable;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z257d883a9c9d4191bbb2c5b7b9984407" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other
                    distributions other than a dividend payable in our common shares or a subdivision of the our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately preceding quarterly dividend
                    payment date; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z504cf6f5b032490d884f4e18691b54c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>entitle holders to one vote on all matters submitted to a vote of our shareholders.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The value of one one-thousandth interest in a Series A Preferred Share should approximate the value of one common share.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z22115834b5c8471490711365a71411ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Flip In.</font>&#160; If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number
                    of our common shares (or, in certain circumstances, cash, property or other of our securities) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the
                    foregoing event until such time as the Rights are no longer redeemable by us, as further described below.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring
        Person or certain of its transferees will be null and void.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7e5b3009f18944e9b9d1602c8c36e50d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Flip Over</font>.&#160;If, after an Acquiring Person obtains 15% or more of our common shares, (i) we merge into another entity; (ii) an acquiring entity merges into us; or (iii) we sell or transfer 50%
                    or more of its assets, cash flow or earning power,&#160;then&#160;each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of our common
                    shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">53</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf714553e9ec747819a2d813e85e22abe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Notional Shares</font>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of the equity
                    securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the
                    Acquiring Person.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Redemption</font>. Our Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If our
        Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if
        we have a stock dividend or a stock split.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange.&#160;</font>After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common shares, the Board
        may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, we may elect to exchange the Rights for cash or other of our securities
        having a value approximately equal to one common share.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Expiration</font>.&#160;The Rights expire on the earliest of (i) September 22, 2026; or (ii) the redemption or exchange of the Rights as described above.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Anti-Dilution Provisions</font>. The Board may adjust the purchase price of the Series A Preferred Shares, the number of Series A Preferred Shares issuable and the
        number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Series A Preferred Shares or our common shares. No adjustments to the Exercise Price of less than 1% will be made.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Amendments</font>.&#160;The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to
        the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision
        contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of
        holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Taxes.</font>&#160;The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or
        upon redemption of the Rights, shareholders may recognize taxable income.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">2014 Warrants</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our 2014 Warrants contained certain anti-dilution provisions, which were triggered as a result of the reverse stock split, Series B Transaction, the Equity Line Offering, Series C Transaction,
        First Purchase Agreement, Second Purchase Agreement and Amended Family Trading Credit Facility. As of the date of this prospectus, all 2014 Warrants have expired. As of the date of this prospectus, an aggregate 4,621,611 of the 2014 Warrants have
        been exercised for a total issuance of 347,997 common shares and <font style="color: rgb(0, 0, 0);">all the</font><font style="color: rgb(0, 0, 0);"> </font>2014 Warrants have expired.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">2018 Warrants</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On October 26, 2018, the Company priced a public offering of 100,000 common shares, and warrants to purchase 175,000 common shares (the &#8220;2018 Warrants&#8221;), at $30.00 per common share and $0.0002 per
        warrant. The 2018 Warrants had an exercise price of $30.00 per share and expired four months from the date of issuance. Each warrant granted the warrant holder the option to purchase one common share of the Company at any time within the
        abovementioned term. By February 25, 2019, all of the 2018 Warrants were exercised for175,000 common shares and gross proceeds of $3.8 million.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">54</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAPITALIZATION </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth our consolidated capitalization as of June 30, 2019:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2bf526e3cebe4abeb623adaef5bccfa0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>on an actual basis;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8c9e873b27d04feea10b104fa430a576" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>on an as adjusted basis to give effect to the following transactions which occurred between June 30, 2019 and September 10, 2019:</div>
                  <div> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4cf3c9d9717d4dd0b3668eacbd660d6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 90pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the exercise of 112,000 2014 Warrants into 42,903 number of common shares, with aggregate net proceeds of 0.3$ million;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z04a6e706f09d4405b7bdfc9d544b0a55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 90pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the drawdown of $25.6 million from the sale and leaseback of M/T Stenaweco Excellence from Oriental Fleet International Company Limited (&#8220;OFI&#8221;) and the prepayment of $17.0 million of the outstanding loan under the NORD/LB Facility
                    (the SLB will be accounted as a financing transaction);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7e12972bc3704d0a8f1901cc41c7ce29" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 90pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>$4.2 million of scheduled debt repayments under the ABN Amro, the NORD/LB, the AT Bank, the BoComm Leasing, the Cargill, the CMBFL, the OFI and the Alpha Bank Senior Credit facilities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc69406f42db14fdfa6f2d866711236ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 90pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the redemption of 4,782 Series E Perpetual Convertible Preferred Shares for $5,500;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z686b24b2191f474ca5becfa4e544251a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">o</td>
                <td style="width: auto; vertical-align: top;">
                  <div>on a further adjusted basis, assuming our issuance and sale of the maximum amount of $10.0 million of our common shares at an assumed offering price of $8.74 per share (i.e. 1,144,165 common shares), representing our closing stock
                    price on September 9, 2019 and further assuming no exercise of the Purchase Warrants, net of estimated underwriting discounts and commissions of $0.65 million and estimated offering costs of $0.29 million.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">The information set forth in the table gives effect to a one-for-twenty reverse split of our common shares effective as of August 22, 2019. There have been no other significant adjustments to our capitalization since
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z390ccda77ae94045bfd074eaee2d36ef">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div>&#160;</div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center; font-weight: bold;">As at June 30, 2019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-weight: bold;">(Expressed in thousands of U.S. Dollars, except number of shares and per share data)</div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">As Adjusted</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">As Further Adjusted</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="font-weight: bold;">Debt:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div>Current portion of long term debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>27,169</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>27,227</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>27,227</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div>Non-current portion of long term debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>239,073</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>243,545</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>243,545</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Total debt</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">266,242</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">270,772</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">270,772</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="font-weight: bold;">Mezzanine equity:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div>Preferred stock Series E, $0.01 par value; 23,376 shares issued and outstanding at June 30, 2019, as adjusted and as further adjusted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>32,381</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>26,882</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>26,882</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div style="font-weight: bold;">Shareholders&#8217; equity:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div>Common stock, $0.01 par value, 1,000,000,000 shares authorized; 1,542,355 shares issued and outstanding at June 30, 2019, 1,585,258 shares issued and outstanding at June 30, 2019 as adjusted and&#160; &#160; &#160; shares issued and outstanding at June
                30, 2019,&#160;as further adjusted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>16</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">27<br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div>Preferred stock Series D and Series E, $0.01 par value; 100,000 and 23,376 shares issued and outstanding&#160;at June 30, 2019 as adjusted and as further adjusted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div>Additional paid-in capital</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>403,494</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>403,772</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">412,818<br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div>Accumulated other comprehensive loss</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>(1,388</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>(1,388</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>(1,388</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div>Accumulated deficit</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(308,407</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(308,407</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(307,779</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div>Total Shareholders&#8217; and Mezzanine equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>126,096</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>120,876</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">129,933<br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Total capitalization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">392,338</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-weight: bold;">391,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1">$</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1">400,705<br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>(1) Our long term indebtedness (both current and non-current portions), is secured by mortgages on our owned ships and is guaranteed by us. The related party indebtedness is unsecured.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">55</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DILUTION</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">Dilution or accretion is the amount by which the offering price paid by the purchasers of our common shares in this offering will differ from the net tangible
        book value per common share after the offering. The net tangible book value is equal to the amount of our total tangible assets (total assets less intangible assets) less total liabilities. The historical net tangible book value as of June 30, 2019
        was $93.7 million in total and $60.75 per share for the number of shares for the existing shareholders at the offering.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">The as adjusted net tangible book value as of June 30, 2019 would have been approximately $103.7 million, or $38.61 per common share if the issuance and sale
        by us of 1,144,165 common shares at an assumed public offering price of $8.74 per share in this offering representing, our closing stock price on September 9 2019, before deducting underwriting discounts and estimated offering expenses. This
        represents an immediate decrease in net tangible book value of $22.15 per share to the existing shareholders and an immediate accretion in net tangible book value of $29.87 per share to new investors.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">The following table illustrates the pro forma per share accretion and decrease in net tangible book value as of June 30, 2019:</div>
      <table cellspacing="0" cellpadding="0" id="z036fd5f734c64e3f83b7633819663022" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="margin-left: 9pt; color: rgb(0, 0, 0); font-family: &#38;quot;">Assumed public offering price per share of common stock</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">8.74</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="margin-left: 9pt; color: rgb(0, 0, 0); font-family: &#38;quot;">&#160;&#160;&#160;Net tangible book value per share before this offering</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">60.75</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="margin-left: 9pt; color: rgb(0, 0, 0); font-family: &#38;quot;">&#160;&#160;&#160;Decrease in net tangible book value attributable to new investors in this offering</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">22.15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="margin-left: 9pt; color: rgb(0, 0, 0); font-family: &#38;quot;">As adjusted net tangible book value per share after giving effect to this offering</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">38.61</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="margin-left: 9pt; color: rgb(0, 0, 0); font-family: &#38;quot;">Accretion per share to new investors</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">29.87</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">The following table summarizes, as of June 30, 2019 on an as adjusted basis for this public offering, the differences between the number of common shares
        acquired from us, the total amount paid and the average price per share paid by the existing shareholders and the number of common shares acquired from us, the total amount paid and average price per share paid by you as a new investor in this
        offering, based upon an assumed public offering price of $8.74 per share, representing our closing stock price on, <font style="color: rgb(0, 0, 0);">September 9 2019</font><font style="color: rgb(0, 0, 0);">.</font></div>
      <table cellspacing="0" cellpadding="0" id="z83b365678adc460f9480f23590b3aca9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">As Adjusted</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Shares Outstanding</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Total Consideration</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">($ millions)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Number</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Percent</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Percent</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Average Price</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Per Share</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -18pt; margin-left: 18pt; color: rgb(0, 0, 0); font-family: &#38;quot;">Existing shareholders **<br>
              </div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">1,542,355</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">57.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">93.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">90.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">60.75</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
              <div style="text-indent: -18pt; margin-left: 18pt; color: rgb(0, 0, 0); font-family: &#38;quot;">New investors *</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">1,144,165</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">42.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">10.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">9.64</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot;">8.74</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -18pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: &#38;quot;">Total *</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">2,686,520</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">100</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">103.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">100</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">38.60</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">* Before deducting underwriting discounts and commissions and estimated expenses of $0.9 million.</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">** As adjusted figures exclude the issuance of 42,903 shares for proceeds of $0.3 million due to the exercise of 112,000 warrants in July 2019.<br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">56</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">BUSINESS</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Our Company</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We are an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.
        As of the date of this prospectus, our fleet consists of two 39,000 dwt product/chemical tankers vessels, the M/T Eco Fleet and the M/T Eco Revolution, and six 50,000 dwt product/chemical tankers, the M/T Stenaweco Excellence, M/T Nord Valiant, M/T
        Stenaweco Elegance, M/T Eco Palm Desert, the M/T Eco California and the M/T Eco Marina Del Ray and two 159,000 dwt Suezmax tankers, the M/T Eco Bel Air and M/T Eco Beverly Hills as well as two chartered-in 50,000 dwt product/chemical tankers
        vessels, the M/T Stenaweco Energy and the M/T Stenaweco Evolution. We also own 50% interests in two 50,000 dwt product/chemical tankers, M/T Eco Holmby Hills and the M/T Palm Springs .</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We intend to continue to review the market in order to identify potential acquisition targets on in line with our strategy.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We believe we have established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, reliability and safety. We have
        assembled a management team comprised of executives who have extensive experience operating large and diversified fleets of tankers and who have strong ties to a number of national, regional and international oil companies, charterers and traders.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Our Fleet</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following tables present our fleet list as of the date of this prospectus:</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;"><u>Owned and operating MR Tanker vessels:</u></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5117ddf80a414738889e5acc15397851">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Vessel Type</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Eco Fleet</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>39,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">April 2022</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$12,600 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> year, $13,100 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> year and $13,600 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> year / $14,350 / $15,600</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Revolution</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>39,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">January 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$13,500 / $16,000 / $16,750</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Excellence</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">November 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$16,200 / $17,200 / $18,000</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Nord Valiant</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">DS Norden A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">August 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$16,800 / $17,600 / $18,400</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Elegance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">March 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$16,500 / $17,500 / $18,500</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Palm Desert</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">September 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">1 year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$13,300 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div>M/T Eco California</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">January 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">1 year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 14.666666666666666666666666667%; background-color: #CCEEFF;">
              <div style="text-align: center;">$13,750 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div>M/T Eco Marina Del Ray</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Medium Range (&#8220;MR&#8221;) Tanker</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">Cargill</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">March 2024</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">-</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 14.666666666666666666666666667%; background-color: #FFFFFF;">
              <div style="text-align: center;">$15,100</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">57</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;"><u>Owned and operating Suezmax vessels:</u></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zad32c565d20f4e118b8db63057016640">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Eco Bel Air</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>157,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">April 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$24,500 / $27,500 / $29,000</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Eco Beverly Hills</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>157,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">BP Shipping Limited</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">May 2020</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$24,500 / $27,500 / $29,000</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;"><u>Chartered-in vessels under operating leases:</u></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zfa8de865604148e9b4e7647b391c819e">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Stenaweco Energy</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">February 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$15,616 / $17,350 / $18,100</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Stenaweco Evolution</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">Stena Weco A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">October 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$15,516 / $17,200 / $18,000</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;"><u>Joint Venture fleet (50% owned):</u></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc42f451efa854277b798d66bd533d4dc">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Deadweight</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">End of firm period</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 17.6%; background-color: #CCEEFF;">
              <div>M/T Eco Holmby Hills</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">March 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #CCEEFF;">
              <div style="text-align: center;">$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 17.6%; background-color: #FFFFFF;">
              <div>M/T Eco Palm Springs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">Clearlake Shipping Pte Ltd</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">May 2021</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">1+1 years</div>
            </td>
            <td valign="bottom" style="vertical-align: middle; width: 17.6%; background-color: #FFFFFF;">
              <div style="text-align: center;">$14,750 up to May 2020 and $15,175 thereafter / $15,550 / $16,550</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Competitive Strengths</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Experienced Management Team</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font>Our founder, President and Chief Executive Officer, Evangelos J. Pistiolis, has assembled a management team of senior executive officers, some of whom have been with us for more than 10
        years, with extensive experience in all aspects of the shipping industry and management of diversified fleets. Our management team&#8217;s experience encompasses the commercial, technical, management and financial areas of our business, and we believe
        that their extensive experience will promote focused marketing efforts, tight quality and cost controls, effective operations and safety.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Modern, Fuel Efficient Partly Scrubber Fitted Fleet</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font><font style="background-color: #FFFFFF;">All of our vessels have the latest-generation, fuel efficient design and specifications. Additionally, all our vessels have
          IMO II/III designation specifications that enable them to transport a wide variety of oil products, including certain chemical cargoes, which we believe will make our vessels attractive to a wide base of charterers. We believe that modern,
          fuel-efficient vessels like ours command higher charter rates than conventional vessels. </font>Furthermore three of our vessels have scrubbers installed.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Relationships with Well-Known Charterers</font><font style="background-color: #FFFFFF;">.</font><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">&#160;</font>We have built relationships with many well-known charterers, which we believe is the result of our reputation for reliable service, safety and dependability.
        Through a combination of fixed period time charters and spot charters, we have historically provided services to many national, regional and international oil companies, charterers and oil traders, including Shell, BP, ExxonMobil, Petrobras,
        ConocoPhillips, Pemex, Hellenic Petroleum, Glencore, Vitol and Trafigura. We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements and specifications of our charterers, which we believe
        will enable us to obtain repeat business from our customers. As of the date of this prospectus, all <font style="background-color: #FFFFFF;">of our vessels are employed on multi-year time charters, four with StenaWeco A/S, three with BP Shipping
          Limited, two with Shell and one with Dampskibsselskabet NORDEN A/S.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">58</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Business Strategy</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our business strategy is focused on expanding our fleet by identifying potential acquisition targets. Our acquisition strategy focuses on the acquisition and operation of the latest generation
        tankers with fuel-efficient specifications and sizes of greater than 38,000 dwt, consistent with our current fleet. We believe that recent advances in shipbuilding design and technology should make these latest generation vessels more
        fuel-efficient than older vessels that compete with us for charters, providing us with a competitive advantage over owners of older vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We may also invest in assets that are outside the focus of our business strategy, but are in line with our vessel owning and operating history, if we are presented with investment opportunities
        that we consider attractive. Historically, in addition to product/chemical tankers, we have owned and operated crude oil tankers and dry bulk vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Additionally, we aim to further nurture and maintain our relationships with participants in the international shipping industry, including leading charterers, national and independent oil
        companies, oil traders, brokers, suppliers, classification societies, insurers, shipyards and others.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The key elements of our business strategy are:</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Timely and Opportunistic Acquisitions</font>. We intend to grow our fleet through timely and selective acquisitions of modern, fuel efficient
        vessels. Our acquisition strategy focuses on the acquisition and operation of the latest generation tankers with fuel-efficient specifications and sizes of greater than 38,000 dwt. We also continuously monitor acquisition opportunities in various
        sectors of the shipping industry. We seek to identify, analyze and opportunistically invest in vessels as attractive opportunities arise.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Focus on high specification ECO modern tonnage</font>. All of the vessels in our fleet are built with the latest generation fuel-efficient
        design and specification, and we intend to focus our acquisition strategy on additional modern fuel-efficient vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Capitalize on relationships with high-quality customers</font>.<font style="font-weight: bold;">&#160;</font>We plan to continue to cultivate
        relationships with major international oil companies and other well-known charterers for our vessels in order to minimize counter party risk.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Occasionally, act opportunistically and take advantage of attractive market opportunities even if not in line with our principal growth strategy</font>.<font style="font-weight: bold;">&#160;</font>We may also invest in assets that are outside our principal growth strategy, but are in line with our vessel owning and operating history, if we are presented with investment opportunities that we consider
        attractive.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Management of our Fleet</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Fleet Manager provides all operational, technical and commercial management services for our fleet. Please see the section entitled &#8220;Monaco Letter Agreement, Management Agreements, and Other
        Agreements&#8221; herein.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Officers, Crewing and Employees</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, our employees include our executive officers and a number of administrative employees whose services are provided according to an agreement with Central Mare Inc
        (&#8220;Central Mare&#8221;), a related party affiliated with the family of Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. Please see the section entitled &#8220;Central Shipping Monaco Letter Agreement, Management Agreements, and Other
        Agreements&#8221; herein. In addition, our Fleet Manager is responsible for recruiting, mainly through a crewing agent, the senior officers and all other crew members for our vessels. We believe the streamlining of crewing arrangements will ensure that
        all our vessels will be crewed with experienced seamen that have the qualifications and licenses required by international regulations and shipping conventions.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">59</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Customers</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our customers include national, regional and international companies. We have historically derived a significant part of our revenue from a small number of charterers. In 2018, 100% of our revenue
        was derived from four charterers, 55% from Stena Weco A/S, 26% from BP Shipping Limited, 15% from DS Norden A/S and 4% from Central Tanker Chartering Inc, a related party affiliated with the family of Evangelos J. Pistiolis. In 2017, 100% of our
        revenue was derived from three charterers, 56% from Stena Weco A/S, 28% from BP Shipping Limited and 16% from DS Norden A/S. In 2016, 100% of our revenue was derived from three charterers, 54% from Stena Weco A/S, 38% from BP Shipping Limited and
        8% from DS Norden A/S. We strategically monitor developments in the tanker industry on a regular basis and, subject to market demand, seek to adjust the charter hire periods for our vessels according to prevailing market conditions.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Seasonality</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We operate our tankers in markets that have historically exhibited seasonal variations in demand and, therefore, charter rates. This seasonality may affect operating results. However, to the extent
        that our vessels are chartered at fixed rates on a long-term basis, seasonal factors will not have a significant direct effect on our business.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>Risk of Loss and Liability Insurance</u></div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">General</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances
        in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and
        operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution
        accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. While we maintain hull and machinery insurance, war risks insurance, protection and indemnity cover and
        freight, demurrage and defense cover for our operating fleet in amounts that we believe to be prudent to cover normal risks in our operations, we may not be able to achieve or maintain this level of coverage throughout a vessel&#8217;s useful life. We
        carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Insurance</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution insurance and war risk insurance and freight, demurrage and defense
        insurance for our fleet. Our vessels are covered up to at least their fair market value, with deductibles of $100,000 per vessel per incident. For any vessels that are under bareboat charters, the charterer is responsible for arranging and paying
        for all insurances that may be required.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&amp;I Associations, covers our third-party liabilities in connection with our shipping
        activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party
        property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual
        associations, or &#8220;clubs.&#8221;&#160; Cover is subject to the current statutory limits of liability and the applicable deductibles per category of claim.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 13 P&amp;I Associations that comprise the International Group insure approximately
        90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s website states that the Pool provides a mechanism for sharing all claims in excess of US$ 10
        million up to, currently, approximately US$ 8.2 billion.&#160; As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim
        records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>Environmental and Other Regulations in the Shipping Industry</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and
        regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and
        non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and
        implementation of certain operating procedures.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities
        such as the United States Coast Guard (&#8220;USCG&#8221;), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to
        obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation
        of one or more of our vessels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that
        emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with
        applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change
        and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious
        marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; font-weight: bold;">International Maritime Organization</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the &#8220;IMO&#8221;), has adopted the International Convention for the
        Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &#8220;MARPOL,&#8221; the International Convention for the Safety of Life at Sea of 1974 (&#8220;SOLAS
        Convention&#8221;), and the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious
        liquids and the handling of harmful substances in packaged forms.&#160; MARPOL is applicable to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I
        relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates
        to air emissions. Annex VI was separately adopted by the IMO in September of 1997.</div>
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      </div>
      <div style="text-indent: 36pt;">In 2012, the IMO&#8217;s Marine Environmental Protection Committee, or the &#8220;MEPC,&#8221; adopted a resolution amending the International Code for the Construction and Equipment of Ships Carrying Dangerous Chemicals in Bulk, or the
        &#8220;IBC Code.&#8221; The provisions of the IBC Code are mandatory under MARPOL and the SOLAS Convention. These amendments, which entered into force in June 2014, pertain to revised international certificates of fitness for the carriage of dangerous
        chemicals in bulk and identifying new products that fall under the IBC Code. All of our vessels comply with IBC Code regulations.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In 2013, the IMO&#8217;s Marine Environmental Protection Committee, or the &#8220;MEPC,&#8221; adopted a resolution amending MARPOL Annex I Condition Assessment Scheme, or &#8220;CAS.&#8221; These amendments became effective on October 1, 2014, and
        require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or &#8220;ESP Code,&#8221; which provides for enhanced inspection programs. All of our vessels comply with ESH Code
        requirements.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Air Emissions</font></div>
      <div style="text-indent: 36pt;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts
        and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global
        cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below.&#160; Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard
        incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. All our vessels are currently compliant in all material respects with these regulations.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Marine Environment Protection Committee, or MEPC, adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on
        July 1, 2010.&#160; The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October 27, 2016, at its 70th session,
        the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020.&#160; This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning
        systems.&#160; Once the cap becomes effective, ships will be required to obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;) Certificates from their flag states that specify sulfur content.&#160; Additionally, at MEPC 73,
        amendments to Annex VI to prohibit the carriage of bunkers above 0.5% Sulfur on ships were adopted and will take effect March 1, 2020.&#160; These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur
        substantial costs.</div>
      <div>Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Amended Annex VI
        establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area.&#160; Ocean-going vessels in these
        areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls.&#160; If other ECAs are approved by the IMO, or other new or
        more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could
        entail significant capital expenditures or otherwise increase the costs of our operations.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014,
        amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect.&#160; Under the amendments, Tier III NOx standards apply</div>
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      <div>to ships that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine diesel engine installed and constructed on or after January 1, 2016.&#160; Tier III requirements could apply to
        areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built after January 1, 2021. The EPA promulgated equivalent (and in some
        senses stricter) emissions standards in late 2009.&#160; As a result of these designations or similar future designations, we may be required to incur additional operating or other costs in the long term, taking into consideration that all our current
        fleet vessels are constructed prior January 1, 2016.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an
        IMO database, with the first year of data collection commencing on January 1, 2019.&#160; The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as
        discussed further below.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans (&#8220;SEEMPS&#8221;), and new
        ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;).&#160; Under these measures, by 2025, all new ships built will be 30% more energy efficient than those
        built in 2014. All of our vessels comply with standards.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">All of our vessels currently in service have been designed to operate effectively with HFO and ULHFO. Two of our vessels have been built as &#8220;scrubber ready&#8221; and three of our vessels have been built as &#8220;scrubber fitted&#8221;
        and applicable notations has been assigned by the Classification Society.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could
        adversely affect our business, results of operations, cash flows and financial condition.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Safety Management System Requirements</font></div>
      <div style="text-indent: 36pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a
        loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</div>
      <div><br>
      </div>
      <div>Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), our operations are also subject to environmental standards and requirements. The
        ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and
        procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of
        a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain
        ports.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a
        safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our
        offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.</div>
      <div><br>
      </div>
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      <div style="text-indent: 36pt;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution.
        Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers. The SOLAS Convention regulation II-1/3-10 on goal-based ship construction
        standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy
        applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards). All of our current fleet vessels&#8217; comply with respective
        SOLAS structural requirements.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective
        January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous
        goods, and (3) new mandatory training requirements.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;).&#160; As of February 2017, all seafarers are required to meet the STCW standards and be
        in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm
        compliance.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The IMO&#8217;s Maritime Safety Committee and MEPC, respectively, each adopted relevant parts of the International Code for Ships Operating in Polar Water (the &#8220;Polar Code&#8221;). The Polar Code, which entered into force on
        January 1, 2017, covers design, construction, equipment, operational, training, search and rescue as well as environmental protection matters relevant to ships operating in the waters surrounding the two poles. It also includes mandatory measures
        regarding safety and pollution prevention as well as recommendatory provisions.&#160; The Polar Code applies to new ships constructed after January 1, 2017, and after January 1, 2018, ships constructed before January 1, 2017 are required to meet the
        relevant requirements by the earlier of their first intermediate or renewal survey.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Furthermore, recent action by the IMO&#8217;s Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an
        attempt to combat cybersecurity threats. For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to create additional procedures for monitoring cybersecurity, which could
        require additional expenses and/or capital expenditures.&#160; The impact of such regulations is hard to predict at this time.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Pollution Control and Liability Requirements</font></div>
      <div style="text-indent: 36pt;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an
        International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments (the &#8220;BWM Convention&#8221;) in 2004. The BWM Convention entered into force on September 9, 2017.&#160; The BWM Convention requires ships to manage their ballast
        water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments.&#160; The BWM Convention&#8217;s implementing regulations call for a phased introduction of mandatory
        ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.&#160;All of our vessels comply with
        BWM Convention.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of BWM Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM
        Convention.&#160; This, in effect, makes all vessels delivered before the entry into force date</div>
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      <div>&#8220;existing vessels&#8221; and allows for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (&#8220;IOPP&#8221;) renewal survey following entry into force of the convention. The MEPC adopted
        updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention&#8217;s implementation dates was also discussed and amendments were introduced to extend the date existing vessels
        are subject to certain ballast water standards. &#160; Those changes were adopted at MEPC 72.&#160; Ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal
        waters.&#160; The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply
        with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ballast water management systems, which include
        systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water, must be approved in accordance with IMO Guidelines (Regulation D-3).&#160; All of our vessels
        are equipped with BWMS and comply with D-1/D-2 standards.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Once mid-ocean ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many
        countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from
        another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. All of our vessels comply with the BWM Convention.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 (&#8220;the CLC&#8221;). Under the CLC and depending
        on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of
        persistent oil, subject to certain exceptions.&#160; The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that
        the compensation limits on liability were raised.&#160; The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner&#8217;s actual fault and under the 1992 Protocol where the spill is caused by the shipowner&#8217;s
        intentional or reckless act or omission where the shipowner knew pollution damage would probably result.&#160; The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an
        owner&#8217;s liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable signatory states to issue
        certificates. All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &#8220;Bunker Convention&#8221;) to impose strict liability on ship owners (including the registered owner, bareboat
        charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for
        pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC).&#160; With respect to non-ratifying states, liability
        for spills or releases of oil carried as fuel in ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States where the CLC or the Bunker Convention has not been
        adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.&#160; All of our vessels are in possession of CLC for Bunker Oil Pollution Damage issued Certificate
        attesting that the required insurance coverage is in force.</div>
      <div><br>
      </div>
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      <div style="text-align: justify; font-style: italic;">Anti&#8209;Fouling Requirements</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems on Ships, or the &#8220;Anti&#8209;fouling Convention.&#8221; The Anti&#8209;fouling Convention, which entered into force on September&#160;17,
        2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial
        survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first time; and subsequent surveys when the anti&#8209;fouling systems are altered or replaced. We have obtained Anti&#8209;fouling System
        Certificates for all of our vessels that are subject to the Anti&#8209;fouling Convention.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Compliance Enforcement</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected
        vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S.
        and European Union ports, respectively. As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future<font style="font-weight: bold;">.</font>&#160;
        The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">United States Regulations</div>
      <div style="margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The U.S. Oil Pollution Act of 1990 (&#8220;OPA&#8221;) established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all &#8220;owners and
        operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200 nautical mile exclusive economic zone around the U.S.&#160; The
        U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and
        CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160; Both OPA and CERCLA impact our operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of
        God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel).&#160; OPA defines these other damages broadly to include:</div>
      <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;injury to, or economic losses resulting from, the destruction of real and personal property;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;loss of subsistence use of natural resources that are injured, destroyed or lost;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or
        natural resources;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">66</font></div>
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      <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or
        health hazards, and loss of subsistence use of natural resources.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs.&#160; Effective December 21, 2015, the USCG adjusted the limits of OPA liability for a tank vessel,
        other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,200 per gross ton or $18,796,800 (subject to periodic adjustment for inflation).&#160; These limits of liability do not apply if an incident was proximately
        caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party&#8217;s gross negligence
        or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and
        assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for injury to, or destruction or loss of,
        natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a
        third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other
        vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause
        of the release was a violation of applicable safety, construction or operating standards or regulations.&#160; The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and
        assistance as requested in connection with response activities where the vessel is subject to OPA.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law.&#160; OPA and CERCLA both require owners and operators of vessels to establish and maintain
        with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by
        providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. All of our vessels comply with the USCG&#8217;s financial responsibility regulations by providing applicable certificates of financial responsibility.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The 2010 <font style="font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under
        OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities.&#160; However, several of these initiatives and regulations have been or may be revised.&#160; For example, the U.S. Bureau of Safety and
        Environmental Enforcement&#8217;s (&#8220;BSEE&#8221;) revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR.&#160; Additionally, the BSEE released proposed
        changes to the Well Control Rule, which could roll back certain reforms regarding the safety of drilling operations, and the U.S. President proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling, expanding the
        U.S. waters that are available for such activity over the next five years.&#160; The effects of these proposals are currently unknown.&#160; Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our
        vessels could impact the cost of our operations and adversely affect our business.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">67</font></div>
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      <div style="text-indent: 36pt;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability
        established under OPA and some states have enacted legislation providing for unlimited liability for oil spills.&#160; Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person
        for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance.&#160; These laws may be more stringent than U.S. federal law.&#160; Moreover, some states have enacted legislation providing for unlimited liability for
        discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&#8217; responsibilities under these laws. We currently comply with
        all applicable state regulations in the ports where our vessels call.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance
        coverage, it could have an adverse effect on our business and results of operation.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Other United States Environmental Initiatives</font></div>
      <div style="text-indent: 36pt;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (&#8220;CAA&#8221;) requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels
        are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. The CAA also requires states to draft State Implementation Plans, or
        SIPs, designed to attain national health-based air quality standards in each state. Although state-specific, SIPs may include regulations concerning emissions resulting from vessel loading and unloading operations by requiring the installation of
        vapor control equipment. Our vessels operating in such regulated port areas with restricted cargoes are equipped with vapor recovery systems that satisfy these existing requirements.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The U.S. Clean Water Act (&#8220;CWA&#8221;) prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in
        the form of penalties for any unauthorized discharges.&#160; The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA.&#160; In 2015, the EPA expanded the
        definition of &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), thereby expanding federal authority under the CWA.&#160; Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the Army proposed a revised, limited definition
        of &#8220;waters of the United States.&#8221;&#160; The proposed rule was published in the Federal Register on February 14, 2019 and was subject to public comment. The effect of this proposal on U.S. environmental regulations is still unknown.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the
        implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters.&#160; The EPA will regulate these ballast water discharges and other discharges
        incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018 and will replace the 2013 Vessel General Permit (&#8220;VGP&#8221;)
        program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas
        scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act (&#8220;NISA&#8221;), such as mid-ocean ballast exchange
        programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters.&#160;VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean
        Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance, and enforcement regulations within two years of EPA&#8217;s
        promulgation of standards.&#160; Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized.&#160; Non-military, non-recreational
        vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for all our
        vessels where required.</div>
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      <div style="text-align: justify; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; font-weight: bold;">European Union Regulations</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with
        intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The
        directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines
        and increased civil liability claims.&#160; Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from
        maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually starting on January 1, 2018, which may cause us to incur additional expenses.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the
        number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with
        greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented
        regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content
        of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in EU ports.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Greenhouse Gas Regulation</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force
        in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020.&#160; International negotiations are continuing with respect to a successor to the
        Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce
        greenhouse gas emissions.&#160; The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships.&#160; On June 1, 2017,
        the U.S. President announced that the United States intends to withdraw from the Paris Agreement.&#160; The timing and effect of such action has yet to be determined, but the Paris Agreement provides for a four-year exit process.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In
        accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships.&#160; The initial strategy identifies &#8220;levels of ambition&#8221; to reducing greenhouse gas emissions, including (1)
        decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing
        efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely.&#160; The initial strategy notes
        that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition.&#160; These regulations could cause us to incur additional substantial expenses.</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">69</font></div>
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      <div style="text-indent: 36pt;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol&#8217;s
        second period from 2013 to 2020.&#160; Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and
        proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. President signed an executive order to review and possibly eliminate the EPA&#8217;s plan to cut greenhouse gas emissions.&#160; The EPA or
        individual U.S. states could enact environmental regulations that would affect our operations.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to
        succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control
        legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</div>
      <div style="text-align: justify; margin-bottom: 12pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; font-weight: bold;">International Labor Organization</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The International Labor Organization (the &#8220;ILO&#8221;) is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&#8220;MLC 2006&#8221;). A Maritime Labor Certificate and a Declaration
        of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade.&#160; All our vessels are in substantial compliance with and are certified to meet MLC 2006.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;"><u>Vessel Security Regulations</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation
        Security Act of 2002 (&#8220;MTSA&#8221;). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States
        and at certain ports and facilities, some of which are regulated by the EPA.</div>
      <div style="text-indent: 36pt; margin-bottom: 10pt;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facilities
        Security Code (&#8220;the ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate (&#8220;ISSC&#8221;) from a recognized security
        organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC.&#160; The various requirements, some of which are found in the SOLAS
        Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including
        information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security
        plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel&#8217;s history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which
        the ship was registered with that state, the ship&#8217;s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification
        requirements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">70</font></div>
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      <div style="text-indent: 36pt; margin-bottom: 12pt;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC
        that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. All of our vessels comply with the various security measures
        addressed by MTSA, the SOLAS Convention and the ISPS Code.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and
        Arabian Sea area.&#160; Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in
        taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP4 industry standard.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>Inspection by Classification Societies</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and
        seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by a
        classification society which is a member of the International Association of Classification Societies, the IACS.&#160; The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or
        after July 1, 2015.&#160; The Rules attempt to create a level of consistency between IACS Societies.&#160; All of our vessels are certified as being &#8220;in class&#8221; by all the applicable Classification Societies (e.g., DNV-GL, American Bureau of Shipping, Lloyd&#8217;s
        Register of Shipping).</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a continuous survey cycle, under which the
        machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel.&#160; If any vessel does not maintain its class and/or fails any
        annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements.
        Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">71</font></div>
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      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">Directors and Senior Management</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Set forth below are the names, ages and positions of our directors, executive officers and key employees. Members of our Board of Directors are elected annually on a staggered basis and each
        director elected holds office for a three-year term.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Officers are elected from time to time by vote of our Board of Directors and hold office until a successor is elected.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z85bf36604fb7401a9ebf43eb6ec57440">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Name</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Age</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Position</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Evangelos J. Pistiolis</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="text-align: center;">46</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Director, President, Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Alexandros Tsirikos</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="text-align: center;">45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Director, Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Konstantinos Patis</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="text-align: center;">45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Chief Technical Officer</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Konstantinos Karelas</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="text-align: center;">46</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Independent Non-Executive Director</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Stavros Emmanouil</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="text-align: center;">76</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Independent Non-Executive Director</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Paolo Javarone</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="text-align: center;">45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #FFFFFF;">
              <div style="text-align: justify;">Independent Non-Executive Director</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Vangelis G. Ikonomou</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="text-align: center;">54</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Chief Operating Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">Biographical information with respect to each of our directors and executives is set forth below.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Evangelos J. Pistiolis</font><font style="background-color: #FFFFFF;"> founded our Company in 2000, is our President and Chief Executive
          Officer, and has served on our Board of Directors since July 2004. Mr. Pistiolis graduated from Southampton Institute of Higher Education in 1999, where he studied shipping operations and from Technical University of Munich in 1994 with a
          bachelor&#8217;s degree in mechanical engineering. His career in shipping started in 1992 when he was involved with the day-to-day operations of a small fleet of drybulk vessels. From 1994 through 1995, he worked at Howe Robinson &amp; Co. Ltd., a
          London shipbroker specializing in container vessels. While studying at the Southampton Institute of Higher Education, Mr. Pistiolis oversaw the daily operations of Compass United Maritime Container Vessels, a ship management company located in
          Greece.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Alexandros Tsirikos</font><font style="background-color: #FFFFFF;"> has served as our Chief Financial Officer since April 1, 2009. Mr.
          Tsirikos is a U.K. qualified Chartered Accountant (ACA) and has been employed with TOP Ships Inc. since July 2007 as our Corporate Development Officer. Prior to joining TOP Ships Inc., Mr. Tsirikos was a manager with PricewaterhouseCoopers, or
          PwC, where he worked as a member of the PwC Advisory team and the PwC Assurance team, thereby drawing experience both from consulting as well as auditing. As a member of PwC&#8217;s Advisory team, he led and participated in numerous projects in the
          public and the private sectors, including strategic planning and business modeling, investment analysis and appraisal, feasibility studies, costing and project management. As a member of the PwC&#8217;s Assurance team, Mr. Tsirikos was part of the
          International Financial Reporting Standards, or IFRS, technical team of PwC Greece and lead numerous IFRS conversion projects for listed companies. He holds a Master&#8217;s of Science in Shipping Trade and Finance from City University of London and a
          Bachelor&#8217;s degree with Honors in Business Administration from Boston University in the United States. He speaks English, French and Greek.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Konstantinos Patis</font><font style="background-color: #FFFFFF;"> has served as our Chief Technical Officer since January 2018. Mr.
          Patis holds a Master&#8217;s of Science and a Bachelor&#8217;s degree, both in Marine Engineering from the University of Newcastle upon Tyne in the UK, as well as a Bachelor&#8217;s degree in Naval Architecture from the Technological Educational Institute of
          Athens, in Greece. He started his carrier in 1997 acting as a Superintendent Engineer, thereafter as Fleet Manager and from 2014 as Technical Manager in various ship management companies in Greece, like Cyprus Sea Lines, Technomar Shipping,
          Aeolian Investments, Arion Shipping operating diverse fleets of Tankers, Bulk Carriers and Containers and was involved in the technical supervision, repairs, dry docks and construction of new projects.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">72</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Konstantinos Karelas</font><font style="background-color: #FFFFFF;"> has served on our Board of Directors and has been member of the
          Audit Committee since April 2014. Since 2008, Mr. Karelas has served as the President and CEO of Europe Cold Storages SA, one of the leading companies in the field of refrigeration logistics.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Stavros Emmanouil</font><font style="background-color: #FFFFFF;"> has served on our Board of Directors since December 31</font>, 2017 and
        has been member of the Audit Committee since December 2018<font style="background-color: #FFFFFF;">. Captain Stavros Emmanouil has 47 years of experience in the shipping industry and expertise in operation and chartering matters. He obtained a
          Naval Officers degree from ASDEN Nautical Academy of Aspropyrgos, Greece and earned a Master Mariners degree in 1971. He has worked in various management capacities at Compass United Maritime and Primal Tankers Inc. From 2004 to 2009 he was the
          Chief Operating Officer of the Company. After leaving the Company, Captain Stavros Emmanuel has been an independent advisor to various shipping companies.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Paolo Javarone</font><font style="background-color: #FFFFFF;"> has served on our Board of Directors since September 1, 2014. Mr. Javarone
          is a member of the Italian Shipbrokers Association. From 2000, Mr. Javarone has been working for Sernavimar S.R.L., one of the most reputable shipbroking houses in Italy, which cooperates with many of the oil major companies and trading
          associations of the industry. From 1994 to 2000, Mr. Javarone worked for Genoa Sea Brokers in the tanker wing of the company specializing in clean petroleum products and edible markets. Previously, Mr. Javarone worked for S.a.n.a. Eur, a company
          based in Rome Italy, where he was tasked with supplying energy and offshore supply. Before S.a.n.a., Mr. Javarone worked for Sidermar di Navigazione S.P.A. in the dry cargo field. Mr. Javarone holds a Shipbroker degree from National Agents
          Association Shipbroking School in Italy and a degree in Shipping Economics and Law from Nautical Maritime School in Italy.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">Vangelis G. Ikonomou&#160;</font><font style="background-color: #FFFFFF;">is our Chief Operating Officer. Prior to joining us, Mr. Ikonomou
          was the Commercial Director of Primal Tankers Inc. From 2000 to 2002, Mr. Ikonomou worked with George Moundreas &amp; Company S.A. where he was responsible for the purchase and sale of second-hand vessels and initiated and developed a shipping
          industry research department. Mr. Ikonomou worked, from 1993 to 2000, for Eastern Mediterranean Maritime Ltd., a ship management company in Greece, in the commercial as well as the safety and quality departments. Mr. Ikonomou holds a Master&#8217;s
          degree in Shipping Trade and Finance from the City University Business School in London, a bachelor&#8217;s degree in Business Administration from the University of Athens in Greece and a Navigation Officer Degree from the Higher State Merchant Marine
          Academy in Greece.</font></div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">Compensation</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We have changed our compensation policy a number of times in the past and as of January 1, 2019 the fees we pay for the provision of all our executive officers are set to $0.36 million per annum,
        representing a reduction of 85% from previous levels.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 1, 2010, we entered into separate agreements with Central Mare, a related party affiliated with the family of Evangelos J. Pistiolis, our President, Chief Executive Officer and
        Director, pursuant to which Central Mare furnishes our four executive officers as described below.&#160; During the fiscal year ended December 31, 2018, we paid to the members of our senior management and to our director&#8217;s aggregate compensation of $4.7
        million. We do not have a retirement plan for our officers or directors.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the terms of the agreement for the provision of our Chief Executive Officer, we are obligated to pay annual base salary and a minimum cash bonus. The initial term of the agreement expired on
        August 31, 2014 and is automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then applicable term.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If our Chief Executive Officer&#8217;s employment is terminated without cause, he is entitled to certain personal and household security costs. If he is removed from our Board of Directors or not
        re-elected, then his employment terminates automatically without prejudice to Central Mare&#8217;s rights to pursue damages for such termination. In the event of a change of control, the Chief Executive Officer is entitled to receive a cash payment of
        ten million Euros. The agreement also contains death and disability provisions. In addition, the Chief Executive Officer is subject to non-competition and non-solicitation undertakings.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">73</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the terms of the agreement for the provision of our Chief Operating Officer, we are obligated to pay annual base salary and additional incentive compensation as determined by our Board of
        Directors. The initial term of the agreement expired on August 31, 2011 and is automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then
        applicable term. In the event of a change of control, he is entitled to receive a cash payment of three years&#8217; annual base salary. The agreement also contains death and disability provisions. In addition, our Chief Operating Officer is subject to
        non-competition and non-solicitation undertakings.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the terms of the agreement for the provision of our Chief Financial Officer, we are obligated to pay annual base salary. The initial term of the agreement expired on August 31, 2012, and is
        automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then applicable term.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If our Chief Financial Officer is removed from our Board of Directors or not re-elected, then his employment terminates automatically without prejudice to Central Mare&#8217;s rights to pursue damages
        for such termination. In the event of a change of control, our Chief Financial Officer is entitled to receive a cash payment equal to three years&#8217; annual base salary. The agreement also contains death and disability provisions. In addition, our
        Chief Financial Officer is subject to non-competition and non-solicitation undertakings.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our agreement for the provision of our Chief Technical Officer, we are obligated to pay annual base salary. The initial term of the agreement expired on August 31, 2011, however
        the agreement is being automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then applicable term. In the event of a change of control, the
        Chief Technical Officer is entitled to receive a cash payment equal to three years&#8217; annual base salary. In addition, our Chief Technical Officer is subject to non-competition and non-solicitation undertakings.</div>
      <div style="text-align: justify; font-weight: bold;">Board Practices</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors is divided into three classes. Members of our Board of Directors are elected annually on a staggered basis, and each director elected holds office for a three-year term. We
        currently have two executive directors and three independent non-executive directors. The term of our Class I directors, Stavros Emmanuel and Evangelos J. Pistiolis expires at the annual general meeting of shareholders in 2020. The term of our
        Class II directors, Paolo Javarone and Konstantinos Karelas, expires at the annual general meeting of shareholders in 2021. The term of our Class III director, Alexandros Tsirikos, expires at the annual general meeting of shareholders in 2019.</div>
      <div style="text-align: justify; font-weight: bold;">Committees of our Board of Directors</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We currently have an audit committee composed of three independent members, which are responsible for reviewing our accounting controls and recommending to our Board of Directors, the engagement of
        our outside auditors. Konstantinos Karelas, Paolo Javarone and Stavros Emmanouil, whose biographical details are included in the section entitled &#8220;Directors and Senior Management&#8221; above in this prospectus, are the members of the audit committee,
        and our Board of Directors has determined that they are independent under the Nasdaq corporate governance rules.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our compensation committee and nominating and governance committees are currently composed of the following three members: Konstantinos Karelas, Paolo Javarone and Stavros Emmanouil. The
        compensation committee carries out our Board of Directors&#8217; responsibilities relating to compensation of our executive and non-executive officers and provides such other guidance with respect to compensation matters as the committee deems
        appropriate. The nominating and governance committee assists our Board of Directors in: (i) identifying, evaluating and making recommendations to our Board of Directors concerning individuals for selections as director nominees for the next annual
        meeting of stockholders or to otherwise fill vacancies on our Board of Directors; (ii) developing and recommending to our Board of Directors a set of corporate governance guidelines and principles applicable to the Company; and (iii) reviewing the
        overall corporate governance of the Company and recommending improvements to our Board of Directors from time to time.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">74</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As a foreign private issuer, we are exempt from certain Nasdaq requirements that are applicable to U.S. domestic companies.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Employees</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We have only one direct employee while our four executive officers and a number of administrative employees are furnished to us pursuant to agreements with Central Mare, as described above. Our
        Fleet Manager ensures that all seamen have the qualifications and licenses required to comply with international regulations and shipping conventions, and that our vessels employ experienced and competent personnel. As of December 31, 2016, 2017
        and 2018, we employed 131, 154 and 173 sea going employees, indirectly through our sub-managers.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">75</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth the beneficial ownership of our common shares, as of September 10, 2019, held by: (i) each person or entity that we know beneficially owns 5% or more of our common
        shares and (ii) all our executive officers, directors and key employees as a group. Beneficial ownership is determined in accordance with the SEC&#8217;s rules. In computing percentage ownership of each person, common shares subject to options held by
        that person that are currently exercisable or convertible, or exercisable or convertible within 60 days are deemed to be beneficially owned by that person. These shares, however, are not deemed outstanding for the purpose of computing the
        percentage ownership of any other person. All of the shareholders, including the shareholders listed in this table, are entitled to one vote for each common share held.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="ze194407d9a4f40658dd38dd9b0391ea1">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: justify; font-weight: bold;">Name and Address of Beneficial Owner</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Number of Shares Owned</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Percent of Class</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Lax Trust</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>4,931,646</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>75.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">&#160;The above information is derived, in part,&#160;from the Schedule 13D/A filed with the SEC on August 22, 2019 as updated for subsequent corporate events. The
          Lax Trust is an irrevocable trust established for the benefit of certain family members of Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. The business address of the Lax&#160;Trust is Level 3, 18 Stanley Street, Auckland
          1010, New Zealand. The above percentage ownership is based on 6,516,904 common shares outstanding, which is calculated for purposes of the Schedule 13D/A by taking the sum of (i) </font>1,585,258<font style="background-color: #FFFFFF;"> common
          shares outstanding, and (ii) </font><font style="background-color: #FFFFFF;">4,931,646 common shares issuable upon the conversion of 23,376 Series E Preferred Shares held by Family Trading, all figures being as of </font>September 10<font style="background-color: #FFFFFF;">, 2019. The Lax Trust may also be deemed to hold all of the 100,000 outstanding shares of our Series D Preferred Stock.&#160;Each Series D Preferred Share carries 1,000 votes.&#160;By its ownership of 100% of our Series D
          Preferred Shares, Lax Trust has control over our actions.</font></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">As of September 9, 2019, we had 1 shareholder of record, which was located in the United States and held an aggregate of all of our common shares. However,
          the U.S. shareholder of record is Cede &amp; Co., which held our common shares. We believe that the shares held by Cede &amp; Co. include common shares beneficially owned by both holders in the United States and non-U.S. beneficial owners. We are
          not aware of any arrangements the operation of which may at a subsequent date result in our change of control.</font></div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">76</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Newbuilding Vessel Acquisitions</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">Between February 2018 and January 2019, we entered into a series of transactions regarding the purchase of our newbuilding and joint venture vessels</font>.
        For more information, please see &#8220;Item&#160;4. Information on the Company&#8212;A. History and Development of the Company&#8212;Recent Developments.&#8221; of our Annual Report on Form 20-F for the year ended December 31, 2018, which is incorporated herein by reference.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Central Mare Letter Agreement, Management Agreements, and Other Agreements:</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 1, 2010, we entered into separate agreements with Central Mare pursuant to which Central Mare furnishes our executive officers to us. On January 1, 2019, Central Mare reduced the fees
        we pay for the provision of our executive officers to $0.03 million per month.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Central Shipping Inc New Letter Agreement and Management Agreements</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On January 1, 2019, we terminated the Letter Agreement with Central Shipping Monaco without incurring any penalties and on the same date we entered into a new letter agreement, or the New Letter
        Agreement, with Central Shipping Inc (&#8220;CSI&#8221;), a related party controlled by the family of Mr. Evangelos Pistiolis, and on the same date we entered into management agreements between CSI and its vessel-owning subsidiaries.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The New Letter Agreement can only be terminated on eighteen months&#8217; notice, subject to a termination fee equal to twelve months of fees payable under the New Letter Agreement.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the New Letter Agreement, management fees remain the same except for the fact that the technical and the commercial management fees have been consolidated into one daily management fee
        and this has been reduced from $923 to $550 per day. Furthermore, the fee per day for superintendent visits has been reduced from $541 to $500.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The New Letter Agreement and the management agreements have an initial term of five years, after which they will continue to be in effect until terminated by either party subject to an eighteen
        month advance notice of termination.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Charter Party with Central Tankers Chartering Inc</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On September 1, 2017 we entered into a time charter party with Central Tankers Chartering Inc (&#8220;Central Tankers Chartering&#8221;), a related party affiliated with the family of Evangelos J. Pistiolis,
        for the vessel M/T Eco Palm Desert. The time charter is for a firm period of three years at a daily rate of $14,750 with two optional years at daily rates of $15,250 and $15,750 respectively, at Central Tankers Chartering&#8217;s option. On April 1, 2019
        the Charter Party with Central Tankers Chartering was terminated without any penalties and the vessel started a time charter with Shell Tankers Singapore Private Limited (&#8220;Shell&#8221;) until September 2020. The time charter with Shell consists of a
        fixed amount per day plus a 50% profit share for earned rates over the fixed amount into a time.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Issuance of Series D Preferred Stock</div>
      <div style="text-indent: 36pt;">On May 8, 2017, we issued 100,000 shares of Series D Preferred Shares to Tankers Family Inc., a company controlled by Lax Trust, which is an irrevocable trust established for the benefit of certain family members of
        Evangelos Pistiolis, for $1,000 pursuant to a stock purchase agreement. Each Series D Preferred Share has the voting power of one thousand (1,000) common shares.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">77</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On April 21, 2017, we were informed by ABN Amro Bank that we were in breach of a loan covenant that requires that any member of the family of Mr. Evangelos Pistiolis, maintain an ownership interest (either directly
        and/or indirectly through companies beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of 30% of our outstanding Common Shares. ABN Amro Bank
        requested that either the family of Mr. Evangelos Pistiolis maintain an ownership interest of at least 30% of the outstanding common shares or maintain a voting rights interest of above 50% in us. In order to regain compliance with the loan
        covenant, we issued the Series D Preferred Shares.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Issuance of Series E Perpetual Convertible Preferred Stock</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On April 1, 2019, we announced the sale of 27,129 newly issued Series E Perpetual Convertible Preferred Stock at a price of $1,000 per share with Family Trading Inc., a company organized under the
        laws of the Marshall Islands and related to Evangelos Pistiolis, our President, Chief Executive Officer and director, or Family Trading, in exchange for the full and final settlement of $24.7 million of principal and $2.4 million of accrued fees
        and interest of the loan facility between us and Family Trading dated December 23, 2015, as amended. On June 30, 2019 we issued 1,029 Series E Preferred Shares in lieu of a cash dividend on the then outstanding Series E Preferred Shares to Family
        Trading. On July 25 and August 9, 2019 we redeemed 3,043 and 1,739 of Series E Preferred Shares for $3.5 million and $2.0 million, respectively.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For a more detailed description of related party transactions please see &#8220;Item 18. Financial Statements&#8212;Note 5&#8212;Transactions with Related Parties.&#8221; of our Annual Report on Form 20-F for the year
        ended December 31, 2018, which is incorporated herein by reference.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">78</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our corporate affairs are governed by our third amended and restated articles of incorporation, amended and restated bylaws and the BCA. The provisions of the BCA resemble provisions of the
        corporation laws of a number of states in the United States, including Delaware. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative
        provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands, and we cannot predict whether Marshall Islands courts would reach the same conclusions as Delaware or other courts in the United States. Accordingly,
        you may have more difficulty in protecting your interests under Marshall Islands law in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction that
        has developed a substantial body of case law. Further, the Marshall Islands lacks a bankruptcy statute, and in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving the Company, the
        bankruptcy laws of the United States or of another country having jurisdiction over the Company would apply. The following table provides a comparison between certain statutory provisions of the BCA and the Delaware General Corporation Law relating
        to shareholders&#8217; rights.</div>
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              <div style="text-align: center; font-weight: bold;">Marshall Islands</div>
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            <td style="width: 50%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Delaware</div>
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          </tr>
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              <div style="text-align: center; font-weight: bold;">Shareholder Meetings</div>
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            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
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          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Held at a time and place as designated in the bylaws.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">May be held in or outside of the Marshall Islands.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">May be held in or outside of Delaware.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Notice:</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">Notice:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160; &#160; &#160; &#160;&#160;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an
                annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">&#8226;&#160;&#160;&#160;&#160;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote
                communication, if any.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160; &#160; &#160; &#160;&#160;A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 9pt;">&#8226;&#160; &#160;&#160;Written notice shall be given not less than 10 nor more than 60 days before the meeting.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: middle;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Shareholders&#8217; Voting Rights</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Any action required to be taken by a meeting of shareholders may be taken without a meeting if consent is in writing and is signed by all the shareholders entitled to vote with respect to the subject matter
                thereof.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of
                votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">79</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
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      <table cellspacing="0" cellpadding="0" id="zb1a26cfcad404fe2b5ab81bd7d740962" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div>Any person authorized to vote may authorize another person or persons to act for him by proxy.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">Any person authorized to vote may authorize another person or persons to act for him by proxy.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 9.2pt;">Unless otherwise provided in the articles of incorporation, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the common shares entitled
                to vote at a meeting.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares
                entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">The articles of incorporation may provide for cumulative voting in the election of directors.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">The certificate of incorporation may provide for cumulative voting in the election of directors.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">The board of directors must consist of at least one member.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">The board of directors must consist of at least one member.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div>Removal:</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div>Removal:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div> &#160;</div>
              <div style="margin-right: 4.7pt;">&#8226;&#160;&#160;&#160;&#160;&#160;If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</div>
              <div>&#8226;&#160;&#160;&#160;&#160;&#160;Any or all of the directors may be removed for cause by vote of the shareholders.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">&#8226;&#160;&#160;&#160;&#160;&#160;Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote at an election of directors except: (1) unless the certificate of
                incorporation otherwise provides, in the case of a corporation whose board is classified, stockholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed,
                no director may be removed without cause if the votes cast against such director&#8217;s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of
                directors, at an election of the class of directors of which such director is a part.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: middle;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Directors</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Number of board members can be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">Number of board members shall be fixed by, or in the manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made
                only by amendment to the certificate of incorporation.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">If the board of directors is authorized to change the number of directors, it can only do so by a majority of the entire board of directors and so long as no decrease in the number shortens the term of any
                incumbent director.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">80</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
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      <div><br>
      </div>
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          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Dissenter&#8217;s Rights of Appraisal</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
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          <tr>
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              <div style="margin-right: 4.7pt;">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their
                shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares is not available for the shares of any class or series of stock, which shares at the record date fixed to
                determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either: (i) listed on a securities exchange or admitted for trading on an
                interdealer quotation system or (ii) held of record by more than 2,000 holders.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of
                corporations <font style="background-color: #FFFFFF;">listed on a national securities exchange in which listed shares are the offered consideration or if such shares are held of record by more than 2,000 holders</font>.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the
                amendment:</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;Alters or abolishes any preferential right of any outstanding shares having preferences; or</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;Creates, alters or abolishes any provision or right in respect to the redemption of any outstanding shares.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">&#160;</td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: middle;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It
                shall be made to appear that the plaintiff is such a holder at the time the action is brought and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him
                by operation of law.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="margin-right: 4.5pt;">In any derivative suit instituted by a shareholder or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he
                complains or that such shareholder&#8217;s stock thereafter devolved upon such shareholder by operation of law.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">81</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z73a8d101cab14c198c9917b6c6dda1f7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or the reasons for not making such effort. Such action shall not
                be discontinued, compromised or settled without the approval of the High Court of the Republic of the Marshall Islands.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">Attorneys&#8217; fees may be awarded if the action is successful.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: middle;">&#160;</td>
            <td style="width: 52.84%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 47.16%; vertical-align: top;">
              <div style="margin-right: 4.7pt;">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the common shares have a value of less
                than $50,000.</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">82</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TAXATION</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following is a discussion of the material Marshall Islands and U.S. federal income tax considerations relevant to a U.S. Holder and a Non-U.S. Holder, each as defined below, with respect to an
        investment in the common shares offered hereunder. This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some of which, such as financial institutions, regulated investment
        companies, real estate investment trusts, tax-exempt organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, traders in securities that have
        elected the mark-to-market method of accounting for their securities, persons liable for alternative minimum tax, dealers in securities or currencies, U.S. Holders, as defined below, whose functional currency is not the U.S. dollar, persons
        required to recognize income for U.S. federal income tax purposes no later than when such income is included on an &#8220;applicable financial statement&#8221; and investors that own, actually or under applicable constructive ownership rules, 10% or more of
        our common shares, may be subject to special rules. This discussion deals only with holders who acquire our common shares in connection with this offering and hold the common shares as a capital asset. You are encouraged to consult your own tax
        advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or non-U.S. law of the ownership of our common shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Marshall Islands Tax Consequences</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We are incorporated in the Republic of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will
        be imposed upon payments of dividends by us to our shareholders.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">U.S. Federal Income Tax Consequences</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following are the material United States federal income tax consequences to us of our activities and to U.S. Holders and non-U.S. Holders, each as defined below, of our common shares. The
        following discussion of U.S. federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S.
        Department of the Treasury (the &#8220;Treasury Regulations&#8221;), all of which are subject to change, possibly with retroactive effect. The discussion below is based, in part, on the description of our business as described in this prospectus and assumes
        that we conduct our business as described herein. Except as otherwise noted, this discussion is based on the assumption that we will not maintain an office or other fixed place of business within the United States. References in the following
        discussion to &#8220;we&#8221; and &#8220;us&#8221; are to Top Ships Inc. and its subsidiaries on a consolidated basis.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">U.S. Federal Income Taxation of Our Company</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Taxation of Operating Income: In General</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Unless exempt from U.S. federal income taxation under the rules discussed below, a foreign corporation is subject to U.S. federal income taxation in respect of any income that is derived from the
        use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangements or other joint
        venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as &#8220;shipping income,&#8221; to the extent that the shipping income is derived from
        sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States constitutes income from sources within the United
        States, which we refer to as &#8220;U.S.-source shipping income.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law to engage
        in transportation that produces income which is considered to be 100% from sources within the United States.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">83</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from sources
        outside the United States will not be subject to any U.S. federal income tax.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In the absence of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income would be subject to a 4% tax imposed without allowance for deductions as described below.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Exemption of Operating Income from U.S. Federal Income Taxation</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under Section 883 of the Code and the regulations there under, we will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z384e307237fd49f3b065dfb041695590" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>we are organized in a foreign country, or our country of organization, that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z586b9fc5096048a9871da0892c8c08c6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>either</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zacb5982f866c4b9ba63cf540f9c93d39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>more than 50% of the value of our stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of our country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized
                    in the United States (each such individual a &#8220;qualified shareholder&#8221; and such individuals collectively, &#8220;qualified shareholders&#8221;), which we refer to as the &#8220;50% Ownership Test,&#8221; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zce0e9c94a01e4ac1be9c933441a9fd4a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>our stock is &#8220;primarily and regularly traded on an established securities market&#8221; in our country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the United States, which we refer
                    to as the &#8220;Publicly-Traded Test.&#8221;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Marshall Islands and Liberia, the jurisdictions where we and our ship-owning subsidiaries are incorporated, each grant an &#8220;equivalent exemption&#8221; to U.S. corporations. Therefore, we will be
        exempt from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Based on information provided in Schedule 13D and Schedule 13G filings with the SEC and ownership certificates that we obtained from certain of our shareholders, we believe that we meet the
        Publicly Traded Test for the taxable year 2018 and intend to take this position on our U.S. federal income tax return or the 2018 year.&#160; &#160; As discussed below, this is a factual determination made on an annual basis, and no assurance can be given
        that we will satisfy the Publicly-Traded Test in future taxable years. We do not currently anticipate circumstances under which we would be able to satisfy the 50% Ownership Test.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market if the number of shares of each
        class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single
        country. Our common shares are and we anticipate will continue to be &#8220;primarily traded&#8221; on the Nasdaq Capital Market.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the Treasury Regulations, our common shares will be considered to be &#8220;regularly traded&#8221; on an established securities market if one or more classes of our stock representing more than 50% of
        our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, is listed on the market, which we refer to as the &#8220;listing threshold.&#8221; Since our common shares are listed on the Nasdaq Capital Market,
        we will satisfy the listing threshold.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">84</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">It is further required that with respect to each class of stock relied upon to meet the listing threshold, (i) such class of stock be traded on the market, other than in minimal quantities, on at
        least 60 days during the taxable year or one-sixth of the days in a short taxable year, which we refer to as the &#8220;trading frequency test&#8221;; and (ii) the aggregate number of shares of such class of stock traded on such market is at least 10% of the
        average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year, which we refer to as the &#8220;trading volume test.&#8221; We believe we will satisfy the trading frequency and
        trading volume tests. Even if this were not the case, the Treasury Regulations provide that the trading frequency and trading volume tests will be deemed satisfied if, as is the case with our common shares, such class of stock is traded on an
        established securities market in the United States and such stock is regularly quoted by dealers making a market in such stock.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding the foregoing, the Treasury Regulations provide, in pertinent part, that a class of our stock will not be considered to be &#8220;regularly traded&#8221; on an established securities market for
        any taxable year if 50% or more of the vote and value of the outstanding shares of such class of stock are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who
        each own 5% or more of the vote and value of the outstanding shares of such class of stock, which we refer to as the &#8220;5% Override Rule.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For purposes of being able to determine the persons who own 5% or more of our stock, or &#8220;5% Shareholders,&#8221; the Treasury Regulations permit us to rely on those persons that are identified on
        Schedule 13G and Schedule 13D filings with the SEC, as having a 5% or more beneficial interest in our common shares. The Treasury Regulations further provide that an investment company identified on a SEC Schedule 13G or Schedule 13D filing which
        is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In the event the 5% Override Rule is triggered, the Treasury Regulations provide that the 5% Override Rule will not apply if we can establish that among the closely-held group of 5% Shareholders,
        there are sufficient 5% Shareholders that are considered to be qualified shareholders for purposes of Section 883 of the Code to preclude non-qualified 5% Shareholders in the closely-held group from owning 50% or more of each class of our stock for
        more than half the number of days during such year.&#160; To establish and substantiate this exception to the 5% Override Rule, our 5% Shareholders who are qualified shareholders for purposes of Section 883 of the Code must comply with ownership
        certification procedures attesting that they are residents of qualifying jurisdictions, and each intermediary or other person in the chain of ownership between us and such 5% Shareholder must undertake similar compliance procedures.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For the 2018 taxable year, we believe that the 5% Override Rule was not triggered as less than 50% or more of the vote and value of our common shares was owned by 5% Shareholders on more than half
        of the days during the taxable year. Therefore, we intend to take the position for U.S. federal income tax reporting purposes that we are not subject to U.S. federal income taxation for the 2018 taxable year because more than 50% of our stock was
        not owned by non-qualified shareholders that each held 5% or more of our stock.&#160; However, due to the factual nature of the issues, we may not qualify for the benefits of Section 883 of the Code for any future taxable year.</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">Taxation in the Absence of Exemption under Section 883 of the Code</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">To the extent the benefits of Section 883 of the Code are unavailable, our U.S.-source shipping income, to the extent not considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade
        or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, which we refer to as the &#8220;4% gross basis tax regime.&#8221; Since under the sourcing rules described
        above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">85</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">To the extent the benefits of the exemption under Section 883 of the Code are unavailable and our U.S.-source shipping income is considered to be &#8220;effectively connected&#8221; with the conduct of a U.S.
        trade or business, as described below, any such &#8220;effectively connected&#8221; U.S.-source shipping income, net of applicable deductions, would be subject to the U.S. federal corporate income tax currently imposed at a rate of 21%. In addition, we may be
        subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such U.S. trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the
        conduct of such U.S. trade or business.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Our U.S.-source shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business only if:</div>
      <div style="margin-bottom: 12pt;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>We have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9071133f7b9442e68e276e048ee80531" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We do not currently have, nor intend to have or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing
        and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source shipping income will be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">U.S. Taxation of Gain on Sale of Vessels</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided
        the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss
        with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">U.S. Federal Income Taxation of U.S. Holders</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial owner of our common shares that is a U.S. citizen or resident, U.S. corporation or other U.S. entity taxable as a corporation, an estate
        the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have
        the authority to control all substantial decisions of the trust.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If a partnership holds our common shares, the tax treatment of a partner of such partnership will generally depend upon the status of the partner and upon the activities of the partnership. If you
        are a partner in a partnership holding our common shares, you are encouraged to consult your tax advisor.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Allocation of Purchase Price</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For U.S. federal income tax purposes, the amount of cash paid for an offered common share at its original offering must be allocated between the common share and the preferred stock purchase right
        on the basis of their relative fair market values. The allocation of the purchase price of the offered securities is relevant to the amount, timing and manner of inclusion of income with respect to the common shares and the exercise of the
        preferred stock purchase rights.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">86</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Distributions</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Subject to the discussion of passive foreign investment companies, or PFIC, below, any distributions made by us with respect to our common shares to a U.S. Holder will generally constitute
        dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of such earnings and profits will be treated first as a nontaxable return of capital to the
        extent of the U.S. Holder&#8217;s tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will not be entitled to claim a dividends received
        deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as &#8220;passive category income&#8221; for purposes of computing allowable foreign tax credits for U.S. foreign tax
        credit purposes.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Dividends paid on our common shares to a U.S. Holder who is an individual, trust or estate (a &#8220;U.S. Non-Corporate Holder&#8221;) will generally be treated as &#8220;qualified dividend income&#8221; that is taxable
        to such U.S. Non-Corporate Holder at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market on which our common shares are traded);
        (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (as discussed in more detail below); (3) the U.S. Non-Corporate Holder has owned the common shares for more than 60 days in the
        121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the U.S. Non-Corporate Holder is not under an obligation to make related payments with respect to positions in substantially similar or related
        property.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We believe that we were not a PFIC for our 2014 through 2018 taxable years, and we do not expect to be a PFIC for subsequent taxable years. If we were treated as a PFIC for our 2018 taxable year,
        any dividends paid by us during 2018 and 2019 will not be treated as &#8220;qualified dividend income&#8221; in the hands of a U.S. Non-Corporate Holder. Any dividends we pay which are not eligible for the preferential rates applicable to &#8220;qualified dividend
        income&#8221; will be taxed as ordinary income to a U.S. Non-Corporate Holder. Special rules may apply to any &#8220;extraordinary dividend,&#8221; generally, a dividend paid by us in an amount which is equal to or in excess of 10% of a shareholder&#8217;s adjusted tax
        basis in a common share. If we pay an &#8220;extraordinary dividend&#8221; on our common shares that is treated as &#8220;qualified dividend income,&#8221; then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such common shares will be treated
        as long-term capital loss to the extent of such dividend.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Sale, Exchange or other Disposition of Common Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Subject to the discussion of our status as a PFIC below, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount
        equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder&#8217;s tax basis in such stock. Such gain or loss will be treated as long-term capital gain or loss if the U.S.
        Holder&#8217;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S.-source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S.
        Holder&#8217;s ability to deduct capital losses is subject to certain limitations.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">3.8% Tax on Net Investment Income</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s net investment income for the taxable year
        and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000 and $250,000).&#160; A U.S. Holder&#8217;s net investment income will generally include
        distributions made by us which constitute a dividend for U.S. federal income tax purposes and gain realized from the sale, exchange or other disposition of our common shares.&#160; This tax is in addition to any income taxes due on such investment
        income.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">87</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income to the
        ownership and disposition of our common shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Passive Foreign Investment Company Status and Significant Tax Consequences</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, we will be treated as a
        PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common shares, either</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z970ee1554a694f6ebaa90bb17c51085d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z53ee9c614ebd40e98450dc181eda9038" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in
        which we own at least 25% of the value of the subsidiary&#8217;s stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute &#8220;passive income&#8221; for these purposes. By contrast, rental income would
        generally constitute &#8220;passive income&#8221; unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In general, income derived from the bareboat charter of a vessel will be treated as &#8220;passive income&#8221; for purposes of determining whether we are a PFIC and such vessel will be treated as an asset
        which produces or is held for the production of &#8220;passive income.&#8221;&#160; On the other hand, income derived from the time charter of a vessel should not be treated as &#8220;passive income&#8221; for such purpose, but rather should be treated as services income;
        likewise, a time chartered vessel should generally not be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We believe that we were a PFIC for our 2013 taxable year because we believe that at least 50% of the average value of our assets consisted of vessels which were bareboat chartered and at least 75%
        of our gross income was derived from vessels on bareboat charter.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We believe that we were not a PFIC for our 2014 through 2018 taxable years because we had no bareboat chartered vessels and consequently no gross income from vessels on bareboat charter.
        Furthermore, based on our current assets and activities, we do not believe that we will be a PFIC for the subsequent taxable years.&#160;Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this
        issue, our belief is based principally on the position that, for purposes of determining whether we are a passive foreign investment company, the gross income we derive or are deemed to derive from the time chartering and voyage chartering
        activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in
        connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we were a passive foreign investment company. We believe there is substantial legal authority
        supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, in the absence of any legal authority
        specifically relating to the statutory provisions governing passive foreign investment companies, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a
        passive foreign investment company with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">88</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If we are a PFIC for any taxable year, a U.S. Holder will be treated as owning his proportionate share of the stock of any of our subsidiaries which is a PFIC.&#160; The PFIC rules discussed below will
        apply on a company-by-company basis with respect to us and each of our subsidiaries which is treated as a PFIC.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder will be subject to different taxation rules depending on whether the U.S. Holder (1) makes an
        election to treat us as a &#8220;Qualified Electing Fund,&#8221; which is referred to as a &#8220;QEF election,&#8221; (2) makes a &#8220;mark-to-market&#8221; election with respect to our common shares, or (3) makes no election and, therefore, is subject to the Default PFIC Regime
        (as defined below).&#160; As discussed in detail below, making a QEF election or a mark-to-market election generally will mitigate the otherwise adverse U.S. federal income tax consequences under the Default PFIC Regime.&#160; However, the mark-to-market
        election may not be possible with respect to our subsidiaries which are treated as PFICs.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Absent one of the elections below, if we are a PFIC for any taxable year during which a U.S. Holder owns our common shares, such U.S. Holder will generally continue to be subject to the PFIC regime
        described below regardless of whether we are treated as a PFIC in any subsequent taxable year.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If we are treated as a PFIC for any taxable year, a U.S. Holder will be required to file Form 8621.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">A U.S. Holder who held our common shares during any period in which we were treated as a PFIC and who neither made a QEF Election nor a Mark-to-Market Election may continue to be
        subject to the Default PFIC Regime, notwithstanding that the Company is no longer a PFIC. If you are a U.S. Holder who held our common shares during any period in which we were a PFIC but failed to make either of the foregoing elections, you are
        strongly encouraged to consult your tax advisor regarding the U.S. federal income tax consequences to you of holding our common shares in periods in which we are no longer a PFIC.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">The QEF Election</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We do not intend to provide U.S. Holders with the necessary information to make and maintain a QEF election. Accordingly, U.S. Holders will not be able to make or maintain a QEF election with
        respect to our common shares.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Taxation of U.S. Holders Making a &#8220;Mark-to-Market&#8221; Election</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><u>Making the Election</u>.&#160; Alternatively, if, as is anticipated, our common shares are treated as &#8220;marketable stock,&#8221; a U.S. Holder would be allowed to make a &#8220;mark-to-market&#8221; election with
        respect to the common shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations.&#160; The common shares will be treated as &#8220;marketable stock&#8221; for this purpose if it
        is &#8220;regularly traded&#8221; on a &#8220;qualified exchange or other market.&#8221;&#160; The common shares will be &#8220;regularly traded&#8221; on a qualified exchange or other market for any calendar year during which it is traded (other than in de minimis quantities) on at least
        15 days during each calendar quarter.&#160; A &#8220;qualified exchange or other market&#8221; means either a U.S. national securities exchange that is registered with the SEC, the Nasdaq, or a foreign securities exchange that is regulated or supervised by a
        governmental authority of the country in which the market is located and which satisfies certain regulatory and other requirements.&#160; We believe that the Nasdaq Capital Market should be treated as a &#8220;qualified exchange or other market&#8221; for this
        purpose.&#160; However, it should be noted that a separate mark-to-market election would need to be made with respect to each of our subsidiaries which is treated as a PFIC.&#160; The stock of these subsidiaries is not expected to be &#8220;marketable stock.&#8221;&#160;
        Therefore, a &#8220;mark-to-market&#8221; election is not expected to be available with respect to these subsidiaries.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><u>Current Taxation and Dividends</u>.&#160; If the &#8220;mark-to-market&#8221; election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair
        market value of the common shares at the end of the taxable year over such U.S. Holder&#8217;s adjusted tax basis in</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">89</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">the common shares&#160; The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s adjusted tax basis in its common shares over its fair market value at the end of the
        taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.&#160; Any income inclusion or loss under the preceding rules should be treated as gain or loss from the sale of common
        shares for purposes of determining the source of the income or loss.&#160; Accordingly, any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation purposes.&#160; A U.S. Holder&#8217;s tax basis in his
        common shares would be adjusted to reflect any such income or loss amount.&#160; Distributions by us to a U.S. Holder who has made a mark-to-market election generally will be treated as discussed above under &#8220;Taxation&#8212;U.S. Federal Income Taxation of
        U.S. Holders&#8212;Distributions.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><u>Sale, Exchange or Other Disposition</u>.&#160; Gain realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary income, and any loss realized on
        the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder.&#160; Any loss in
        excess of such previous inclusions would be treated as a capital loss by the U.S. Holder.&#160; A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations.&#160; Any such gain or loss generally should be treated as U.S.-source income
        or loss for U.S. foreign tax credit limitation purposes.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Taxation of U.S. Holders Not Making a Timely QEF or &#8220;Mark-to-Market&#8221; Election</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Finally, a U.S. Holder who does not make either a QEF election or a &#8220;mark-to-market&#8221; election, or a Non-Electing Holder, would be subject to special rules, or the Default PFIC Regime, with respect
        to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three
        preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the common shares), and (2) any gain realized on the sale, exchange, redemption or other disposition of the common shares.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Under the Default PFIC Regime:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze58af85be8d64777812ed06018b4af15" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                  <div>the excess distribution or gain would be allocated ratably over the Non-Electing Holder&#8217;s aggregate holding period for the common shares;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7a4138fd305b4c6d98c4a743c3115a4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: auto; vertical-align: top;">
                  <div>the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income; and</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc4a8adb04c0c44b4bd1ec2af1d5e70b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                  <div>the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would
                    be imposed with respect to the resulting tax attributable to each such other taxable year.</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Any distributions other than &#8220;excess distributions&#8221; by us to a Non-Electing Holder will be treated as discussed above under &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;Distributions.&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of
        the common shares.&#160; If a Non-Electing Holder who is an individual dies while owning the common shares, such Non-Electing Holder&#8217;s successor generally would not receive a step-up in tax basis with respect to the common shares.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">90</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">U.S. Federal Income Taxation of &#8220;Non-U.S. Holders&#8221;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">A beneficial owner of common shares (other than a partnership) that is not a U.S. Holder is referred to herein as a &#8220;Non-U.S. Holder.&#8221;</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Dividends on Common Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on dividends received from us with respect to our common shares, unless that income is effectively
        connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that income is taxable only if it is
        attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common shares, unless:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to that gain, that gain is
                    taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9827266954844f41aab0b4af56a9574a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, the income from the common shares, including dividends and the gain from the sale, exchange or
        other disposition of the stock that is effectively connected with the conduct of that trade or business will generally be subject to U.S. federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S.
        Holders. In addition, in the case of a corporate Non-U.S. Holder, the earnings and profits of such Non-U.S. Holder that are attributable to effectively connected income, subject to certain adjustments, may be subject to an additional branch profits
        tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Backup Withholding and Information Reporting</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements. In addition, such payments will be subject
        to backup withholding tax if you are a non-corporate U.S. Holder and you:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0f0ff5fd08084151bc8aa4aaf99436ad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>fail to provide an accurate taxpayer identification number;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9c002e92cf6b4780a3aa4ea3b1aa3234" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>are notified by the IRS that you have failed to report all interest or dividends required to be shown on your U.S. federal income tax returns; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb5ceb2dc789a4b56ba33a5b6e477bd14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>in certain circumstances, fail to comply with applicable certification requirements.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an applicable IRS Form W-8.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">If you sell your common shares to or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting unless you certify that you
        are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption. If you sell</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">91</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">your common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding generally will not apply to that
        payment. However, U.S. information reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-U.S.
        office of a broker that is a U.S. person or has some other contacts with the United States. Backup withholding tax is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that
        exceed your U.S. federal income tax liability by filing a refund claim with the IRS.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Individuals who are U.S. Holders (and to the extent specified in applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold &#8220;specified foreign
        financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the
        taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations).&#160; Specified foreign financial assets would include, among other assets, our common shares, unless the shares
        are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect.
        Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does not file such form, the statute of
        limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed.&#160; U.S. Holders (including U.S. entities) and
        Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">92</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">UNDERWRITING</div>
      <div style="text-align: justify; text-indent: 36pt;">Maxim Group LLC is acting as sole bookrunner and as representative of the underwriters (the &#8220;Representative&#8221;). Subject to the terms and conditions of an underwriting agreement between us and the
        Representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus,
        the number of common shares, Pre-Funded Warrants (including such applicable Directed Shares and Directed Warrants as described below) and corresponding Purchase Warrants listed next to its name in the following table:</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="za0af00ae15bd4662b657b9fd84300feb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Name of Underwriter</div>
            </td>
            <td style="width: 0.75%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 16.36%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Number of Shares</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 18.6%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Number of Pre-Funded Warrants</div>
            </td>
            <td style="width: 1.33%; vertical-align: top;">&#160;</td>
            <td style="width: 26.8%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Number of Purchase Warrants</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.67%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>Maxim Group LLC</div>
            </td>
            <td style="width: 0.75%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 17.86%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 26.04%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.67%; vertical-align: bottom; background-color: #FFFFFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 15.62%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 17.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 1.33%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
            <td style="width: 26.04%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: right;">&#160;</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.67%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>Total</div>
            </td>
            <td style="width: 0.75%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div>&#160;</div>
            </td>
            <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
              <div>&#160;</div>
            </td>
            <td style="width: 17.86%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
            <td style="width: 1.33%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 26.04%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: #CCEEFF;">
              <div>&#160;</div>
            </td>
            <td style="width: 0.74%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The underwriters are committed to purchase all the common shares, Pre-Funded Warrants and corresponding Purchase Warrants offered by this prospectus if they purchase any common shares, Pre-Funded
        Warrants and corresponding Purchase Warrants. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may be increased or the offering may be terminated. The underwriters are
        not obligated to purchase the common shares and/or corresponding Purchase Warrants covered by the underwriters&#8217; over-allotment option described below. The underwriters are offering the common shares, Pre-Funded Warrants and corresponding Purchase
        Warrants, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of
        officer&#8217;s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Over-Allotment Option</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">We have granted to the underwriters an option, exercisable no later than 45 calendar days after the date of the underwriting agreement, to purchase up to an additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;common shares and/or
        warrants to purchase&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;common shares at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option only to cover over-allotments, if any, made
        in connection with this offering and may exercise this option to purchase additional shares and/or Purchase Warrants. To the extent the option is exercised and the conditions of the underwriting agreement are satisfied, we will be obligated to sell
        to the underwriters, and the underwriters will be obligated to purchase, these additional common shares and/or Purchase Warrants.</div>
      <div style="text-align: justify;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Discounts and Commissions</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">We have agreed to pay the underwriters a cash fee equal to six and one half percent (6.5%) of the aggregate gross proceeds.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Representative has advised us that the underwriters propose to offer the shares, Pre-Funded Warrants and corresponding Purchase Warrants directly to the public at the public offering price set
        forth on the cover of this prospectus. In addition, the representative may offer some of the shares, Pre-Funded Warrants and corresponding Purchase Warrants to other securities dealers at such price less a concession of up to $&#160;&#160;&#160;&#160; per common share
        and related Purchase Warrant or $&#160;&#160;&#160;&#160; per Pre-Funded Warrants and related Purchase Warrants. After the offering to the public, the offering price and other selling terms may be changed by the Representative without changing the Company&#8217;s proceeds
        from the underwriters&#8217; purchase of the shares, Pre-Funded Warrants and corresponding Purchase Warrants.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">93</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The following table summarizes the public offering price, underwriting commissions and proceeds before expenses to us assuming both no exercise and full exercise of the underwriters&#8217; option to
        purchase additional common shares and/or Purchase Warrants. The underwriting commissions are equal to the public offering price per share, Pre-Funded Warrants and related Purchase Warrants less the amount per share the underwriters pay us for the
        common shares, Pre-Funded Warrants (including such applicable Directed Shares and Directed Warrants as described below) and Purchase Warrants.</div>
      <div style="text-align: justify;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zcba7a04b98704e8b9e27923fd87df555">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-weight: bold;">Per share</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-weight: bold;">Per <br>
                Pre-Funded <br>
                Warrant</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-weight: bold;">Per Purchase <br>
                Warrant</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-weight: bold;">Total <br>
                (No Exercise)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="font-weight: bold;">Total <br>
                (Full Exercise)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
              <div>Public offering price</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div>Proceeds, before expenses, to us</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="text-align: justify;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">We estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding underwriting discounts and
        commissions, will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, all of which are payable by us. This figure includes the Representative&#8217;s accountable expenses, including legal fees for Representative&#8217;s legal counsel, that we have agreed to pay at the closing of
        the offering in an aggregate amount of $75,000 for an offering of up to $7 million and $90,000 for an offering of more than $7 million.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Lock-Up Agreements</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">We and each of our officers and directors, certain holder(s) of five percent or more of the outstanding common shares as of the date of this prospectus have agreed, subject to certain exceptions,
        not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our common shares or other securities convertible into or exercisable or exchangeable for our common shares for a period of
        ninety (90) days after this offering is completed without the prior written consent of Maxim Group LLC.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Maxim Group LLC may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements prior to the expiration of the lock-up period. When
        determining whether or not to release shares from the lock-up agreements, the representative will consider, among other factors, the security holder&#8217;s reasons for requesting the release, the number of shares for which the release is being requested
        and market conditions at the time.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Indemnification</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make
        for these liabilities.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Price Stabilization, Short Positions, and Penalty Bids</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our common shares. Specifically, the underwriters may
        over-allot in connection with this offering by selling more shares than are set forth on the cover page of this prospectus. This creates a short position in our common shares for its own account. The short position may be either a covered short
        position or a naked short position. In a covered short position, the number of common shares over-allotted by the underwriters is not greater than the number of common shares that they may purchase</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">94</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">in the over-allotment option. In a naked short position, the number of common shares involved is greater than the number of common shares in the over-allotment option. To close out a short position, the underwriters
        may elect to exercise all or part of the over-allotment option. The underwriters may also elect to stabilize the price of our common shares or reduce any short position by bidding for, and purchasing, common shares in the open market.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing a security in this offering because the
        underwriter repurchases that security in stabilizing or short covering transactions.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Finally, the underwriters may bid for, and purchase, our common shares in market making transactions, including &#8220;passive&#8221; market making transactions as described below.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">These activities may stabilize or maintain the market price of our common shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The
        underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">In connection with this offering, the underwriters and selling group members, if any, or their affiliates may engage in passive market making transactions in our common shares immediately prior to
        the commencement of sales in this offering, in accordance with Rule 103 of Regulation M under the Exchange Act. Rule 103 generally provides that:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdb8641bef6f74de9b93bfe49320f440f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 21.35pt; vertical-align: top; align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
                <td style="width: 14.65pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">a passive market maker may not effect transactions or display bids for our common shares in excess of the highest independent bid price by persons who are not passive market makers;</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0ae273b532414160b1f50894d110ee41" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 21.35pt; vertical-align: top; align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
                <td style="width: 14.65pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">net purchases by a passive market maker on each day are generally limited to 30% of the passive market maker&#8217;s average daily trading volume in our common shares during a specified two-month
                  prior period or 200 shares, whichever is greater, and must be discontinued when that limit is reached; and</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb8dd177701c04109b824d086116cd308" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 21.35pt; vertical-align: top; align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
                <td style="width: 14.65pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">passive market making bids must be identified as such.</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Electronic Distribution</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">A prospectus in electronic format may be made available on a website maintained by the representatives of the underwriters and may also be made available on a website maintained by other
        underwriters. The underwriters may agree to allocate a number of shares to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives of the underwriters to underwriters that may
        make Internet distributions on the same basis as other allocations. In connection with the offering, the underwriters or syndicate members may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that
        are printable as Adobe&#174; PDF will be used in connection with this offering.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The underwriters have informed us that they do not expect to confirm sales of shares offered by this prospectus to accounts over which they exercise discretionary authority.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Other than the prospectus in electronic format, the information on any underwriter&#8217;s website and any information contained in any other website maintained by an underwriter is not part of the
        prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Certain Relationships</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Certain of the underwriters and their affiliates may provide, from time to time, investment banking and financial advisory services to us in the ordinary course of business, for which they may
        receive customary fees and commissions.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">95</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The following are the estimated expenses of the issuance and distribution of the common shares being registered under the registration statement of which this prospectus forms a part, all of which
        will be paid by us.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z0eb9ca1658d34efa933606b3f76bc440">

          <tr>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -12pt; margin-left: 12pt;">SEC registration fee&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3,206<br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Financial Industry Regulatory Authority Filing fee&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>2,225</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Legal fees and expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>125,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Accounting fees and expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div>60,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Underwriter expenses reimbursement</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>90,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Miscellaneous&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>12,744</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
              <div style="text-indent: -12pt; margin-left: 12pt;">Total&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
              <div>293,175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Certain legal matters in connection with the sale of the common shares offered hereby, including the legality thereof, are being passed upon for us by Seward &amp; Kissel LLP, New York, New York.
        Ellenoff Grossman &amp; Schole LLP, New York, New York, is representing the underwriters in this offering.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPERTS</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The consolidated financial statements incorporated in this Prospectus by reference from TOP Ships Inc.&#8217;s Annual Report on Form 20-F for the year ended December 31, 2018, have been audited by
        Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such consolidated financial statements have been so incorporated in reliance upon
        the report of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte Certified Public Accountants S.A. are located at Fragoklissias 3a &amp; Granikou Str., 15125 Maroussi, Athens, Greece.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We have filed a registration statement on Form F-1 under the Securities Act of 1933, as amended, or the Securities Act, relating to the securities offered by this prospectus with the SEC. The term
        registration statement on Form F-1 means the original registration statement on Form F-1 and any and all amendments including the schedules and exhibits to the original registration statement or any amendment.&#160; This prospectus does not contain all
        of the information set forth in the registration statement on Form F-1 we filed. Each statement made in this prospectus concerning a document filed as an exhibit to the registration statement on Form F-1 is qualified by reference to that exhibit
        for a complete statement of its provisions. The registration statement on Form F-1, including its exhibits and schedules, may be inspected and copied at the public reference facilities maintained by the Commission as described below.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Government Filings</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">We file annual and special reports within the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and
          information statements and other information regarding registrants that file electronically with the Commission. Our filings are also available on our website at http://www.tops.org. The information on our website, however, is not, and should not
          be deemed to be, a part of this prospectus. Further, other than as described below, the information contained in or accessible from the Commission&#8217;s website is not part of this prospectus</font>.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">96</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INFORMATION INCORPORATED BY REFERENCE</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with, and furnish to, it. This means that we can disclose important information to you by referring you to those
        filed or furnished documents. The information incorporated by reference is considered to be a part of this prospectus. However, statements contained this prospectus or in documents that we file with or furnish to the Commission and that are
        incorporated by reference into this prospectus will automatically update and supersede information contained in this prospectus, including information in previously filed or furnished documents or reports that have been incorporated by reference
        into this prospectus, to the extent the new information differs from or is inconsistent with the old information.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We incorporate by reference in this prospectus the following documents filed with the Commission pursuant to the Exchange Act:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb139da07df164c4db3701bf4e49b2deb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Report on Form 6-K furnished with the Commission on September 4, 2019, which contains Management's Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial
                    statements and related notes thereto for the Company, as of and for the six months ended June 30, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za2c5c1f035fd4d8782d13f0e90073435" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Report on Form 6-K, furnished with the Commission on April 1, 2019, which contains the description of the purchase of the Series E Convertible Preferred Stock, the Certificate of Designation of the Series E Convertible Preferred
                    Stock and the stock purchase agreement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zeec6b7ec606a4b6c99ca51e064aae8c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Report on Form 20-F for the year ended December 31, 2018, filed with the Commission on March 28, 2019, which contains our audited consolidated financial statements for the most recent fiscal year for which those statements have been
                    filed.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone
        provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing
        in this prospectus as well as the information we previously filed with or furnished to the Commission and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and
        results of operations and prospects may have changed since those dates.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We will provide without charge to each person to whom this prospectus is delivered, upon his or her written or oral request, a copy of any or all documents referred to above which have been or may
        be incorporated by reference into this prospectus.&#160;You may obtain a copy of these documents by writing or telephoning us at the following address:</div>
      <div style="text-align: center; margin-left: 36pt;">TOP Ships Inc.</div>
      <div style="text-align: center; margin-left: 36pt;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
      <div style="text-align: center; margin-left: 36pt;">15124 Maroussi, Greece</div>
      <div style="text-align: center; margin-left: 36pt; margin-bottom: 12pt;">(011) 30 210 812-8180 (telephone number)</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Information Provided by the Company</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent registered public accounting firm. The audited financial
        statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to
        shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the NASDAQ Capital Market, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition, as
        a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">97</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;"><font style="background-color: #FFFFFF;">Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2019 (25&#160;days after the commencement of the offering), all dealers that effect transactions in these
          securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer&#8217;s obligation to deliver a prospectus when acting as an underwriter and with respect to unsold allotments or
          subscriptions.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">1,144,165 of Common Shares</div>
      <div style="text-align: center;"><font style="font-weight: bold;">Pre-Funded Warrants to Purchase</font><font style="font-weight: bold;"> 1,144,165 Common Shares</font></div>
      <font style="font-weight: bold;"> </font>
      <div style="text-align: center;"><font style="font-weight: bold;">Class A Warrants to Purchase</font><font style="font-weight: bold;"> 1,144,165 </font><font style="font-weight: bold;"><font style="font-weight: bold;">Co</font>mmon Shares</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><img width="247" height="157" src="image1.jpg"></div>
      <div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: center; font-weight: bold;">PROSPECTUS</div>
      </div>
      <div>
        <div style="margin-bottom: 6pt;"><br>
        </div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold; font-size: 14pt;">Maxim Group LLC</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">, 2019</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%II-%%-->
      <div style="text-align: center; font-weight: bold;">PART II</div>
      <div style="text-align: center; font-weight: bold;">INFORMATION NOT REQUIRED IN THE PROSPECTUS</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Item 6.&#160; &#160; Indemnification of Directors and Officers</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The By-Laws of the Company provide that any person who is or was a director or officer of the Company, or is or was serving at the request of the Registrant as a director or officer of another
        partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Registrant upon the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the Business Corporation Act of the
        Republic of The Marshall Islands, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Registrant, and, with respect to any criminal action or proceeding, had reasonable cause to
        believe his conduct was unlawful.</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 60 of the BCA provides as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Indemnification of directors and officers:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbdbaf5f0f5cc4fdc96bea824d4544ad4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Actions not by or in right of the corporation</font>. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                    completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation,
                    or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts
                    paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
                    corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a
                    plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation,
                    and, with respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4d0b1da1c2e1430e8541a30c56a0f0e6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Actions by or in right of the corporation</font>. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                    completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation,
                    or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred
                    by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no
                    indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the
                    extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
                    to indemnity for such expenses which the court shall deem proper.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze9fae9d513af44ca89d8c1568a5b8696" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">When director or officer successful</font>. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
                    referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him in connection
                    therewith.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z518ef831abd6413bb526828f9ff95b3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Payment of expenses in advance</font>. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding
                    as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified
                    by the corporation as authorized in this section.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z38b1d5ed7b41481c94b9fc88430bcbde" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Indemnification pursuant to other rights. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed
                    exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official
                    capacity and as to action in another capacity while holding such office.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8e417b30e91d45d99b284db1ea057d96" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Continuation of indemnification. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or
                    ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z2b868ce0241147ec94a7ab3d3d5ad6df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Insurance</font>. A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request
                    of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions
                    of this section.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Item 7.&#160; &#160; Recent Sales of Unregistered Securities.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">On February 17, 2017, we closed a private placement with a non-U.S. institutional investor for the sale of 7,500 newly issued Series C Convertible Preferred Shares, which are convertible into our
        common shares, for $7.5 million pursuant to a securities purchase agreement, or the Series C Transaction.&#160; The description of the Series C Preferred Shares is incorporated by reference from our registration statement on Form F-3 (333-215577). The
        description of the Series C Convertible Preferred Shares is subject to and qualified in its entirety by reference to the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C Convertible Preferred
        Shares entered into in connection with the private placement. Copies of the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C Convertible Preferred Shares have been filed as exhibits to our Report
        on Form 6-K filed with the Commission on February 21, 2017. As of November 8, 2017, we issued 45,232 common shares in connection with the conversions of all our Series C Convertible Preferred Shares, and there are currently no Series C Convertible
        Preferred Shares outstanding.</div>
      <div style="text-align: justify; font-weight: bold;">Item 8.&#160;&#160; Exhibits and Financial Statement Schedules</div>
      <div><br>
      </div>
      <div style="text-align: justify;">(a)&#160; &#160; Exhibits</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The exhibits filed as part of this registration statement are listed in the index to exhibits immediately preceding such exhibits.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">(b)&#160; &#160; Financial Statements</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The financial statements incorporated by reference into this registration statement are listed in the index to the financial statements immediately preceding such statements, which index to the
        financial statements is incorporated herein by reference.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Item 9.&#160; &#160; Undertakings</div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">The undersigned registrant hereby undertakes:</div>
      <div style="margin-bottom: 12pt;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in
        the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
        not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in
        volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
        registration statement.</div>
      <div style="margin-bottom: 12pt;">(2) That, for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
        therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
      <div style="margin-bottom: 12pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
      <div style="margin-bottom: 12pt;">(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering.&#160;
        Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to
        this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.</div>
      <div style="margin-bottom: 12pt;">(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a
        primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by
        means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the
        undersigned registrant; and</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 36pt; margin-bottom: 12pt;">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</div>
      <div style="margin-bottom: 12pt;">(6) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and
        contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</div>
      <div style="margin-bottom: 12pt;">(7) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the
        securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
      <div style="margin-bottom: 12pt;">(8) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or
        otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
        indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
        by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="poa"><!--Anchor--></a>SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this
        Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Athens, Country of Greece, on September 10, 2019.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z8cdf8eccc07b49b5bdab30828a644d6e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.21%; vertical-align: top;">&#160;</td>
            <td style="width: 50.79%; vertical-align: top;" colspan="3">
              <div>TOP SHIPS INC.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.21%; vertical-align: top;">&#160;</td>
            <td style="width: 6.05%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="width: 44.74%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
              <div>/s/ Evangelos J. Pistiolis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.21%; vertical-align: top;">&#160;</td>
            <td style="width: 6.05%; vertical-align: top;">&#160;</td>
            <td style="width: 9.61%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 35.13%; vertical-align: top;">
              <div>EVANGELOS J. PISTIOLIS</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.21%; vertical-align: top;">&#160;</td>
            <td style="width: 6.05%; vertical-align: top;">&#160;</td>
            <td style="width: 9.61%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 35.13%; vertical-align: top;">
              <div>Chief Executive Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on September 10, 2019 in the capacities indicated.</div>
      <table cellspacing="0" cellpadding="0" id="z8d8c72a1f5114d9eaaf46e1a634d1e3c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-weight: bold;">Signature</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td style="width: 52.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; font-weight: bold;">Title</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: middle;">&#160;</td>
            <td style="width: 53.6%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: middle;">&#160;</td>
            <td style="width: 53.6%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 46.4%; vertical-align: top; border-bottom: 2px solid black;">/s/ Evangelos J. Pistiolis</td>
            <td rowspan="1" style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" rowspan="2" style="width: 52.06%; vertical-align: middle;">
              <div>Director, President and Chief Executive Officer (Principal Executive Officer)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">
              <div style="text-align: justify;">Evangelos J. Pistiolis</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: middle;">&#160;</td>
            <td style="width: 53.6%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 46.4%; vertical-align: top; border-bottom: 2px solid black;">/s/Alexandros Tsirikos</td>
            <td rowspan="1" style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" rowspan="2" style="width: 52.06%; vertical-align: middle;">
              <div>Director and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">
              <div style="text-align: justify;">Alexandros Tsirikos</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: middle;">&#160;</td>
            <td style="width: 53.6%; vertical-align: bottom;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;">/s/ Konstantinos Karelas*</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" rowspan="2" style="width: 52.06%; vertical-align: middle;"> Director</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">
              <div style="text-align: justify;">Konstantinos Karelas</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">&#160;</td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td style="width: 52.06%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;">/s/ Stavros Emmanouil*</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" rowspan="2" style="width: 52.06%; vertical-align: middle;"> Director&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">
              <div style="text-align: justify;">Stavros Emmanouil</div>
            </td>
            <td style="width: 1.54%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">&#160;</td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" style="width: 52.06%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;">/s/ Paolo Javarone*&#160;</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
            <td colspan="1" rowspan="2" style="width: 52.06%; vertical-align: middle;"> Director</td>
          </tr>
          <tr>
            <td style="width: 46.4%; vertical-align: top;">
              <div style="text-align: justify;">Paolo Javarone</div>
            </td>
            <td style="width: 1.54%; vertical-align: bottom;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">*By:&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/Alexandros Tsirikos</u></div>
      <div style="text-align: justify; text-indent: 36pt;">Attorney-in-Fact</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">AUTHORIZED UNITED STATES REPRESENTATIVE</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirement of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of the aforementioned Registrant, has signed this registration statement in the City
        of Newark, State of Delaware, on September 10, 2019.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze4e336c9c62d4d6cb4754c4ec0a4b089" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="3">
              <div>PUGLISI &amp; ASSOCIATES</div>
              <div> &#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.99%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div><u>/s/ Donald J. Puglisi&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <br>
                </u></div>
              <div>Name: Donald J. Puglisi</div>
              <div>Title:&#160; Managing Director</div>
            </td>
            <td style="width: 60.02%; vertical-align: top;">&#160;</td>
          </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Number</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Description of Exhibits</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">&#160;</td>
          <td style="width: 88.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">1.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="d8119139c_ex1-1.htm">Underwriting
                Agreement</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957411003914/d1207417_6-k.htm">Third Amended and Restated Articles of
                Incorporation of Top Ships Inc. (1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.2</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957414002672/d1470970_6-k.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated April 17, 2014 (2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.3</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7130769_ex1-3.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated February 15, 2016 (3)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.4</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846222_ex1-4.htm">Certificate of Correction to the Third
                Amended and Restated Articles of Incorporation, dated February 14, 2017 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.5</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846256_ex1-5.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated May 10, 2017 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.6</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846268_ex1-6.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated June 22, 2017 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.7</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846276_ex1-7.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated August 2, 2017 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.8</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846280_ex1-8.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated October 5, 2017 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.11</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7847947_ex1-9.htm">Articles of Amendment to the Third
                Amended and Restated Articles of Incorporation, dated March 23, 2018 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.12</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419005516/d8363137_ex99-2.htm"><u>Articles of Amendment to the Third Amended and Restated Articles of Incorporation,
                    dated August 21, 2019 (109)</u></a></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">3.13</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957407001718/d755064_6-k.txt"><u>Amended and Restated By-Laws of the Company, as adopted on February 28, 2007 (5)</u></a></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;" rowspan="1">3.14<br>
          </td>
          <td style="width: 88.16%; vertical-align: top;" rowspan="1">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957414006842/d6255259_6k.htm"><u>Amendment No. 1 to the Amended and Restated By-Laws (6)</u></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416015491/d7075398_6-k.htm">Certificate of Designations of Rights,
                Preferences and Privileges of Series A Participating Preferred Stock of the Company (107)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4.2</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003803/d7470254_6-k.htm">Certificate of Designation of Rights,
                Preferences and Privileges of Series D Preferred Stock of Top Ships Inc. (108)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4.3</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002658/d8216214_ex99-2.htm">Certificate of Designation of Rights,
                Preferences and Privileges of Series E Perpetual Convertible Preferred Stock of the Company (106)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4.4</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="d8119139c_ex4-4.htm">Form of
                Pre-Funded Warrant</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">4.5</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="d8119139c_ex4-5.htm">Form of
                Class A Warrant to purchase Common Shares</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">5.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="d8344358c_ex5-1.htm">Opinion of
                Seward &amp; Kissel LLP, United States and Marshall Islands counsel to the Company </a><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">8.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419004769/d8344359_ex8-1.htm">Opinion of Seward &amp; Kissel LLP,
                with respect to certain tax matters **</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7034723_ex4-1.htm">TOP Ships Inc. 2015 Stock Incentive
                Plan (14)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.2</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416015491/d7075398_6-k.htm">Stockholders Rights Agreement with
                Computershare Trust Company, N.A., as Rights Agent as of September 22, 2016 (15)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.3</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416016851/d7348768_ex10-1.htm">Securities Purchase Agreement by and
                between the Company and YA II CD, Ltd., dated November 22, 2016 (16)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.4</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416016851/d7348768_ex10-2.htm">Registration Rights Agreement by and
                between the Company and YA II CD, Ltd., dated November 22, 2016 (17)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.5</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846314_ex4-5.htm">Employment Agreement between TOP Ships
                Inc. and Central Mare Inc. dated September 1, 2010, regarding employment of Chief Technical Officer (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.6</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846357_ex4-6.htm">Employment Agreement between TOP Ships
                Inc. and Central Mare Inc. dated September 1, 2010, regarding employment of Executive Vice-President and Chairman (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.7</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846385_ex4-7.htm">Employment Agreement between TOP Ships
                Inc. and Central Mare Inc. dated September 1, 2010, regarding employment of President and Chief Executive Officer (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.8</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846536_ex4-8.htm">Employment Agreement between TOP Ships
                Inc. and Central Mare Inc. dated September 1, 2010, regarding employment of Chief Financial Officer (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.9</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957414002345/d1462185_ex10-42.htm">Letter Agreement with Central
                Shipping Monaco SAM, dated March 10, 2014 (18)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.10</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957414002345/d1462655_ex10-43.htm">Form of Management Agreement with
                Central Shipping Monaco SAM (19)</a></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.11</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537219_ex4-29.htm">Memorandum of Agreement dated December 30, 2014 with respect to the M/T
                Stenaweco Energy (20)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.12</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537239_ex4-30.htm">Call Option Agreement dated December 30, 2014 with respect to the M/T
                Stenaweco Energy (21)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.13</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537378_ex4-33.htm">Bareboat Charter dated December 30, 2014 with respect to the M/T Stenaweco
                Energy (22)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.14</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537911_ex4-31.htm">Memorandum of Agreement dated December 30, 2014 with respect to the M/T
                Stenaweco Evolution (23)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.15</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537325_ex4-32.htm">Call Option Agreement dated December 30, 2014 with respect to the M/T
                Stenaweco Evolution (24)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.16</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957415003784/d6537537_ex4-34.htm">Bareboat Charter dated December 30, 2014 with respect to the M/T Stenaweco
                Evolution (25)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.17</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7124976_ex4-37.htm">Secured Term Loan Facility dated July 9, 2015 between Monte Carlo 37
                Shipping Company Limited, Monte Carlo 39 Shipping Company Limited and ABN Amro Bank N.V. (26)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.18</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7123938_ex4-38.htm">Amending and Restating Agreement, dated September 28, 2015, to the Secured
                Term Loan Facility between Monte Carlo 37 Shipping Company Limited, Monte Carlo 39 Shipping Company Limited, and ABN Amro Bank N.V. (27)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.19</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002779/d7415630_ex4-18.htm">Amending and Restating Agreement, dated August 1, 2016, to the Secured Term
                Loan Facility between Monte Carlo 37 Shipping Company Limited, Monte Carlo 39 Shipping Company Limited, Monte Carlo Lax Shipping Company Limited and ABN Amro Bank N.V. (28)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.20</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7856126_ex4-20.htm">Supplemental Agreement, dated July 28, 2017, to the Secured Term Loan
                Facility between Monte Carlo 37 Shipping Company Limited, Monte Carlo 39 Shipping Company Limited, Monte Carlo Lax Shipping Company Limited and ABN Amro Bank N.V. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.21</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7124165_ex4-39.htm">Letter Agreement dated December 23, 2015 between Family Trading Inc. and TOP
                Ships Inc. (29)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.22</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7134145_ex4-40.htm">Amendment to the Letter Agreement dated December 23, 2015 between Family
                Trading Inc. and TOP Ships Inc. (30)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.23</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7124190_ex4-41.htm">Loan Agreement dated December 23, 2015 between Family Trading Inc. and TOP
                Ships Inc. (31)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.24</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7124854_ex4-42.htm">Term Sheet dated April 4, 2016 between TOP Ships Inc. and Norddeutsche
                Landesbank Girozentrale (32)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.25</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957416013796/d7178053_ex10-40.htm">Loan Agreement dated May 11, 2016 between Monte Carlo Seven Shipping
                Company and Norddeutsche Landesbank Girozentrale (33)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.26</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848370_ex4-26.htm">Loan Agreement dated July 20, 2016 between Eco Seven Inc. and Alpha Bank
                A.E. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.27</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846402_ex4-27.htm">First Supplemental Agreement, dated August 1, 2017, relating to a Loan
                Agreement dated July 20, 2016, among Alpha Bank A.E., Eco Seven Inc., Central Mare Inc. and TOP Ships Inc. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.28</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7856118_ex4-28.htm">Shipbuilding Contract relating to Hull No. S443, dated November 21, 2016,
                between City of Athens Inc. and Hyundai Mipo Dockyard Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.29</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417000948/d7406419_6-k.htm">Common Stock Purchase Agreement, dated February 2, 2017, between TOP Ships Inc.
                and Kalani Investments Limited (34)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.30</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002871/d7440815_ex1-1.htm">Amendment No. 1 to Common Stock Purchase Agreement, dated March 17, 2017,
                between TOP Ships Inc. and Kalani Investments Limited (35)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.31</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003013/d7448128_6k.htm">Amendment No. 2 to Common Stock Purchase Agreement, dated March 27, 2017,
                between TOP Ships Inc. and Kalani Investments Limited (36)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.32</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003158/d7458227_6-k.htm">Amendment No. 3 to Common Stock Purchase Agreement, dated April 4, 2017,
                between TOP Ships Inc. and Kalani Investments Limited (37)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.33</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003642/d7465877_6-k.htm">Amendment No. 4 to Common Stock Purchase Agreement, dated April 27, 2017,
                between TOP Ships Inc. and Kalani Investments Limited (38)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.34</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417001068/d7407325_6k.htm">Note Purchase Agreement, dated February 6, 2017, between TOP Ships Inc. and
                Kalani Investments Limited (39)</a></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.35</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417001068/d7407325_6k.htm">Unsecured Promissory Note of TOP Ships Inc., dated February 6, 2017 (40)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.36</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002167/d7415204_6k.htm">Form of securities purchase agreement between TOP Ships Inc. and a non-U.S.
                institutional investor (41)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.37</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002779/d7424527_ex4-28.htm">Share Purchase Agreement, dated February 20, 2017, between Malibu
                Shipmanagement Co. and Style Maritime Ltd. (42)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.38</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848207_ex4-38.htm">Addendum&#160; No. 1 to Share Purchase Agreement, dated&#160; March 30, 2017, between
                Malibu Shipmanagement Co. and Style Maritime Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.39</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848208_ex4-39.htm">Addendum&#160; No. 2 to Share Purchase Agreement, dated&#160; May 17, 2017, between
                Malibu Shipmanagement Co. and Style Maritime Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.40</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848210_ex4-40.htm">Addendum&#160; No. 3 to Share Purchase Agreement, dated January 31, 2018, between
                Malibu Shipmanagement Co. and Style Maritime Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.41</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7856121_ex4-41.htm">Shipbuilding Contract relating to Hull No. S444, dated February 20, 2017,
                between Eco Nine Inc. and Hyundai Mipo Dockyard Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.42</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002400/d7424819_13d-a.htm">Amended and Restated Loan Agreement, dated February 21, 2017, between TOP
                Ships Inc. and Family Trading Inc. (43)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.43</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002932/d7444566_6k.htm">Note Purchase Agreement, dated March 21, 2017, between TOP Ships Inc. and Kalani
                Investments Limited (44)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.44</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417002932/d7444566_6k.htm">Unsecured Promissory Note of TOP Ships Inc., dated March 22, 2017 (45)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.45</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003030/d7449941_ex1-1.htm">Note Purchase Agreement, dated March 28, 2017, between TOP Ships Inc. and
                Kalani Investments Limited (46)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.46</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003030/d7449940_ex1-2.htm">Unsecured Promissory Note of TOP Ships Inc., dated March 28, 2017 (47)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.47</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848211_ex4-47.htm">Share Purchase Agreement, dated March 30, 2017, between Fly Free Company and
                Lyndon International Co.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.48</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848213_ex4-48.htm">Addendum No. 1 to Share Purchase Agreement, dated June 14, 2017, between Fly
                Free Company and Lyndon International Co. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.49</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848215_ex4-49.htm">Share Purchase Agreement, dated March 30, 2017, between Maxima International
                Co. and Gramos Shipping Company Inc. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.50</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848216_ex4-50.htm">Addendum No. 1 to Share Purchase Agreement, dated June 14, 2017, between
                Maxima International Co. and Gramos Shipping Company Inc. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.51</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003161/d7458417_6-k.htm">Note Purchase Agreement, dated April 5, 2017, between TOP Ships Inc. and Kalani
                Investments Limited (48)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.52</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003161/d7458417_6-k.htm">Unsecured Promissory Note of TOP Ships Inc., dated April 5, 2017 (49)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.53</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7856123_ex4-53.htm">Shipbuilding Contract relating to Hull No. 2648, dated April 20, 2017,
                between Astarte International Inc. and Hyundai Mipo Dockyard Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.54</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417004351/d7493565_ex1-1.htm">Note Purchase Agreement, dated May 15, 2017, between TOP Ships Inc. and
                Xanthe Holdings Ltd (50)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.55</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417004351/d7493567_ex1-2.htm">Unsecured Promissory Note of TOP Ships Inc., dated May 15, 2017 (51)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.56</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848221_ex4-56.htm">Joint Venture Agreement, dated July 7, 2017, between Lyndon International
                Co. and Just-C Limited (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.57</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848225_ex4-57.htm">Joint Venture Agreement, dated July 7, 2017, between Gramos Shipping Company
                Inc. and Just-C Limited (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.58</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417006762/d7654926_6-k.htm">Unsecured Promissory Note of TOP Ships Inc., dated September 15, 2017 (52)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.59</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417003803/d7470254_6-k.htm">Stock Purchase Agreement, dated May 8, 2017, between TOP Ships Inc. and Tankers
                Family Inc (53)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.60</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846504_ex4-60.htm">Facility Agreement, dated September 5, 2017, between TOP Ships Inc., Astarte
                International Inc. and Amsterdam Trade Bank N.V. for up to $23,500,000 Loan Facility (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.61</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846406_ex4-61.htm">Facility Agreement, dated September 5, 2017, between TOP Ships Inc., Astarte
                International Inc. and Amsterdam Trade Bank N.V. for up to $8,993,100 Loan Facility (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.62</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7856125_ex4-62.htm">Shipbuilding Contract relating to Hull No. 8218, dated October 31, 2017,
                between PCH77 Shipping Company Limited and Hyundai Mipo Dockyard Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.63</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417007611/d7732810_6-k.htm">Common Stock Purchase Agreement, dated November 7, 2017, between TOP Ships Inc.
                and Crede CG III, Ltd. (54)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.64</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417007877/d7733744_ex1-1.htm">Note Purchase Agreement, dated November 13, 2017, between TOP Ships Inc. and
                Crede Capital Group LLC (55)</a></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.65</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417007877/d7735513_ex1-2.htm">Unsecured Promissory Note of TOP Ships Inc., dated November 13, 2017 (56)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.66</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417008540/d7759337_6-k.htm">Common Stock Purchase Agreement, dated December 11, 2017, between TOP Ships
                Inc. and Crede CG III, Ltd. (57)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.67</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417008613/d7733744_ex1-1.htm">Note Purchase Agreement, dated December 14, 2017, between TOP Ships Inc. and
                Crede Capital Group LLC (58)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.68</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957417008613/d7733744_ex1-2.htm">Unsecured Promissory Note of TOP Ships Inc., dated December 14, 2017 (59)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.69</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418000141/d7787194_6-k.htm">Amendment, dated January 5, 2018, between TOP Ships Inc. and Crede Capital
                Group Inc. to Note Purchase Agreement dated December 14, 2017 (60)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.70</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418000141/d7787194_6-k.htm">Unsecured Promissory Note of TOP Ships Inc., dated January 5, 2018 (61)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.71</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7855848_ex4-71.htm">Shipbuilding Contract relating to Hull No. 8242, dated January 9, 2018,
                between PCH Dreaming Inc. and Hyundai Mipo Dockyard Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.72</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7855865_ex4-72.htm">Shipbuilding Contract relating to Hull No. S874, dated January 9, 2018,
                between South California Inc. and Hyundai Samho Heavy Industries Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.73</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7786415_ex4-73.htm">Shipbuilding Contract relating to Hull No. S875, dated January 9, 2018,
                between Malibu Warrior Inc. and Hyundai Samho Heavy Industries Co., Ltd. (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.74</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848226_ex4-74.htm">Share Purchase Agreement, dated January 31, 2018, between Ships
                International Inc. and TOP Ships Inc. regarding Hull No. S875 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.75</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848227_ex4-75.htm">Share Purchase Agreement, dated January 31, 2018, between Ships
                International Inc. and TOP Ships Inc. regarding Hull No. 8242 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.76</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7848228_ex4-76.htm">Share Purchase Agreement, dated January 31, 2018, between Ships
                International Inc. and TOP Ships Inc. regarding Hull No. S874 (4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.77</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211430_ex4-77.htm">Confirmation of Interest Rate Swap Transaction dated as of March 29, 2017
                between Norddeutsche Landesbank Gironzentrale and Monte Carlo Seven Shipping Limited (62)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.78</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211433_ex4-78.htm">Confirmation of Interest Rate Swap Transaction dated as of March 29, 2018,
                between Alpha Bank A.E. and Eco Seven Inc. (63)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.79</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418006464/d8079754_6-k.htm">2nd Amended and Restated Family Trading Credit Facility, dated September 27,
                2018 (98)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.80</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002295/d8209562_13d-a.htm">Addendum dated October 30, 2018 to the 2nd Amended and Restated Family
                Trading Credit Facility (99)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.81</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002295/d8209562_13d-a.htm">Addendum dated December 31, 2018 to the 2nd Amended and Restated Family
                Trading Credit Facility (100)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.82</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002295/d8209562_13d-a.htm">Addendum dated January 22, 2019 to the 2nd Amended and Restated Family
                Trading Credit Facility (101)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.83</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418006788/d8090654_ex10-1.htm">Securities Purchase Agreement dated as of October 24, 2018, between Top
                Ships Inc. and CVI Investments, Inc. (102)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.84</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957418006788/d8090651_ex10-2.htm">Placement Agency Agreement dated as of October 24, 2018, between Maxim Group
                LLC and Top Ships Inc. (103)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.85</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419000281/d8122458_6-k.htm">Warrant Exchange and Exercise Agreement dated as of January 10, 2019, among Top
                Ships, Inc. and CVI Investments, Inc. (104)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.86</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211408_ex4-85.htm">$10,140,000 Loan Agreement between Alpha Bank A.E., as lender and PCH
                Dreaming Inc. as borrower, dated as of July 11, 2018 (64)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.87</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212441_ex4-87.htm">Memorandum of Agreement in respect of M/T Eco Bel Air, dated as of December
                3, 2018 (65)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.88</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211957_ex4-88.htm">Bareboat Charter in respect of M/T Eco Bel Air, dated as of December 3, 2018
                (66)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.89</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211404_ex4-89.htm">Guarantee dated as of December 3, 2018 between Top Ships Inc., as guarantor,
                and Sea 103 Leasing Co., as owner relating to a Bareboat Charter of M/T Eco Bel Air (67)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.90</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212859_ex4-90.htm">Memorandum of Agreement in respect of M/T Eco Beverly Hills, dated as of
                December 3, 2018 (68)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.91</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213425_ex4-91.htm">Bareboat Charter in respect of M/T Eco Beverly Hills, dated as of December
                3, 2018 (69)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.92</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211405_ex4-92.htm">Guarantee dated as of December 3, 2018 between Top Ships Inc., as guarantor,
                and Sea 104 Leasing Co., Limited, as owner, relating to a Bareboat Charter of M/T Eco Beverly Hills (70)</a></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.93</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211649_ex4-93.htm">$23,500,000 loan facility agreement dated as of September 5, 2017, among
                Astarte International Inc., as borrower, Amsterdam Trade Bank N.B., as arranger, the lenders thereto, Amasterdam Trade Bank N.V., as agent and security agent, and Top Ships Inc., as guarantor (71)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.94</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211371_ex4-94.htm">Supplemental Agreement dated as of June 1, 2018, to $23,500,000 loan
                facility agreement among Astarte International Inc., as borrower, Amsterdam Trade Bank N.B., as arranger, the lenders thereto, Amasterdam Trade Bank N.V., as agent and security agent, and Top Ships Inc., as guarantor (72)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.95</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213349_ex4-95.htm">$10,140,000 loan facility agreement dated as of June 1, 2018, among PCHH77
                Shipping Company Limited, as borrower, Amsterdam Trade Bank N.V., as arranger, the lenders thereto, Amsterdam Trade Bank N.V., as agent and security agent, and Top Ships Inc. and Asparte International Inc., as guarantors (73)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.96</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213433_ex4-96.htm">Bareboat Charter in respect of M/T Nord Valiant, dated as of December 21,
                2018 (74)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.97</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213228_ex4-97.htm">Additional Clauses to Bareboat Charter in respect of M/T Nord Valiant, dated
                as of December 21, 2018 (75)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.98</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213174_ex4-98.htm">Guarantee dated as of December 21, 2018, between Top Ships Inc., as
                guarantor, and Xiang T89 HK International Ship Lease Co., Limited, as owner, in respect of the M/T Nord Valiant (76)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.99</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212921_ex4-99.htm">Memorandum of Agreement in respect of Hull No. 8218 (TBN Eco California),
                dated as of December 21, 2018 (77)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.100</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212863_ex4-100.htm">Bareboat Charter in respect of Hull No. 8218 (TBN Eco California), dated as
                of December 21, 2018 (78)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.101</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212842_ex4-101.htm">Additional Clauses to Bareboat Charter in respect of M/T Eco California,
                dated as of December 21, 2018 (79)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.102</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213017_ex4-102.htm">Guarantee dated as of December 21, 2018, between Top Ships Inc., as
                guarantor, and Xiang T88 HK International Ship Lease Co., Limited, as owner, in respect of the M/T Eco California (80)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.103</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211429_ex4-103.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Stenaweco Energy (81)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.104</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211501_ex4-104.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Stenaweco Elegance (82)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.105</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8214366_ex4-105.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of Hull 8242 (TBN Eco Marina Del Rey) (83)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.106</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212254_ex4-106.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Eco Fleet (84)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.107</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211406_ex4-107.htm">Management Agreement dated as of January1, 2019 with Central Shipping Inc.,
                in respect of M/T Stenaweco Evolution(85)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.108</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211791_ex4-108.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of Hull S874 (TBN Eco Bel Air) (86)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.109</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211410_ex4-109.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Stenaweco Excellence (87)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.110</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211556_ex4-110.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Nord Valiant (88)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.111</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211519_ex4-111.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Eco California (89)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.112</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212690_ex4-112.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of M/T Eco Revolution (90)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.113</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8212057_ex4-113.htm">Management Agreement dated as of January 1, 2019 with Central Shipping
                Inc., in respect of Hull S875 (TBN Eco Beverly Hills) (91)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.114</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211724_ex4-114.htm">Management Agreement dated as of January 11, 2019 with Central Shipping
                Inc., in respect of M/T Eco Palm Desert (92)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.115</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213645_ex4-115.htm">Fifth Amendment to the Agreement for Provision of Personnel, dated January
                1, 2019, between Top Ships Inc. and Central Mare Inc. (93)</a></div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.116</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213080_ex4-116.htm">Letter Agreement from Central Shipping Inc. to Top Ships Inc. dated as of
                January 1, 2019, in respect of provision of management services (94)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.117</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211374_ex4-117.htm">Facility Agreement for up to $10,500,000 Revolving Credit Facility, among
                Top Ships Inc., as borrower, Amsterdam Trade Bank N.V., as arranger, the lenders thereto, Amsterdam Trade Bank N.V., as agent and security agent and Astarte International Inc., as guarantor (95)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.118</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213866_ex4-118.htm">Note Purchase Deed among Top Ships Inc., Amsterdam Trade Bank N.V., the
                note purchasers party thereto, and Astarte International Inc., dated as of March 21, 2019 (96)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.119</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8211532_ex4-119.htm">Addendum No. 1 dated as of March 12, 2019 to MOA in respect of Hull No.
                8242 (TBN Eco Marina Del Rey) (97)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">10.120</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002658/d8216214_ex99-1.htm">Stock Purchase Agreement, dated March 29, 2019, between TOP Ships Inc. and
                Family Trading Inc. (105)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">21.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419004769/d8214343_ex21-1.htm">List of subsidiaries of the Company.**</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">23.1</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419004769/d8344358_ex5-1.htm">Consent of Seward &amp; Kissel LLP (included in Exhibit 5.1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">23.2</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="d8119139c_ex23-2.htm">Consent of Deloitte Certified Public Accountants
                S.A.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">23.3</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><a href="#poa">Power of Attorney (contained in signature page)**</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.84%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">101</div>
          </td>
          <td style="width: 88.16%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">The following materials from the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2018, formatted in eXtensible Business Reporting Language
              (XBRL): (i) Consolidated Balance Sheets as of December 31, 2017 and 2018; (ii) Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2016, 2017 and 2018; (iii) Consolidated Statements of Stockholders&#8217; Equity
              for the years ended December 31, 2016, 2017 and 2018; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2017 and 2018; and (v) Notes to Consolidated Financial Statements (4)</div>
          </td>
        </tr>

    </table>
    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">_____________________</div>
    <div><font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);">*</font><font style="display: inline-block; text-indent: 0px; width: 18pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);">To be filed</font></div>
    <div>**&#160; Previously filed.<font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);"><br>
      </font></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.2 of the Company&#8217;s Current Report on Form 6-K, filed on June 24, 2011</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.1 of the Company&#8217;s Current Report on Form 6-K, filed on April 18, 2014</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(3)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.3 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(4)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(5)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.1 of the Company&#8217;s Current Report on Form 6-K filed on March 9, 2007</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(6)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1 of the Company&#8217;s Current Report on Form 6-K filed on November 28, 2014</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(7)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(8)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(9)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(10)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(11)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(12)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(13)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">[Reserved]</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(14)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.1 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(15)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.1 of the Company&#8217;s Current Report on Form 6-K, filed on September 22, 2016</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(16)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed on November 23, 2016</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(17)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.2 of the Company&#8217;s Current Report on Form 6-K, filed on November 23, 2016</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(18)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.42 of the Company&#8217;s Registration Statement on Form F-1, filed on March 19, 2014, as amended (File No. 333-194960)</div>
              </td>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(19)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.43 of the Company&#8217;s Registration Statement on Form F-1, filed on March 19, 2014, as amended (File No. 333-194960)</div>
              </td>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(20)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.29 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
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    <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(21)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.30 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
              </td>
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    <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(22)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.33 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
              </td>
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    </div>
    <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(23)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.31 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
              </td>
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    <div>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(24)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.32 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
              </td>
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    <div>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(25)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.34 of the Company&#8217;s Annual Report on Form 20-F, filed on April 29, 2015</div>
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    <div>
      <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(26)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.37 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(27)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.38 the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
              </td>
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    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(28)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.18 of the Company&#8217;s Annual Report on Form 20-F, filed on March 14, 2017</div>
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    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(29)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.39 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
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    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(30)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.40 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
              </td>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(31)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.41 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(32)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.42 of the Company&#8217;s Annual Report on Form 20-F, filed on April 26, 2016</div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(33)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.40 of the Company&#8217;s Post-Effective Amendment No. 2 to the Registration Statement on Form F-1, filed on June 23, 2016 (File No.
                  333-194690)</div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(34)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on February 2, 2017</div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(35)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on March 20, 2017</div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(36)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on March 27, 2017</div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(37)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on April 5, 2017</div>
              </td>
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    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(38)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on April 28, 2017</div>
              </td>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(39)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on February 7, 2017</div>
              </td>
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    <div>
      <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(40)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on February 7, 2017</div>
              </td>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(41)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed on February 21, 2017</div>
              </td>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(42)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.28 of the Company&#8217;s Annual Report on Form 20-F, filed on March 14, 2017</div>
              </td>
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    </div>
    <div>
      <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(43)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit B of the Schedule 13D/A of Family Trading Inc., Sovereign Holdings Inc., Epsilon Holdings Inc., Oscar Shipholding Ltd, Race
                  Navigation Inc., Tankers Family Inc., and the Lax Trust, filed on March 1, 2017</div>
              </td>
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    </div>
    <div>
      <div>
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(44)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on March 22, 2017</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(45)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on March 22, 2017</div>
              </td>
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    <div>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(46)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on March 28, 2017</div>
              </td>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(47)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on March 28, 2017</div>
              </td>
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      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(48)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on April 5, 2017</div>
              </td>
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    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(49)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on April 5 2017</div>
              </td>
            </tr>

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

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              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(50)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on May 15, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(51)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on May 15, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(52)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on September 15, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(53)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed on May 8, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(54)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on November 8, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(55)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on November 14, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(56)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on November 14, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(57)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on December 11, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(58)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on December 15, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(59)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on December 15, 2017</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(60)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.1 of the Company&#8217;s Current Report on Form 6-K, filed on January 8, 2018</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(61)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 1.2 of the Company&#8217;s Current Report on Form 6-K, filed on January 8, 2018</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(62)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.77 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(63)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.78 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(64)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.86 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(65)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.87 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(66)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.88 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(67)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.89 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(68)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.90 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(69)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.91 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(70)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.92 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(71)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.93 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(72)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.94 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(73)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.95 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(74)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.96 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(75)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.97 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(76)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.98 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(77)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.99 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(78)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.100 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(79)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.101 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(80)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.102 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(81)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.103 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(82)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.104 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(83)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.105 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(84)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.106 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(85)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.107 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(86)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.108 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(87)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.109 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(88)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.110 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(89)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.111 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(90)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.112 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(91)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.113 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(92)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.114 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(92)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.115 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(94)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.116 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(95)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.117 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(96)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.118 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(97)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.119 of the Company&#8217;s Annual Report on Form 20-F, filed on March 28, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(98)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed on October 3, 2018.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(99)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit F of the Schedule 13D/A of Family Trading Inc., Sovereign Holdings Inc., Epsilon Holdings Inc., Race Navigation Inc., Tankers
                  Family Inc., and the Lax Trust, filed on March 12, 2019.</div>
              </td>
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        </table>
      </div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(100)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit G of the Schedule 13D/A of Family Trading Inc., Sovereign Holdings Inc., Epsilon Holdings Inc., Race Navigation Inc., Tankers
                  Family Inc., and the Lax Trust, filed on March 12, 2019.</div>
              </td>
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        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(101)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit H of the Schedule 13D/A of Family Trading Inc., Sovereign Holdings Inc., Epsilon Holdings Inc., Race Navigation Inc., Tankers
                  Family Inc., and the Lax Trust, filed on March 12, 2019.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(102)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed on October 24, 2018</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(103)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 10.2 of the Company&#8217;s Current Report on Form 6-K, filed on October 24, 2018</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(104)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.1 of the Company&#8217;s Current Report on Form 6-K, filed on January 11, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(105)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.1 of the Company&#8217;s Current Report on Form 6-K, filed on April 1, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(106)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 99.2 of the Company&#8217;s Current Report on Form 6-K, filed on April 1, 2019</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(107)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 3.1 of the Company&#8217;s Current Report on Form 6-K, filed on September 22, 2016</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">(108)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Incorporated by reference to Exhibit 4.1 of the Company&#8217;s Current Report on Form 6-K, filed on May 8, 2017</div>
              </td>
            </tr>

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      </div>
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              <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(109)</td>
              <td style="width: auto; vertical-align: top; font-size: 11pt;">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Incorporated by reference to Exhibit 99.2 of the Company&#8217;s Current Report on Form 6-K, filed on August 22, 2019</div>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d8119139c_ex1-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 6.0.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Exhibit 1.1</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">[&#9679;] SHARES OF COMMON STOCK,</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">[&#9679;] PRE-FUNDED WARRANTS (EXERCISABLE FOR [&#9679;] SHARES OF COMMON STOCK)</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">AND</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">[&#9679;] WARRANTS (EXERCISABLE FOR [&#9679;] SHARES OF COMMON STOCK)</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">OF</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
    <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">UNDERWRITING AGREEMENT</div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;"><br>
      <br>
      [&#9679;], 2019</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Maxim Group LLC</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">405 Lexington Avenue, 2nd Fl.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">New York, NY 10174</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">As the Representative of the</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Several underwriters, if any, named in <u>Schedule I</u> hereto</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">The undersigned, Top Ships Inc., a company incorporated under the laws of the Republic of the Marshall Islands (collectively with its
      subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement as being subsidiaries or affiliates of Top Ships Inc., the &#8220;<u>Company</u>&#8221;), hereby confirms its agreement (this &#8220;<u>Agreement</u>&#8221;)
      with the several underwriters (such underwriters, including the Representative (as defined below), the &#8220;<u>Underwriters</u>&#8221; and each an &#8220;<u>Underwriter</u>&#8221;) named in <u>Schedule I</u> hereto for which Maxim Group LLC is acting as representative to
      the several Underwriters (the &#8220;<u>Representative</u>&#8221; and if there are no Underwriters other than the Representative, references to multiple Underwriters shall be disregarded and the term Representative as used herein shall have the same meaning as
      Underwriter) on the terms and conditions set forth herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">It is understood that the several Underwriters are to make a public offering of the Public Securities as
      soon as the Representative deems it advisable to do so.&#160; The Public Securities are to be initially offered to the public at the public offering price set forth in the Prospectus.&#160; The Representative may from time to time thereafter change the public
      offering price and other selling terms.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">It is further understood that you will act as the Representative for the Underwriters in the offering and sale of the Closing
      Securities and, if any, the Option Securities in accordance with this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE I.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">DEFINITIONS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Definitions</u>.&#160;
        In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Action</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(k).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Affiliate</u>&#8221; means with respect to any Person, any other Person that, directly or indirectly
      through one or more intermediaries, controls or is controlled by or is under common control with such Person as such terms are used in and construed under Rule 405 under the Securities Act.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Applicable Laws</u>&#8221; shall have the meaning assigned to such term in Section 3.1(o).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Authorizations</u>&#8221; shall have the meaning assigned to such term in Section 3.1(o).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Authorized Agent</u>&#8221; shall have the meaning ascribed to such term in Section 7.7.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Business Day</u>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal
      holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing</u>&#8221; means the closing of the purchase and sale of the Closing Securities pursuant to
      Section 2.1.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing Date</u>&#8221; means the hour and the date on the Trading Day on which all conditions precedent
      to (i) the Underwriters&#8217; obligations to pay the Closing Purchase Price and (ii) the Company&#8217;s obligations to deliver the Closing Securities, in each case, have been satisfied or waived, but in no event later than 10:00 a.m. (New York City time) on
      the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date hereof or at such earlier time as shall be agreed upon by the Representative and the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing Purchase Price</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(b), which
      aggregate purchase price shall be net of underwriting discounts and commissions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing Securities</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(a)(ii).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing Shares</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(a)(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Closing Warrants</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(a)(ii).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock</u>&#8221; means the common stock of the Company, par value $0.01 per share, and any other
      class of securities into which such securities may hereafter be reclassified or changed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would
      entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
      entitles the holder thereof to receive, Common Stock.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Company Auditor</u>&#8221; means <font style="background-color: #FFFFFF; color: #000000;">Deloitte
        Certified Public Accountants S.A.</font>, with offices located at 3a Fragkokklisias &amp; Granikou str., Athens 151 25 Greece.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Company Counsel</u>&#8221; means Seward &amp; Kissel LLP, with offices located at One Battery Park Plaza,
      New York, New York 10004.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Credit Facility</u>&#8221; means any credit facility or loan agreement to which the Company or any of its
      Subsidiaries is a party or their assets are bound as disclosed in the Registration Statement and the Prospectus.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Disclosure Schedules</u>&#8221; means the Disclosure Schedules of the Company delivered concurrently
      herewith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Effective Date</u>&#8221; means the date and time as of which the Registration Statement, or the most
      recent post-effective amendment thereto, became effective, or is deemed to have become effective by the Commission, in accordance with the rules and regulations under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>EGS</u>&#8221; means Ellenoff Grossman &amp; Schole LLP, with offices located at 1345 Avenue of the
      Americas, New York, New York 10105.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Environmental Claim</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Environmental Laws</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
      thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Execution Date</u>&#8221; shall mean the date on which the parties execute and enter into this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Exempt Issuance</u>&#8221; means the issuance of (a) shares of Common Stock or equity awards to
      employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee
      directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into
      shares of Common Stock issued and outstanding on the date of this Agreement, <font style="font-style: italic;">provided</font> that such securities have not been amended since the date of this Agreement to increase the number of such securities or
      to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with automatic price resets, stock splits, adjustments or combinations as set forth in such securities) or to extend the term of such
      securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, <font style="font-style: italic;">provided</font> that such securities are issued as
      &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.20(a) herein, and <font style="font-style: italic;">provided</font> that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic
      with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
      or to an entity whose primary business is investing in securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>FCPA</u>&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>FINRA</u>&#8221; means the Financial Industry Regulatory Authority.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>GAAP</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Governmental Authority</u>&#8221; shall have the meaning assigned to such term in Section</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">3.1(o).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Indebtedness</u>&#8221; means (a) any liabilities for borrowed money or amounts owed in excess of $50,000
      (other than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the
      Company&#8217;s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (c) the present value of any lease
      payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Intellectual Property Rights</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(q).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Liens</u>&#8221; means a lien, claims, charge, pledge, security interest, encumbrance, right of first
      refusal, preemptive right or other restriction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Lock-Up Agreements</u>&#8221; means the lock-up agreements that are executed delivered on the date hereof
      by Lock-Up Parties, such agreements in the form of <u>Exhibit A</u> attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Lock-Up Parties</u>&#8221; means (i) the Company&#8217;s officers and directors and (ii) Lax Trust.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Material Adverse Effect</u>&#8221; shall have the meaning assigned to such term in Section 3.1(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Materials of Environmental Concern</u>&#8221; shall have the meaning ascribed to such term in Section
      3.1(n).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Offering</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Option Closing Date</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Option Closing Purchase Price</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(b),
      which aggregate purchase price shall be net of the underwriting discounts and commissions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Option Securities</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Option Shares</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Option Warrants</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Over-Allotment Option</u>&#8221; shall have the meaning ascribed to such term in Section 2.2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company, Governmental Authority or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Pre-Funded Warrants</u>&#8221; means, collectively, the Pre-Funded Common Stock purchase warrants
      delivered to the Underwriters in accordance with Section 2.1(a) in the form attached hereto as <u>Exhibit B-2</u>.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Preliminary Prospectus</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(f).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Proceeding</u>&#8221; means an action, claim, suit, investigation or proceeding (including, without
      limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Prospectus</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(f).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Public Securities</u>&#8221; means, collectively, the Closing Securities and, if any, the Option
      Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Registration Statement</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(f).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Required Approvals</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(e).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>SEC Reports</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Securities</u>&#8221; means the Closing Securities, the Option Securities and the Warrant Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Share Purchase Price</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Shares</u>&#8221; means, collectively, the shares of Common Stock delivered to the Underwriters in
      accordance with Section 2.1(a)(i) and Section 2.2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company and shall, where applicable, also include any
      direct or indirect subsidiary of the Company formed or acquired after the date hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the principal Trading Market is open for trading.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Stock is
      listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Traditional Warrants</u>&#8221; means, collectively, the Common Stock purchase warrants delivered to the
      Underwriters in accordance with Section 2.1(a)(ii) and Section 2.2, which Warrants shall be exercisable immediately and have a term of exercise equal to five (5) years, in the form of <u>Exhibit B-1</u> attached hereto.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Transaction Documents</u>&#8221; means this Agreement and all exhibits and schedules hereto, the
      Warrants, the Warrant Agency Agreement, the Lock-Up Agreements, and any other documents or agreements executed in connection with the transactions contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Transfer Agent</u>&#8221; means <font style="background-color: #FFFFFF; color: #000000;">American Stock
        Transfer &amp; Trust Company LLC</font>, the current transfer agent of the Company with a mailing address of <font style="background-color: #FFFFFF; color: #222222;">6201 15th Ave, Brooklyn, NY 11219</font>, a phone number of [&#9679;] and an email
      address of [&#9679;], and any successor transfer agent of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Underwriter Information</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(z)(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Variable Rate Transaction</u>&#8221; shall have the meaning ascribed to such term in Section 4.20(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrant Agency Agreement</u>&#8221; means the warrant agency agreement dated on or about the date hereof,
      among the Company and the Transfer Agent in the form of <u>Exhibit C</u> attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrant Purchase Price</u>&#8221; shall have the meaning ascribed to such term in Section 2.1(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrant Shares</u>&#8221; means the shares of Common Stock issuable upon exercise of the Warrants.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrants</u>&#8221; means, collectively, the Pre-Funded Warrants and the Traditional Warrants.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE II.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">PURCHASE AND SALE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Closing</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Upon

        the terms and subject to the conditions set forth herein, the Company agrees to sell in the aggregate (i) [&#9679;]<font style="font-weight: bold;">&#160;</font>shares of Common Stock, (ii)&#160;Pre-Funded Warrants exercisable for an aggregate of [&#9679;] shares of
        Common Stock, and (iii) Traditional Warrants exercisable for an aggregate of [&#9679;] shares of Common Stock, and each Underwriter agrees to purchase, severally and not jointly, at the Closing, the following securities of the Company:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">the

        number of shares of Common Stock (the &#8220;<u>Closing Shares</u>&#8221;) set forth opposite the name of such Underwriter on <u>Schedule I</u> hereof;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Pre-Funded

        Warrants to purchase up to the number of shares of Common Stock set forth opposite the name of such Underwriter on <u>Schedule I</u> hereof, which shall have an exercise price equal to $0.01 (subject to adjustment therein) (collectively, with the
        Traditional Warrants delivered at Closing, the &#8220;<u>Closing Warrants</u>&#8221; and, collectively with the Closing Shares, the &#8220;<u>Closing Securities</u>&#8221;); and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Traditional

        Warrants to purchase up to the number of shares of Common Stock and shares underlying the Pre-Funded Warrants set forth opposite the name of such Underwriter on <u>Schedule I</u> hereof, which shall have an exercise price of $[&#9679;] (subject to
        adjustment as provided therein).</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The

        aggregate purchase price for the Closing Securities shall equal the amount set forth opposite the name of such Underwriter on <u>Schedule I</u> hereto (the &#8220;<u>Closing Purchase Price</u>&#8221;). The combined purchase price for one Closing Share and a
        Traditional Warrant to purchase one Warrant Share shall be $[&#9679;], which shall be allocated as <font style="font-weight: bold;">$</font>[&#9679;] per Closing Share (the &#8220;<u>Share Purchase Price</u>&#8221;), <font style="font-style: italic;">provided</font>&#160;that
        with respect to an aggregate of&#160; [&#9679;] Closing Shares and Traditional Warrants to each purchase one Warrant Share allocated at the direction of the Company (the &#8220;<u>Directed Shares</u>&#8221;) to entities and in the amounts listed on Schedule II to this
        Agreement, the Underwriters shall purchase such Directed Shares at a price of $[&#9679;] per Closing Share, and $0.01 per Traditional Warrant (the &#8220;<u>Warrant Purchase Price</u>&#8221;). The combined purchase price for one Pre-Funded Warrant and a Traditional
        Warrant to purchase one Warrant Share shall be $[&#9679;], which shall be allocated as $[&#9679;] per Pre-Funded Warrant, <font style="font-style: italic;">provided</font>&#160;that with respect to an aggregate of&#160; [&#9679;] Pre-funded Warrants and Traditional Warrants
        to each purchase one Warrant Share allocated at the direction of the Company (the &#8220;<u>Directed Warrants</u>&#8221;) to entities and in the amounts listed on Schedule II to this Agreement, the Underwriters shall purchase such Directed Shares at a price of
        $[&#9679;] per Pre-Funded Warrant, and $0.01 per Traditional Warrant.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">On

        the Closing Date, each Underwriter shall deliver or cause to be delivered to the Company, via wire transfer through the Representative, immediately available funds equal to such Underwriter&#8217;s Closing Purchase Price and the Company shall deliver to,
        or as directed by, such Underwriter its respective Closing Securities and the Company shall deliver the other items required pursuant to Section 2.3 deliverable at the Closing.&#160; Upon satisfaction of the covenants and conditions set forth in
        Sections 2.3 and 2.4, the Closing shall occur at the offices of EGS or such other location as the Company and Representative shall mutually agree. The Public Securities are to be offered initially to the public at the offering price set forth on
        the cover page of the Prospectus (the &#8220;<u>Offering</u>&#8221;).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The

        Company acknowledges and agrees that, with respect to any Notice(s) of Exercise (as defined in the Pre-Funded Warrants) delivered by a Holder (as defined in the Pre-Funded Warrants) on or prior to 12:00 p.m. (New York City time) on the Closing
        Date, which Notice(s) of Exercise may be delivered at any time after the time of execution of this Agreement, the Company shall deliver the Warrant Shares (as defined in the Pre-Funded Warrants) subject to such notice(s) to the Holder by 4:00 p.m.
        (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share Delivery Date (as defined in the Pre-Funded Warrants).&#160; The Company acknowledges and agrees that the Holders are third-party beneficiaries of this covenant of
        the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Over-Allotment
          Option</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">For

        the purposes of covering any over-allotments in connection with the distribution and sale of the Closing Securities, the Representative is hereby granted an option (the &#8220;<u>Over-Allotment Option</u>&#8221;) to purchase, in the aggregate, up to [&#9679;] shares
        of Common Stock (the &#8220;<u>Option Shares</u>&#8221;) and Traditional Warrants to purchase up to [&#9679;] shares of Common Stock (the &#8220;<u>Option Warrants</u>&#8221; and, collectively with the Option Shares, the &#8220;<u>Option Securities</u>&#8221;) which may be purchased in any
        combination of Option Shares and/or Option Warrants at the Share Purchase Price and/or Warrant Purchase Price, respectively.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">In

        connection with an exercise of the Over-Allotment Option, (a) the purchase price to be paid for any Option Shares is equal to the product of the Share Purchase Price multiplied by the number of Option Shares to be purchased and (b) the purchase
        price to be paid for any Option Warrants is equal to the product of the Warrant Purchase Price multiplied by the number of Option Warrants to be purchased (the aggregate purchase price to be paid on an Option</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Closing Date, the &#8220;<u>Option Closing Purchase Price</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The

        Over-Allotment Option granted pursuant to this Section 2.2 may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Securities within 45 days after the Execution Date.&#160; An Underwriter will not be
        under any obligation to purchase any Option Securities prior to the exercise of the Over-Allotment Option by the Representative.&#160; The Over-Allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the
        Representative, which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number of Option Shares and/or Option Warrants to be purchased and the date and time for delivery of and payment
        for the Option Securities (each, an &#8220;<u>Option Closing Date</u>&#8221;), which will not be later than the earlier of 45 days after the Execution Date and (ii) two (2) full Business Days after the date of the notice or such other time as shall be agreed
        upon by the Company and the Representative, at the offices of EGS<font style="font-weight: bold;">&#160;</font>or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the
        Representative. If such delivery and payment for the Option Securities does not occur on the Closing Date, each Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option, the Company will become obligated to
        convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Shares and/or Option Warrants specified in such notice.&#160; The Representative may cancel
        the Over-Allotment Option at any time prior to the expiration of the Over-Allotment Option by written notice to the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Deliveries</u>.&#160;
        The Company shall deliver or cause to be delivered to each Underwriter (if applicable) the following:</font></div>
    <div style="text-align: justify; text-indent: 31.5pt; margin-left: 40.5pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">At the Closing Date, the Closing Shares and, as to each Option Closing Date, if any, the applicable Option Shares, which shares shall be delivered via The Depository Trust Company Deposit or Withdrawal at Custodian system for the accounts of
        the several Underwriters;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">At

        the Closing Date, the Closing Warrants and, as to each Option Closing Date, if any, the applicable Option Warrants via The Depository Trust Company Deposit or Withdrawal at Custodian system for the accounts of the several Underwriters;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">At

        the Closing Date, legal opinions of Company Counsel addressed to the Underwriters, including, without limitation, a negative assurance letter, in customary form reasonably acceptable to the Representative, and as to each Option Closing Date, if
        any, bring-down opinions from Company Counsel in form and substance reasonably satisfactory to the Representative and, with respect to the Subsidiaries, the favorable opinions of foreign legal counsel to the Company addressed to the Underwriters
        and in form and substance satisfactory to counsel for the Representative;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">At

        the Closing Date, the Warrant Agency Agreement duly executed by the parties thereto;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Contemporaneously

        with the execution of this Agreement, a cold comfort letter, addressed to the Underwriters and in form and substance satisfactory in all respects to the Representative from the Company Auditor dated, respectively, as of the date of this Agreement
        and a bring-down letter dated as of the Closing Date and each Option Closing Date, if any;</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">On

        the Closing Date and on each Option Closing Date, a duly executed and delivered certificate of the Chief Executive Officer and Chief Financial Officer of the Company, in customary form reasonably acceptable to the Representative;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">On

        the Closing Date and on each Option Closing Date, the duly executed and delivered certificate of the Secretary of the Company, in customary form reasonably acceptable to the Representative;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Contemporaneously

        herewith, the Lock-Up Agreements, duly executed and delivered by the Lock-Up Parties; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Such

        other certificates, opinions or documents as the Representative may have reasonably requested.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">2.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Closing
          Conditions</u>. The respective obligations of each Underwriter hereunder in connection with the Closing and each Option Closing Date are subject to the following conditions being met:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">the

        accuracy in all material respects when made and on the date in question (other than representations and warranties of the Company already qualified by materiality, which shall be true and correct in all respects) of the representations and
        warranties of the Company contained herein (unless as of a specific date therein);</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">all

        obligations, covenants and agreements of the Company required to be performed at or prior to the date in question shall have been performed;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">the

        delivery by the Company of the items set forth in Section 2.3 of this Agreement;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">the

        Registration Statement shall be effective on the date of this Agreement and&#160; at each of the Closing Date and each Option Closing Date, if any, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no
        proceedings for that purpose shall have been instituted or shall be pending or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of
        the Representative;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">by

        the Execution Date, if required by FINRA, the Underwriters shall have received a notice of no objections from FINRA as to the amount of compensation allowable or payable to and the terms and arrangements for acting as the Underwriters as described
        in the Registration Statement;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">the

        Closing Shares, the Option Shares and the Warrant Shares have been approved for listing on the Trading Market; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">prior

        to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no material adverse change or development involving a prospective material adverse change in the condition or prospects or the business activities,
        financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement, the General Disclosure Package and Prospectus; (ii) no action suit or proceeding, at law or in equity, shall have
        been pending or threatened against the Company or any Affiliate of</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">the Company before or by any court or federal or state commission, board or other administrative agency wherein an
      unfavorable decision, ruling or finding may materially adversely affect the business, operations, prospects or financial condition or income of the Company, except as set forth in the Registration Statement, the General Disclosure Package and
      Prospectus; (iii) no stop order applicable to the Company shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; (iv) the Company has not incurred any material
      liabilities or obligations, direct or contingent, nor has it entered into any material transactions not in the ordinary course of business, other than pursuant to this Agreement and the transactions referred to herein; (v) the Company has not paid or
      declared any dividends or other distributions of any kind on any class of its capital stock; (vi) the Company has not altered its method of accounting; and (vii) the Registration Statement, the General Disclosure Package and the Prospectus and any
      amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the rules and regulations thereunder and shall conform in all material respects to the
      requirements of the Securities Act and the rules and regulations thereunder, and neither the Registration Statement, the General Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a
      material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If any of the conditions specified in this Section 2.4 shall not have been fulfilled when and as required by this Agreement, or if any of the
      certificates, opinions, written statements or letters furnished to the Representatives or to Representative&#8217;s counsel pursuant to this Section 2.4 shall not be reasonably satisfactory in form and substance to the Representative and to
      Representative&#8217;s counsel, all obligations of the Underwriters hereunder may be cancelled by the Representative at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall be given to the Company in writing or
      orally. Any such oral notice shall be confirmed promptly thereafter in writing.</div>
    <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE III.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Representations
          and Warranties of the Company</u>.&#160; Except as set forth in the SEC Reports or the Disclosure Schedules, which SEC Reports or Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the
        extent of the disclosure contained in the SEC Reports or the corresponding section of the Disclosure Schedules, the Company represents and warrants to the Underwriters as of the Execution Date, as of the Closing Date and as of each Option Closing
        Date, if any, as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Subsidiaries</u>.&#160;
        All of the Subsidiaries of the Company are set forth on <u>Schedule 3.1(a)</u>.&#160; The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and
        outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.&#160; If the Company has no subsidiaries, all other
        references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Organization
          and Qualification</u>.&#160; The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the
        requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.&#160; Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">respective certificate or articles of incorporation, bylaws or other organizational or charter documents.&#160; Each of the
      Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
      necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
      Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company&#8217;s
      ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a &#8220;<u>Material Adverse Effect</u>&#8221;) and no Proceeding has been instituted in any such jurisdiction revoking,
      limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Authorization;
          Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents to which it is a party and otherwise to
        carry out its obligations hereunder and thereunder.&#160; The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been
        duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company&#8217;s stockholders in connection herewith or therewith other than in connection with the Required
        Approvals.&#160; This Agreement and each other Transaction Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will
        constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and
        other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
        and contribution provisions may be limited by Applicable Law.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>No
          Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions
        contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&#8217;s or any Subsidiary&#8217;s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict
        with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any
        rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, Credit Facility, debt or other instrument (evidencing a Company or Subsidiary
        debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result
        in a violation of any Applicable Law or other restriction of any court or Governmental Authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the
        Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Filings, Consents
          and Approvals</u>.&#160; The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other Governmental Authority or
        other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filing with the Commission of the Prospectus, (ii) such filings as are required to be made under applicable
        state securities laws and (iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby (collectively, the &#8220;<u>Required Approvals</u>&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Registration
          Statement</u>.&#160; The Company has filed with the Commission the Registration Statement, including any related Preliminary Prospectus or Prospectuses, for the registration of the Securities under the Securities Act, which Registration Statement has
        been prepared by the Company in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act. The registration of the Common Stock under the Exchange Act has been declared effective
        by the Commission on the date hereof.&#160; Copies of such Registration Statement and of each amendment thereto, if any, including the related Preliminary Prospectuses, heretofore filed by the Company with the Commission have been delivered to the
        Underwriters. The term &#8220;<u>Registration Statement</u>&#8221; means such registration statement on Form F-1 (File No. 333-232851), as amended, as of the relevant Effective Date, including financial statements, all exhibits and any information deemed to be
        included or incorporated by reference therein, including any information deemed to be included pursuant to Rule 430A or Rule 430B of the Securities Act and the rules and regulations thereunder, as applicable. If the Company files a registration
        statement to register a portion of the Securities and relies on Rule 462(b) of the Securities Act and the rules and regulations thereunder for such registration statement to become effective upon filing with the Commission (the &#8220;<u>Rule 462
          Registration Statement</u>&#8221;), then any reference to the &#8220;Registration Statement&#8221; shall be deemed to include the Rule 462 Registration Statement, as amended from time to time. The term &#8220;<u>Preliminary Prospectus</u>&#8221; as used herein means a
        preliminary prospectus as contemplated by Rule 430 or Rule 430A of the Securities Act and the rules and regulations thereunder as included at any time as part of, or deemed to be part of or included in, the Registration Statement. The term &#8220;<u>Prospectus</u>&#8221;
        means the final prospectus in connection with this Offering as first filed with the Commission pursuant to Rule 424(b) of the Securities Act and the rules and regulations thereunder or, if no such filing is required, the form of final prospectus
        included in the Registration Statement at the Effective Date, except that if any revised prospectus or prospectus supplement shall be provided to the Representative by the Company for use in connection with the Securities which differs from the
        Prospectus (whether or not such revised prospectus or prospectus supplement is required to be filed by the Company pursuant to Rule 424(b)), the term &#8220;Prospectus&#8221; shall also refer to such revised prospectus or prospectus supplement, as the case may
        be, from and after the time it is first provided to the Representative for such use. Any reference herein to the terms &#8220;amend&#8221;, &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus
        shall be deemed to refer to and include: (i) the filing of any document under the Exchange Act after the Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated therein by
        reference, and (ii) any such document so filed.&#160; All references in this Agreement to the Registration Statement, a Preliminary Prospectus and the Prospectus, or any amendments or supplements to any of the foregoing shall be deemed to include any
        copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#8220;<u>EDGAR</u>&#8221;).&#160; The term &#8220;<u>General Disclosure Package</u>&#8221; means, collectively, the Permitted Free Writing Prospectus(es) (as
        defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related to this offering, and the information included on <u>Schedule 3.1(f)</u> hereto.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Issuance of
          Securities</u>.&#160; The Public Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
        by the Company.&#160; The Warrant Shares are duly authorized and, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company.&#160; The Company has
        reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement and the Warrants.&#160; The Securities are not and will not be subject to the preemptive rights of any holders of any
        security of the Company or similar contractual rights granted by the Company. All corporate action required to be taken for the authorization, issuance and sale of the Securities has been duly and validly taken. The Securities<font style="font-weight: bold;">&#160;</font>conform in all material respects to all statements with respect thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Capitalization</u>.&#160;
        The capitalization of the Company as of the date hereof is as set forth on <u>Schedule 3.1(h)</u>, which <u>Schedule 3.1(h)</u> shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the
        Company as of the date hereof.&#160; Except as set forth on <u>Schedule 3.1(h)</u>, the Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock
        options under the Company&#8217;s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company&#8217;s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of
        the date of the most recently filed periodic report under the Exchange Act.&#160; No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction
        Documents.&#160; Except as set forth on <u>Schedule 3.1(h)</u> and as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
        relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or contracts,
        commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary.&#160; Other than as set forth on <u>Schedule
          3.1(h)</u>, the issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Underwriters) and will not result in a right of any holder of
        Company securities or instruments to adjust the exercise, conversion, exchange or reset price under any such securities or instruments. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption
        or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock
        appreciation rights or &#8220;phantom stock&#8221; plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in
        compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.&#160; The authorized shares of the Company conform in
        all material respects to all statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus. The offers and sales of the Company&#8217;s securities were at all relevant times either registered under
        the Securities Act and the applicable state securities or Blue Sky laws or, based in part on the representations and warranties of the purchasers, exempt from such registration requirements.&#160; No further approval or authorization of any stockholder,
        the Board of Directors or others is required for the issuance and</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">sale of the Securities.&#160; Other than as set forth on <u>Schedule 3.1(h)</u>, there are no stockholders agreements, voting
      agreements or other similar agreements with respect to the Company&#8217;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s stockholders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>SEC
          Reports; Financial Statements</u>.&#160; The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or
        15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by Applicable Law to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
        therein, together with the Prospectus, being collectively referred to herein as the &#8220;<u>SEC Reports</u>&#8221;) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
        such extension.&#160; As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue
        statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; The Company has
        never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the
        Commission with respect thereto as in effect at the time of filing.&#160; Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (&#8220;<u>GAAP</u>&#8221;),

        except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
        of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
        adjustments. The agreements and documents described in the Registration Statement, the Preliminary Prospectus, the General Disclosure Package, the Prospectus, and the SEC Reports conform in all material respects to the descriptions thereof
        contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Preliminary Prospectus, the General Disclosure Package, the
        Prospectus or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a
        party or by which it is or may be bound or affected and (i)&#160;that is referred to in the Registration Statement, the General Disclosure Package, the Prospectus or the SEC Reports, or (ii)&#160;is material to the Company&#8217;s business, has been duly
        authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company&#8217;s knowledge, the other parties thereto, in accordance with its terms, except (x)&#160;as such
        enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&#8217; rights generally, (y)&#160;as enforceability of any indemnification or contribution provision may be limited under the federal and state
        securities laws, and (z)&#160;that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.
        None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the best of the Company&#8217;s knowledge, any other party is in default thereunder and, to the best of the Company&#8217;s knowledge, no event has
        occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder. To the best of the Company&#8217;s knowledge, performance by the Company of the</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">material provisions of such agreements or instruments will not result in a violation of any existing Applicable Law or
      order or decree of any Governmental Authority or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Material
          Changes; Undisclosed Events, Liabilities or Developments</u>.&#160; Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on <u>Schedule 3.1(j)</u>, (i) there has been no event, occurrence or
        development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the
        ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company&#8217;s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered
        its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and
        (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans and the issuance of Common Stock Equivalents as disclosed in the SEC Reports.&#160; The Company does not
        have pending before the Commission any request for confidential treatment of information.&#160; Except for the issuance of the Securities contemplated by this Agreement or as set forth on <u>Schedule 3.1(j)</u>, no event, liability, fact, circumstance,
        occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would
        be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.
        Unless otherwise disclosed in an SEC Report filed prior to the date hereof, the Company has not: (i)&#160;issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii)&#160;declared or paid any dividend or
        made any other distribution on or in respect to its capital stock.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Litigation</u>.&#160;
        There has not been, and to the knowledge of the Company there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting
        the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, Governmental Authority (federal, state, county, local or foreign) (collectively, an &#8220;<u>Action</u>&#8221;). There are no Actions that (i) adversely
        affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect.&#160;
        Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.&#160;
        There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.&#160; The Commission has not issued any
        stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Labor
          Relations</u>.&#160; No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect.&#160; None of the Company&#8217;s or its
        Subsidiaries&#8217; employees is a member of a union that relates to such employee&#8217;s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are
      good.&#160; To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information
      agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to
      any liability with respect to any of the foregoing matters that would reasonably be expected to have a Material Adverse Effect.&#160; The Company and its Subsidiaries are in compliance with all Applicable Laws relating to employment and employment
      practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.&#160; The Company and each of the
      Subsidiaries (A) is in compliance, in all material respects, with Applicable Laws (including pursuant to the Occupational Health and Safety Act or its foreign equivalents) relating to the protection of human health and safety in the workplace (&#8220;<u>Occupational
        Laws</u>&#8221;); (B) has received all Authorizations or other approvals required of it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material respects, with all terms and conditions
      of such Authorizations or approval.&#160; No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the
      Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or
      proceedings.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Compliance</u>.&#160;
        Neither the Company nor any Subsidiary is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has
        the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any Credit Facility or other indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by
        which it or any of its properties is bound (whether or not such default or violation has been waived), except as could not have or reasonably be expected to result in a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Environmental
          Laws</u>.&#160; Neither the Company nor any of its Subsidiaries is in violation of any applicable international, national, state or local convention, law, regulation, order, governmental license, convention, treaty (including those promulgated by the
        International Maritime Organization) or other requirement relating to pollution or protection of human health or safety (as they relate to exposure to Materials of Environmental Concern (as defined below)) or protection of the environment
        (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or protection of natural resources, including without limitation, conventions, laws or regulations relating to emissions, discharges,
        releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum, petroleum products or other hydrocarbons (collectively, &#8220;<u>Materials of Environmental Concern</u><font style="font-weight: bold; font-style: italic;">&#8221;</font>), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;<u>Environmental
          Laws</u><font style="font-weight: bold; font-style: italic;">&#8221;</font>), nor has the Company or any Subsidiary received any written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the
        Company or any such Subsidiary is in violation of any Environmental Law or governmental license required pursuant to Environmental Law; except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there
        is no claim, action or cause of action filed with a court or Governmental Authority and no</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">investigation, or other action with respect to which the Company or any Subsidiary has received written notice alleging
      potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries, attorneys' fees or penalties arising out of, based on or resulting from the presence, or release
      into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any Subsidiary, now or in the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in
      the past (collectively, &#8220;<u>Environmental Claim</u><font style="font-weight: bold; font-style: italic;">&#8221;</font>), pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary or any person or entity whose liability
      for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) to the knowledge of the Company,
      there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably would be
      expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental Law, or form the basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose
      liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of
      doubt, the operation of vessels in the ordinary course of business shall not be deemed, by itself, an action, activity, circumstance or condition set forth in this clause (c)); and (d) none of the Company or any Subsidiary is subject to any pending
      proceeding under Environmental Law to which a Governmental Authority is a party and which the Company reasonably believes is likely to result in monetary sanctions of US$100,000 or more. The Company has reasonably concluded that any existing
      compliance and remediation costs and liabilities arising under Environmental Laws and resulting from the business, operations or properties of the Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a
      Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business,
      operations and properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of
      properties or compliance with Environmental Laws or any Authorizations, any related constraints on operating activities and any potential liabilities to third parties).&#160; No facts or circumstances have come to the Company's attention that could result
      in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Law
          and Permits</u>.&#160; Except as described in the Registration Statement or the Prospectus, the Company and each of the Subsidiaries: (i) is and at all times since January 1, 2018 has been in material compliance with all United States (federal, state
        and local) and foreign statutes, rules, regulations, codes, treaties, or guidance applicable to the Company or the Subsidiaries (&#8220;<u>Applicable Laws</u>&#8221;); (B) since January 1, 2019 has not received any notice of adverse finding, warning letter,
        untitled letter or other correspondence or notice from any Governmental Authority (as defined below) alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and
        supplements or amendments thereto required by any such Applicable Laws (&#8220;<u>Authorizations</u>&#8221;); (C) since January 1, 2019 has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other
        action from any Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Authority or third party</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">intends to assert any such claim, litigation, arbitration, action, suit, investigation or proceeding; (D) since January 1,
      2019 has not received notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and the Company has no knowledge that any such Governmental Authority is considering
      such action; and (E) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that
      all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission),
      except in the case of (A) through (E) above, as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. &#8220;<u>Governmental Authority</u>&#8221; means any federal, provincial, state, local, foreign or other
      governmental, quasi-governmental or administrative agency, court or body or any other type of regulatory authority or body, including, without limitation, the NASDAQ Capital Market.&#160; The aggregate of all pending legal or governmental proceedings to
      which the Company or any Subsidiary is a party or of which any of their respective property or assets is the subject which are not described in the Registration Statement and the Prospectus, including ordinary routine litigation incidental to the
      business, would not result in a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Title
          to Assets</u>.&#160; The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company
        and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens arising under any Credit Facility, (ii) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed
        to be made of such property by the Company and the Subsidiaries and (iii) Liens for the payment of foreign, federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is
        neither delinquent nor subject to penalties.&#160; Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in
        compliance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Intellectual
          Property</u>.&#160; The Company and each of its Subsidiaries owns, possesses, or can acquire on reasonable terms, all Intellectual Property (as defined below) necessary for the conduct of their respective businesses as now conducted or as described in
        the Registration Statement and the Prospectus to be conducted.&#160; Except as would not result in a Material Adverse Effect, (A) there are no rights of third parties to any such Intellectual Property owned by the Company, except as otherwise disclosed
        to the Agent in writing by the Company prior to the date hereof; (B) to the knowledge of the Company, there is no infringement, misappropriation or violation&#160; by third parties of any such Intellectual Property; (C) there is no pending or, to the
        knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&#8217;s or any Subsidiary&#8217;s rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable
        basis for any such claim; (D) the Intellectual Property owned by the Company and each of the Subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company, each of the Subsidiaries, has not been adjudged
        invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company
        is unaware of any facts which would form a reasonable basis for any such claim; (E) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries
        infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, and neither the Company nor any of</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">the Subsidiaries has received any written notice of such claim; and (F) to the Company&#8217;s knowledge, no employee of the
      Company or any of its Subsidiaries is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement
      or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&#8217;s employment with the Company or any of its Subsidiaries or actions undertaken by the employee while employed with the Company or any
      of its Subsidiaries.&#160; &#8220;<u>Intellectual Property</u>&#8221; shall mean all patents, patent applications, trade and service marks, trade and service&#160; mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology,
      know-how and other intellectual property.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Insurance</u>.&#160;
        The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
        including, but not limited to, directors and officers insurance coverage.&#160; Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
        obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Transactions
          With Affiliates and Employees</u>.&#160; Except as disclosed in the Registration Statement and the Prospectus, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the
        Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing
        of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from, any officer, director or such employee or, to the
        knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment
        of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Sarbanes-Oxley;
          Internal Accounting Controls</u>.&#160; The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and
        regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.&#160; <font style="color: #000000;">The Company and the Subsidiaries maintain a system of internal accounting controls sufficient
          to provide reasonable assurance that: (i) transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
          GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at
          reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
          and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and
          reported, within the time periods specified in the Commission&#8217;s rules and forms.&#160; The Company&#8217;s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the</font></font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">Subsidiaries as of the end of the period covered by the most recently filed periodic report under the
      Exchange Act (such date, the &#8220;<u>Evaluation Date</u>&#8221;).&#160; The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and
      procedures based on their evaluations as of the Evaluation Date.&#160; Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries
      that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Certain
          Fees</u>.&#160; Except as set forth in the Registration Statement, the General Disclosure Package and Prospectus, no brokerage or finder&#8217;s fees or commissions are or will be payable by the Company, any Subsidiary or Affiliate of the Company to any
        broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.&#160; There are no other arrangements, agreements or understandings of
        the Company or, to the Company&#8217;s knowledge, any of its stockholders that may affect the Underwriters&#8217; compensation, as determined by FINRA.&#160; Other than payments to the Underwriters for this Offering, the Company has not made and has no agreements,
        arrangements or understanding to make any direct or indirect payments (in cash, securities or otherwise) to: (i)&#160;any person, as a finder&#8217;s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or
        introducing to the Company persons who raised or provided capital to the Company; (ii)&#160; any FINRA member; or (iii)&#160;any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the 180-day period
        preceding the initial filing of the Registration Statement through the 90-day period after the Effective Date. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as
        specifically authorized herein.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Investment
          Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities will not be or be an Affiliate of, an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as
        amended.&#160; The Company shall conduct its business in a manner so that it will not become an &#8220;investment company&#8221; subject to registration under the Investment Company Act of 1940, as amended.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Registration
          Rights</u>.&#160; No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary, other than those rights that have been waived or satisfied.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Listing
          and Maintenance Requirements</u>.&#160; The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
        registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.&#160; The Company has not, in the 12 months preceding the date hereof, received
        notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to
        believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another
        established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Application
          of Takeover Protections</u>.&#160; The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a
        rights agreement) or other similar anti&#8209;takeover provision under the Company&#8217;s certificate of incorporation (or similar charter documents) or the laws of its state or jurisdiction of incorporation that is or could become applicable as a result of
        the Underwriters and the Company fulfilling their obligations or exercising their rights under the Transaction Documents.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 11pt;">(z)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Disclosure; 10b-5</u>.</div>
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The

        Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, if any, at the
        time it became effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable rules and regulations under the Securities Act and did not and, as amended or supplemented, if applicable, will not, contain
        any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Preliminary Prospectus and the Prospectus, each as of its respective date, comply
        in all material respects with the Securities Act and the Exchange Act and the applicable rules and regulations. The Prospectus, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material fact
        or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.&#160; As of its date and the date hereof, the General Disclosure Package did not and does not
        include any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; The representations set forth in
        this Section 3(z)(i) do not apply to statements or omissions in the Registration Statement or the Prospectus based upon information furnished to the Company in writing by the Representative expressly for use therein, <font style="color: #000000;">it
          being understood and agreed that the only such information furnished by the Representative consists of </font><font style="background-color: #FFFFFF; color: #000000;">the name of the Underwriters appearing in the table under the first paragraph,
          and the concession figures appearing in the fourth paragraph, under the caption &#8220;Underwriting&#8221; in the final Prospectus (the &#8220;</font><font style="background-color: #FFFFFF; color: #000000;"><u>Underwriter Information</u></font><font style="background-color: #FFFFFF; color: #000000;">&#8221;)</font></font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The SEC Reports, when they were filed with the Commission, conformed in all material respects to the requirements of the Securities Act and the Exchange Act, as applicable, and the applicable rules and regulations, and none of such
        documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect to the SEC Reports incorporated by reference in the
        Prospectus), in light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference in the Prospectus, when such documents are filed with the Commission, will conform in all
        material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
        therein, in light of the circumstances under which they were made not misleading.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
        therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required
        to be filed with the Commission.&#160; There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be
        filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>No Integrated Offering</u>.&#160; Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
        under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the
        Company are listed or designated.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Solvency</u>.&#160; Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value
        of the Company&#8217;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#8217;s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company&#8217;s assets do not constitute
        unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
        projected capital requirements and capital availability thereof as such matters are described in the Registration Statement, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
        all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid.&#160; The Company does not intend to incur debts beyond
        its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for
        reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date.&#160; <u>Schedule 3.1(bb)</u> sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of
        the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Tax Status</u>.&#160; Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States
        federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material
        in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns,
        reports or declarations apply.&#160; There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.&#160; The
        provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of
        such consolidated financial statements.&#160; The term &#8220;taxes&#8221; mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use,
        withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties,
        additions to tax, or additional amounts with respect thereto.&#160; The term &#8220;returns&#8221; means all returns, declarations, reports, statements, and</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">other documents required to be filed in respect to taxes.&#160; The Company did not qualify as a &#8220;passive foreign investment
      company&#8221; within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Foreign Corrupt Practices</u>.&#160; Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly,
        used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign
        or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation
        of Applicable Law, or (iv) violated in any material respect any provision of FCPA or any foreign equivalent.&#160; The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply
        in all material respects with the FCPA or any foreign equivalent.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Accountants</u>.&#160; To the knowledge and belief of the Company, the Company Auditor (i) is an independent registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial
        statements to be included in the Company&#8217;s Annual Report for the fiscal year ending December 31, 2019.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Maritime Representations</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Each of the vessels
        described in the Registration Statement and the Prospectus as being owned by the Company or any Subsidiary as described therein (&#8220;<u>Owned Vessels</u>&#8221;) has been duly and validly registered in the name of a Subsidiary under the laws and regulations
        and flag of the nation of its registration; no other action is necessary to establish and perfect such entity&#8217;s title to and interest in any of the Owned&#160; Vessels as against any third party; and each Owned Vessel is owned directly by the Company or
        such Subsidiary free and clear of all Liens, except such as are described in the Registration Statement and the Prospectus.&#160;&#160;Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all Liens and all defects of the
        title of record except for maritime Liens incurred in the ordinary course and those Liens arising under Credit Facilities, each as disclosed in the Registration Statement and the Prospectus.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Except as described
        in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries is a party to any memorandum of agreement or option agreement to purchase any vessels.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Any vessel
        currently being built for the Company or any Subsidiary (a &#8220;<u>NewBuild Vessel</u><font style="font-style: italic;">&#8221;</font>) is disclosed in the Registration Statement or the Prospectus.&#160;&#160;Each applicable Subsidiary has all rights, title and
        interest as purchaser of each NewBuild Vessel under a shipbuilding contract for such NewBuild Vessels (each, a &#8220;<u>Shipbuilding Contract</u>&#8221;), free of any Liens except for those arising under Credit Facilities or as disclosed in the Registration
        Statement or the Prospectus and all installments which were due to be paid under each Shipbuilding Contract up to and including the date hereof have been duly paid or extended upon the mutual consent of the parties to such Shipbuilding Contract and
        there are no defaults or breaches by the applicable Subsidiary or, to the Company's knowledge, by the builder of the applicable NewBuild Vessel, under any Shipbuilding Contract, in any such case which would permit the builder to terminate such
        Shipbuilding Contract or entitle the builder to delay delivery of the applicable</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">NewBuild Vessel for more than ten (10) days.&#160;&#160;Each Shipbuilding Contract has been duly authorized and has been executed and delivered by the
      respective parties thereto, and the Company has no reason to believe that such agreements do not constitute valid and binding agreements of each such party enforceable in all material respects against each such party in accordance with its terms.</div>
    <div style="background-color: #FFFFFF;">
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Each of the Owned
        Vessels is in good standing with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the jurisdiction in which it is registered, except where such lien or defect of title or record would not result in
        a Material Adverse Effect.</font></div>
    <div style="background-color: #FFFFFF;">
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Each of the Owned
        Vessels is operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or restrictions imposed, published or promulgated by any Governmental Authority, classification society or insurer
        applicable to the respective Owned Vessel (collectively, &#8220;<u>Maritime Guidelines</u>&#8221;) and all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including,
        without limitation, all Environmental Laws), in each case as in effect on the date hereof, except where such failure to be in compliance would not result in a Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own
        or lease, as the case may be, and operate such Owned Vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all
        Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel's flag state, in each case as in effect on the date hereof, except where such failure to be so qualified would not result in a Material
        Adverse Effect.</font></div>
    <div style="background-color: #FFFFFF;">
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    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Each of the Owned
        Vessels is classed by a classification society which is a full member of the International Association of Classification Societies and such Owned Vessels are in class with valid class and trading certificates, without any overdue recommendations,
        in each case based on the classification and certification requirements in effect on the date hereof.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Stock Option Plans</u>. Each stock option granted by the Company under the Company&#8217;s stock option plan was granted (i) in accordance with the terms of the Company&#8217;s stock option plan and (ii) with an exercise price at least equal to the
        fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and Applicable Law. No stock option granted under the Company&#8217;s stock option plan has been backdated.&#160; The Company has not knowingly granted,
        and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the
        Company or its Subsidiaries or their financial results or prospects.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Office of Foreign Assets Control</u>.&#160; Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions
        administered by the Office of Foreign Assets Control of the U.S. Treasury Department.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>U.S. Real Property Holding Corporation</u>.&#160; The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so
        certify upon the Representative&#8217;s request.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &#8220;<u>BHCA</u>&#8221;) and to regulation by the Board of Governors of the Federal
        Reserve System (the &#8220;<u>Federal Reserve</u>&#8221;).&#160; Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or
        twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.&#160; Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence
        over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Money Laundering</u>.&#160; The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions
        Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;), and no Action or Proceeding by or before any court or Governmental Authority
        or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Board of Directors</u>.&#160; The Board of Directors is comprised of the persons set forth under the heading of the Prospectus captioned &#8220;Directors, Senior Management and Employees.&#8221; The qualifications of the persons serving as board members
        and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market.&#160; In addition, at least a majority of the persons
        serving on the Board of Directors qualify as &#8220;independent&#8221; as defined under the rules of the Trading Market.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(mm)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>D&amp;O Questionnaires</u>.&#160; To the Company&#8217;s knowledge, all information contained in the questionnaires most recently completed by each of the Company&#8217;s directors and officers is true and correct in all respects and the Company has not
        become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>FINRA Affiliation</u>.&#160; To the Company&#8217;s knowledge, no officer, director or any beneficial owner of 5% or more of the Company&#8217;s shares of Common Stock or Common Stock Equivalents has any direct or indirect affiliation or association with
        any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any
        member of FINRA.&#160; No Company Affiliate has made a subordinated loan to any member of FINRA.&#160; No proceeds from the sale of the Securities (excluding underwriting compensation as disclosed in the Registration Statement and the Prospectus) will be
        paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member. Except as disclosed in the Prospectus, the Company has not issued any warrants or other securities or granted any options, directly or
        indirectly, to the Representatives or any of the Underwriters named on <u>Schedule I</u> hereto within the 180-day period prior to the initial filing date of the Prospectus.&#160; Except for securities issued to the Representatives as disclosed in the
        Prospectus and securities sold by the Representatives on behalf of the Company, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus is a FINRA member,
        is a person associated with a FINRA member or is an affiliate of a FINRA member.&#160; No FINRA member participating in the Offering has a conflict of interest with the Company. For this purpose, a &#8220;conflict of interest&#8221; exists when a FINRA member, the
        parent or affiliate of a FINRA</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">member or any person associated with a FINRA member in the aggregate beneficially own 5% or more of the Company&#8217;s
      outstanding subordinated debt or common equity, or 5% or more of the Company&#8217;s preferred equity. &#8220;FINRA member participating in the Offering&#8221; includes any associated person of a FINRA member that is participating in the Offering, any member of such
      associated person&#8217;s immediate family and any affiliate of a FINRA member that is participating in the Offering.&#160; &#8220;Any person associated with a FINRA member&#8221; means (1) a natural person who is registered or has applied for registration under the rules
      of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or
      securities business who is directly or indirectly controlling or controlled by a FINRA member.&#160; When used in this Section 3.1(nn) the term &#8220;affiliate of a FINRA member&#8221; or &#8220;affiliated with a FINRA member&#8221; means an entity that controls, is controlled
      by or is under common control with a FINRA member. The Company will advise the Representative and EGS if it learns that any officer, director or owner of 5% or more of the Company&#8217;s outstanding shares of Common Stock or Common Stock Equivalents is or
      becomes an affiliate or associated person of a FINRA member firm.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Consent to Jurisdiction</u>.&#160; The Company has the power to submit, and pursuant to Section 7.7 of this Agreement has legally, validly, effectively and irrevocably submitted, to the jurisdiction of any federal or state court in the State
        of New York, County of New York, and has the power to designate, appoint and empower, and pursuant to Section 7.7 of this Agreement has legally, validly and effectively designated, appointed and empowered, an agent for service of process in any
        suit or proceeding based on or arising under this Agreement in any federal or state court in the State of New York.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Officers&#8217; Certificate</u>.&#160; Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or EGS shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
        covered thereby.</font></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE IV.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">OTHER AGREEMENTS OF THE PARTIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Amendments
          to Registration Statement</u>.&#160;&#160; The Company has delivered, or will as promptly as practicable deliver, to the Underwriters complete conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable,
        filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Prospectus, as amended or supplemented, and the General Disclosure Package in such quantities and at such places as an Underwriter reasonably
        requests.&#160; Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material in connection with the offering and sale of the Securities other than the
        Prospectus, the General Disclosure Package and the Registration Statement. The Company shall not file any such amendment or supplement to which the Representative shall reasonably object in writing.</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Federal Securities
          Laws</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Compliance</u>.&#160;
        During the time when a Prospectus is required to be delivered under the Securities Act, the Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the rules and regulations thereunder and the
        Exchange Act and the rules and regulations thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities in accordance with the provisions hereof and the Prospectus. If at any
        time when a Prospectus relating to the Securities is required</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">to be delivered under the Securities Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or
      counsel for the Underwriters, the Prospectus, as then amended or supplemented, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of
      the circumstances under which they were made, not misleading, or if it is necessary at any time to amend the Prospectus to comply with the Securities Act, the Company will notify the Underwriters promptly and prepare and file with the Commission,
      subject to Section 4.1 hereof, an appropriate amendment or supplement in accordance with Section 10 of the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Exchange
          Act Registration</u>.&#160; For a period of three years from the Execution Date, the Company will use its best efforts to maintain the registration of the Common Stock under the Exchange Act. The Company will not deregister the Common Stock under the
        Exchange Act without the prior written consent of the Representative.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Free Writing
          Prospectuses</u>.&#160; The Company represents and agrees that it has not made and will not make any offer relating to the Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 of the rules and regulations under
        the Securities Act, without the prior written consent of the Representative. Any such free writing prospectus consented to by the Representative is herein referred to as a <font style="font-weight: bold;">&#8220;</font><u>Permitted Free Writing
          Prospectus</u>.&#8221; The Company represents that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus&#8221; as defined in rule and regulations under the Securities Act, and has complied and will comply with the
        applicable requirements of Rule 433 of the Securities Act, including timely Commission filing where required, legending and record keeping.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Delivery to the
          Underwriters of Prospectuses</u>.&#160; The Company will deliver to the Underwriters, without charge, from time to time during the period when the Prospectus is required to be delivered under the Securities Act or the Exchange Act such number of
        copies of each Prospectus as the Underwriters may reasonably request and, as soon as the Registration Statement or any amendment or supplement thereto becomes effective, deliver to you two original executed Registration Statements, including
        exhibits, and all post-effective amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference and all original executed consents of certified experts.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Effectiveness and
          Events Requiring Notice to the Underwriters</u>.&#160; The Company will notify the Underwriters and holders of the Warrants immediately and confirm the notice in writing: (i)&#160;of the effectiveness of the Registration Statement and any amendment
        thereto; (ii)&#160;of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii)&#160;of the issuance by any state securities commission of any proceedings for the suspension of the
        qualification of the Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv)&#160;of the mailing and delivery to the Commission for filing of any amendment or supplement to
        the Registration Statement or Prospectus; (v)&#160;of the receipt of any comments or request for any additional information from the Commission; and (vi)&#160;of the happening of any event during the period described in this Section 4.4 that, in the judgment
        of the Company, makes any statement of a material fact made in the Registration Statement, the General Disclosure Package or the Prospectus untrue or that requires the making of any changes in the Registration Statement, the General Disclosure
        Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification
        at any time, the Company will make every reasonable effort to obtain promptly the lifting of such order.</font></div>
    <br>
    <br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Review of Financial
          Statements</u>.&#160; For a period of three (3) years from the Execution Date, the Company, at its expense, shall cause its regularly engaged independent registered public accountants to review (but not audit) the Company&#8217;s financial information for
        its semi-annual report covering the six-month period ended June 30.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Reports
          to the Underwriters; Expenses of the Offering</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Periodic
          Reports, etc</u>.&#160; For a period of three years from the Execution Date, the Company will furnish or make available to the Underwriters copies of such financial statements and other periodic and special reports as the Company from time to time
        furnishes generally to holders of any class of its securities and also promptly furnish or make available to the Underwriters: (i) a copy of each periodic report the Company shall be required to file with the Commission; (ii) a copy of every press
        release and every news item and article with respect to the Company or its affairs which was released by the Company; (iii) a copy of each Form 6-K prepared and filed by the Company; (iv)&#160; a copy of each registration statement filed by the Company
        under the Securities Act; (v) such additional documents and information with respect to the Company and the affairs of any future Subsidiaries of the Company as the Representative may from time to time reasonably request; <font style="font-style: italic;">provided</font> that the Underwriters shall each sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative in connection with such Underwriter&#8217;s receipt of
        such information. Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Underwriters pursuant to this Section.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Transfer
          Agent</u>.&#160; For a period of three (3) years from the Execution Date, the Company shall retain the Transfer Agent or a nationally recognized transfer and registrar agent.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Trading
          Reports</u>.&#160; During such time as the Closing Shares and Warrant Shares are listed on the Trading Market, the Company shall provide to the Underwriters, at the Company&#8217;s expense, such reports published by the Trading Market relating to price and
        trading of such securities, as the Underwriters shall reasonably request.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>General
          Expenses Related to the Offering</u>.&#160; The Company hereby agrees to pay on each of the Closing Date and each Option Closing Date, if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of
        the Company under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration of the Securities to be sold in the Offering (including the Option Securities) with the Commission; (b) all
        FINRA Public Offering Filing System fees associated with the review of the Offering by FINRA; (c) all fees and expenses relating to the listing of such Closing Shares, Option Shares and Warrant Shares on the Trading Market and such other stock
        exchanges as the Company and the Representative together determine; (d) all fees, expenses and disbursements relating to background checks of the Company&#8217;s officers and directors; (e) all fees, expenses and disbursements relating to the
        registration or qualification of such Securities under the &#8220;blue sky&#8221; securities laws of such states and other foreign jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees and
        the fees and disbursements of the Representative&#8217;s counsel at Closing); (f) all fees and expenses associated with the i-Deal system and NetRoadshow; (g) the costs of all mailing and printing of the Registration Statements, Prospectuses and all
        amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (h) the costs of preparing, printing and delivering certificates representing the Securities; (i) fees
        and expenses of the Transfer Agent for the Securities (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Company); (j) stock transfer taxes, if any, payable upon the transfer of Securities from the Company to the Underwriters; (k)
      the fees and expenses of the Company&#8217;s accountants; (l) the fees and expenses of the Company&#8217;s legal counsel and other agents and representatives;&#160; and (m) the legal fees and expenses of the Representative&#160; with a limitation of an aggregate amount of
      $75,000 for an offering of up to $7 million and $90,000 for an offering of more than $7 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Application of Net
          Proceeds</u>.&#160; The Company will apply the net proceeds from the Offering received by it in a manner consistent with the application described under the caption &#8220;Use Of Proceeds&#8221; in the Prospectus.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Delivery of Earnings
          Statements to Security Holders</u>.&#160; The Company will make generally available to its security holders as soon as practicable, but not later than the first day of the sixteenth full calendar month following the Execution Date, an earnings
        statement (which need not be certified by independent public or independent certified public accountants unless required by the Securities Act or the rules and regulations under the Securities Act, but which shall satisfy the provisions of Rule
        158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve consecutive months beginning after the Execution Date.&#160; The Form 20-F filed with the Commission pursuant to its EDGAR system shall fulfill the requirements of
        this Section 4.8.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Stabilization</u>.&#160;
        Neither the Company, nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken or will take, directly or indirectly, any action designed to or that has constituted or that might
        reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Internal Controls</u>.&#160;
        The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorization; (ii)&#160;transactions are recorded as
        necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii)&#160;access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and
        (iv)&#160;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Accountants</u>.&#160;
        For a period of three (3) years from the Effective Date, the Company shall continue to retain the Auditor or another nationally recognize independent registered public accounting firm with experience in the maritime industry.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>FINRA</u>.&#160; The
        Company shall advise the Underwriters (who shall make an appropriate filing with FINRA) if it is aware that any officer, director, 5% or greater shareholder of the Company or Person that received the Company&#8217;s unregistered equity securities in the
        past 180 days is or becomes an affiliate or associated person of a FINRA member firm prior to the earlier of the termination of this Agreement or the conclusion of the distribution of the Offering.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>No Fiduciary Duties</u>.&#160;
        The Company acknowledges and agrees that the Underwriters&#8217; responsibility to the Company is solely contractual and commercial in nature, based on arms-length negotiations and that neither the Underwriters nor their affiliates or any selected dealer
        shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.&#160; N<font style="color: #000000;">otwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public
          and the purchase price paid to the Company by the</font></font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
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    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">Underwriters for the shares and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial
      interests.&#160; The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of fiduciary duty.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Warrant
          Shares</u>.&#160; If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance of the Warrant Shares or if the Warrant is exercised via cashless exercise at a time when such Warrant
        Shares would be eligible for resale under Rule 144 by a non-affiliate of the Company, the Warrant Shares issued pursuant to any such exercise shall be issued free of all restrictive legends.&#160; If at any time following the date hereof the
        Registration Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for the sale of the Warrant Shares, the Company shall immediately notify the
        holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale of the Warrant Shares (it
        being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any holder thereof to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Board
          Composition and Board Designations</u>.&#160; The Company shall ensure that: (i)&#160;the qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules
        promulgated thereunder and with the listing requirements of the Trading Market and (ii) if applicable, at least one member of the Board of Directors qualifies as a &#8220;financial expert&#8221; as such term is defined under the Sarbanes-Oxley Act of 2002 and
        the rules promulgated thereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.16</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Securities
          Laws Disclosure; Publicity</u>.&#160; At the request of the Representative, by 9:00 a.m. (New York City time) on the date hereof, the Company shall issue a press release disclosing the material terms of the Offering.&#160; The Company and the
        Representative shall consult with each other in issuing any other press releases with respect to the Offering, and neither the Company nor any Underwriter shall issue any such press release nor otherwise make any such public statement without the
        prior consent of the Company, with respect to any press release of such Underwriter, or without the prior consent of such Underwriter, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed,
        except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.&#160; The Company will not issue press releases or engage in any other
        publicity, without the Representative&#8217;s prior written consent, for a period ending at 5:00 p.m. (New York City time) on the first business day following the 10th day following the Closing Date, other than normal and customary releases issued in the
        ordinary course of the Company&#8217;s business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.17</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Shareholder
          Rights Plan</u>.&#160; No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Underwriter of the Securities is an &#8220;Acquiring Person&#8221; under any control share acquisition, business combination,
        poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Underwriter of Securities could be deemed to trigger the provisions of any
        such plan or arrangement, by virtue of receiving Securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.18</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Reservation
          of Common Stock</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
        the Company to issue Option Shares pursuant to the Over-Allotment Option and Warrant Shares pursuant to any exercise of the Warrants.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.19</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>L</u><u>isting
          of Common Stock</u>. The Common Stock has been approved for trading on the Trading Market. The Company agrees to use its commercial best efforts to effect and maintain the trading of the Common Stock on the Trading Market for at least three (3)
        years after the Closing Date.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.20</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Subsequent
          Equity Sales</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">From

        the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock
        Equivalents without the prior written consent of the Representative.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">From

        the date hereof until </font><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">ninety (90) days after the Closing Date, the Company shall be
        prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. &#8220;<u>Variable
          Rate Transaction</u>&#8221; means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either
        (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity
        securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or
        indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue
        securities at a future determined price.&#160; Any Underwriter shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Notwithstanding

        the foregoing, this Section 4.20 shall not apply in respect of an Exempt Issuance,</font> except that no Variable Rate Transaction shall be an Exempt Issuance<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.21</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;"><u>Capital Changes</u>.&#160; Until sixty (60) days after the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification of the Common Stock without the prior written consent of the
        Representative, which consent shall not be unreasonably withheld.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">4.22</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Research
          Independence</u>.<font style="color: #000000;"> The Company acknowledges that each Underwriter&#8217;s research analysts and research departments, if any, are required to be independent from their respective investment banking divisions and are subject
          to certain regulations and internal policies, and that such Underwriter&#8217;s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ
          from the views of its investment bankers.&#160; The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against such Underwriter with respect to any conflict of interest that may arise from
          the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter&#8217;s investment banking divisions.&#160; The
          Company acknowledges that the Representative is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or
          short position in debt or equity securities of the Company.</font></font></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE V.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">DEFAULT BY UNDERWRITERS</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If on the Closing Date or any Option Closing Date, if any, any Underwriter shall fail to purchase and pay for the portion
      of the Closing Securities or Option Securities, as the case may be, which such Underwriter has agreed to purchase and pay for on such date (otherwise than by reason of any default on the part of the Company), the Representative, or if the
      Representative is the defaulting Underwriter, the non-defaulting Underwriters, shall use their reasonable efforts to procure within 36 hours thereafter one or more of the other Underwriters, or any others, to purchase from the Company such amounts as
      may be agreed upon and upon the terms set forth herein, the Closing Securities or Option Securities, as the case may be, which the defaulting Underwriter or Underwriters failed to purchase.&#160; If during such 36 hours the Representative shall not have
      procured such other Underwriters, or any others, to purchase the Closing Securities or Option Securities, as the case may be, agreed to be purchased by the defaulting Underwriter or Underwriters, then&#160; (a) if the aggregate number of&#160; Closing
      Securities or Option Securities, as the case may be, with respect to which such default shall occur does not exceed 10% of the Closing Securities or Option Securities, as the case may be, covered hereby, the other Underwriters shall be obligated,
      severally, in proportion to the respective numbers of Closing Securities or Option Securities, as the case may be, which they are obligated to purchase hereunder, to purchase the Closing Securities or Option Securities, as the case may be, which such
      defaulting Underwriter or Underwriters failed to purchase, or (b) if the aggregate number of Closing Securities or Option Securities, as the case may be, with respect to which such default shall occur exceeds 10% of the Closing Securities or Option
      Securities, as the case may be, covered hereby, the Company or the Representative will have the right to terminate this Agreement without liability on the part of the non-defaulting Underwriters or of the Company except to the extent provided in
      Article VI hereof.&#160; In the event of a default by any Underwriter or Underwriters, as set forth in this Article V, the applicable Closing Date may be postponed for such period, not exceeding seven days, as the Representative, or if the Representative
      is the defaulting Underwriter, the non-defaulting Underwriters, may determine in order that the required changes in the Prospectus or in any other documents or arrangements may be effected.&#160; The term &#8220;Underwriter&#8221; includes any person substituted for
      a defaulting Underwriter.&#160; Any action taken under this Section shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE VI.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">INDEMNIFICATION</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Indemnification of
          the Underwriters</u>.&#160; Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless the Underwriters, and each dealer selected by each Underwriter that participates in the offer and sale of the Securities (each a &#8220;<u>Selected
          Dealer</u>&#8221;) and each of their respective directors, officers and employees and each Person, if any, who controls such Underwriter or any Selected Dealer (&#8220;<u>Controlling Person</u>&#8221;) within the meaning of Section 15 of the Securities Act or
        Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
        litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action between such Underwriter and the Company or between such Underwriter and any third party or otherwise) to which they or any of them may become subject
        under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i)
        any Preliminary Prospectus, if any, the Registration Statement or the Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in
        connection with the marketing of the offering of the Securities, including any &#8220;road show&#8221; or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written
        communication (in this Article VI, collectively called &#8220;<u>application</u>&#8221;) executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, Trading Market or any securities exchange;
      or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, unless such statement or omission
      was made in reliance upon and in conformity with written information furnished to the Company by the Representative expressly for use in any Preliminary Prospectus, the Registration Statement or Prospectus, or any amendment or supplement thereto, or
      in any application, as the case may be, it being agreed that such written information consists solely of the Underwriter Information.&#160; With respect to any untrue statement or omission or alleged untrue statement or omission made in the Preliminary
      Prospectus, if any, the indemnity agreement contained in this Section 6.1 shall not inure to the benefit of&#160; an Underwriter to the extent that any loss, liability, claim, damage or expense of such Underwriter results from the fact that a copy of the
      Prospectus was not given or sent to the Person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Securities to such Person as required by the Securities Act and the rules and regulations
      thereunder, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under this Agreement. The Company agrees
      promptly to notify each Underwriter of the commencement of any litigation or proceedings against the Company or any of its officers, directors or Controlling Persons in connection with the issue and sale of the Public Securities or in connection with
      the Registration Statement or Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">6.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Procedure</u>.&#160;
        If any action is brought against an Underwriter, a Selected Dealer or a Controlling Person in respect of which indemnity may be sought against the Company pursuant to Section 6.1, such Underwriter, such Selected Dealer or Controlling Person, as the
        case may be, shall promptly notify the Company in writing of the institution of such action and the Company shall assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such
        Underwriter or such Selected Dealer, as the case may be) and payment of actual expenses. Such Underwriter, such Selected Dealer or Controlling Person shall have the right to employ its or their own counsel in any such case, but the fees and
        expenses of such counsel shall be at the expense of such Underwriter, such Selected Dealer or Controlling Person unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in
        connection with the defense of such action, or (ii) the Company shall not have employed counsel to have charge of the defense of such action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses
        available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of
        which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by such Underwriter (in addition to local counsel), Selected Dealer and/or Controlling Person shall be borne by the Company. Notwithstanding
        anything to the contrary contained herein, if any Underwriter, Selected Dealer or Controlling Person shall assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action
        which approval shall not be unreasonably withheld.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">6.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Indemnification
          of the Company</u>.&#160; Each Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, its directors, officers and employees and agents who control the Company within the meaning of Section 15 of the Securities Act or
        Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to such Underwriter, as incurred, but only with respect to untrue statements or omissions, or
        alleged untrue statements or omissions made in any Preliminary Prospectus, if any, the Registration Statement or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, written
        information furnished to the Company by the Representative expressly for use in such Preliminary Prospectus, the Registration Statement or Prospectus or any amendment or supplement thereto or in any such application, it being agreed that such
        written information</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
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    </div>
    <div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">consists solely of the Underwriter Information.&#160; In case any action shall be brought against the Company or any other Person so indemnified
      based on any Preliminary Prospectus, if any, the Registration Statement or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against such Underwriter, such Underwriter shall have the
      rights and duties given to the Company, and the Company and each other Person so indemnified shall have the rights and duties given to such Underwriter by the provisions of this Article VI.<font style="color: #000000;"> Notwithstanding the provisions
        of this Section 6.3, no Underwriter shall be required to indemnify the Company for any amount in excess of the underwriting discounts and commissions applicable to the Securities purchased by such Underwriter.&#160; The Underwriters' obligations in this
        Section 6.3 to indemnify the Company are several in proportion to their respective underwriting obligations and not joint.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">6.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Contribution
          Rights</u>.&#160; In order to provide for just and equitable contribution under the Securities Act in any case in which (i) any Person entitled to indemnification under this Article VI makes a claim for indemnification pursuant hereto but it is
        judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case
        notwithstanding the fact that this Article VI provides for indemnification in such case, or (ii) contribution under the Securities Act, the Exchange Act or otherwise may be required on the part of any such Person in circumstances for which
        indemnification is provided under this Article VI, then, and in each such case, the Company and each Underwriter, severally and not jointly, shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature
        contemplated by said indemnity agreement incurred by the Company and such Underwriter, as incurred, in such proportions that such Underwriter is responsible for that portion represented by the percentage that the underwriting discount appearing on
        the cover page of the Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided, that, no Person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the
        Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each director, officer and employee of such Underwriter or the Company, as applicable, and each
        Person, if any, who controls such Underwriter or the Company, as applicable, within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as such Underwriter or the Company, as applicable.&#160; <font style="color: #000000;">Notwithstanding the provisions of this Section 6.4, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions applicable to the Securities purchased by such Underwriter.&#160; The
          Underwriters' obligations in this Section 6.4 to contribute are several in proportion to their respective underwriting obligations and not joint.</font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">6.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Contribution
          Procedure</u>.&#160; Within fifteen days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be
        made against another party (&#8220;<u>contributing party</u>&#8221;), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party
        other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid fifteen days, the
        contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement
        of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 6.5 are intended to supersede, to the extent permitted by
        law, any right to contribution under the Securities Act, the Exchange Act or otherwise available.</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ARTICLE VII.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">MISCELLANEOUS</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Termination</u>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Termination
          Right</u>.&#160; The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i)&#160;if any domestic or international event or act or occurrence has materially disrupted, or in its opinion will in the
        immediate future materially disrupt, general securities markets in the United States; or (ii)&#160;if trading on any Trading Market shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or
        maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other Government Authority having jurisdiction, or (iii)&#160;if the United States shall have become involved in a new war or an increase in
        major hostilities, or (iv)&#160;if a banking moratorium has been declared by a New York State or federal authority, or (v)&#160;if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities
        markets, or (vi)&#160;if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the
        Representative&#8217;s opinion, make it inadvisable to proceed with the delivery of the Securities, or (vii)&#160;if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (viii)&#160;if the Representative shall have
        become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative&#8217;s judgment would make it impracticable to
        proceed with the offering, sale and/or delivery of the Securities or to enforce contracts made by the Underwriters for the sale of the Securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Expenses</u>.&#160;
        In the event this Agreement shall be terminated pursuant to Section 7.1(a), within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Representative its actual and
        accountable out of pocket expenses related to the transactions contemplated herein then due and payable up to $10,000 (<u>provided</u>, <u>however</u>, that such expense cap in no way limits or impairs the indemnification and contribution
        provisions of this Agreement).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Indemnification</u>.&#160;
        Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Article VI shall not be in any way
        effected by such election or termination or failure to carry out the terms of this Agreement or any part hereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Entire
          Agreement</u>.&#160; The Transaction Documents, together with the exhibits and schedules thereto, any Preliminary Prospectus and the Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and
        supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.&#160; This Agreement supersedes that certain Engagement
        Agreement, dated June 16, 2019, by and between the Company and the Representative.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Notices</u>.&#160;
        Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
        is delivered via facsimile at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of
        transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date
      of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.&#160; The address for such notices and communications shall be as set forth on the signature
      pages attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Amendments;
          Waivers</u>.&#160; No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Representative.&#160;&#160; No waiver of any default with respect to
        any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
        omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Headings</u>.&#160;
        The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Successors
          and Assigns</u>.&#160; This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Governing
          Law; Agent for Service of Process</u>.&#160; This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to the
        conflicts of laws principles thereof. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective
        successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the
        courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the
        jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence
        of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
        any way any right to serve process in any manner permitted by law. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be
        enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon such judgment.&#160; If either party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing
        party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding<font style="color: #000000;">.</font>&#160;
        In addition to and without limiting the foregoing, the Company has confirms that it has appointed Company Counsel, as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any suit, action or proceeding arising out
        of or based upon the this Agreement or the Transaction Documents or the transactions contemplated herein which may be instituted in any New York federal or state court, by the Agent, the directors, officers, partners, employees and agents of the
        Agents and each affiliate of the Agent, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such
        appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as
        aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If
      the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action
      arising out of or based upon this Agreement may be instituted by the Agent, the directors, officers, partners, employees and agents of the Agent and each respective affiliate of the Agent, in any court of competent jurisdiction in the Republic of the
      Marshall Islands.&#160; This paragraph shall survive any termination of this Agreement, in whole or in part.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Survival</u>.&#160;
        The representations and warranties contained herein shall survive the Closing and the Option Closing, if any, and the delivery of the Securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Execution</u>.&#160;
        This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
        party, it being understood that the parties need not sign the same counterpart.&#160; In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a &#8220;.pdf&#8221; format data file, such signature shall create a valid and
        binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or &#8220;.pdf&#8221; signature page were an original thereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.10</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Severability</u>.
        If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
        remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same
        result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
        including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.11</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Remedies</u>.&#160;
        In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Underwriters and the Company will be entitled to specific performance under the Transaction Documents.&#160; The parties agree
        that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
        such obligation the defense that a remedy at law would be adequate.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.12</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Saturdays,
          Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
        succeeding Business Day.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>Construction</u>.
        The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
        against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be
        subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; color: #000000;">7.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u></font><font style="font-weight: bold;">.&#160; IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY ARISING</font></font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">38</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, THE PARTIES EACH KNOWINGLY AND
      INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER ANY RIGHT TO TRIAL BY JURY.</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[Signature Page Follows]</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">39</font></div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided
      below for that purpose, whereupon this letter shall constitute a binding agreement among the Company and the several Underwriters in accordance with its terms.</div>
    <div><br>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Very truly yours,</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
            <div>&#160;</div>
            <div>&#160;</div>
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          <td style="width: 12.41%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 12.41%; vertical-align: top;">&#160;</td>
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          <td style="width: 12.41%; vertical-align: top;">&#160;</td>
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    <div><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Address for Notice:</div>
    <div><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="color: #000000;">1 Vasilisis Sofias and Megalou Alexandrou Str, 15124, Maroussi, Greece, Attention: Alexandros Tsirikos, Facsimile: +30 210 8056441;
        email:</font> atsirikos@topships.org</div>
    <div><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Copy (which shall not constitute notice) to:</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York 10004, <font style="color: #000000;">Attention: Gary J. Wolfe, Esq., Facsimile: [&#160; &#160; &#160; &#160; &#160; ],
        Email: [&#160; &#160; &#160; &#160; &#160; ]</font></div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Accepted on the date first above written.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">MAXIM GROUP LLC</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">As the Representative of the several</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Underwriters listed on Schedule I</div>
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        <tr>
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        <tr>
          <td style="width: 6.58%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Clifford A. Teller</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.58%; vertical-align: bottom;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Executive Managing Director, Investment Banking</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><br>
      <br>
      Address for Notice:</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">405 Lexington Avenue, New York, NY 10174, Attention: Clifford A. Teller, Facsimile: (212) 895-3783, email: cteller@maximgrp.com</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Copy (which shall not constitute notice) to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Ellenoff Grossman &amp; Schole LLP, 1345 Avenue of the Americas, New York, NY 10105, Attention: Barry I. Grossman, Esq., Facsimile: (212) 370-7889, email:
      bigrossman@egsllp.com</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">SCHEDULE I</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Schedule of Underwriters</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z54454a0c00174e98a791902df74826b6">

        <tr>
          <td style="width: 24.15%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Underwriter</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Closing Shares</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Closing Warrants</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Pre-Funded Warrants</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Closing<br>
              Purchase Price</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.15%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">Maxim Group LLC</div>
          </td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.15%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">Total</div>
          </td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">SCHEDULE II</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">Directed Securities</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2759aaa13575461782e22c224b96f97e">

        <tr>
          <td style="width: 24.15%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Directed Buyers</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Directed Shares</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Directed Warrants</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Pre-Funded Warrants</div>
          </td>
          <td style="width: 18.96%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Closing<br>
              Purchase Price</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.15%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.15%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.96%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>EXHIBIT A</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF LOCK-UP AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[attached hereto]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>EXHIBIT B-1</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF TRADITIONAL WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[attached hereto]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>EXHIBIT B-2</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF PRE-FUNDED WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[attached hereto]</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>EXHIBIT C</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF WARRANT AGENCY AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[attached hereto]</div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>d8119139c_ex4-4.htm
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Exhibit 4.4</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF PRE-FUNDED COMMON STOCK PURCHASE WARRANT</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Warrant Shares: [&#9679;]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _________ or its
      assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the &#8220;<u>Initial Exercise Date</u>&#8221;) and until this Warrant is
      exercised in full (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe for and purchase from Top Ships Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), up to _________ shares (as subject to adjustment hereunder, the &#8220;<u>Warrant

        Shares</u>&#8221;) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 1. <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
      in this Section 1:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is
      controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if
      the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by
      Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the &#8220;Pink Sheets&#8221; published by OTC Markets Group, Inc. (or a
      similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
      independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Business Da</u>y&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
      United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock</u>&#8221; means the common stock of the Company, par value $0.01 per share, and any other class of securities
      into which such securities may hereafter be reclassified or changed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder
      thereof to acquire at any time Common Stock, including, without limitation, any</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or
      otherwise entitles the holder thereof to receive, Common Stock.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Exchan</u>g<u>e Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
      venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Re</u>g<u>istration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-232851), as
      amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated
      thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Tradin</u>g <u>Da</u>y&#8221; means a day on which the Common Stock is traded on a Trading Market. &#8220;<u>Trading Market</u>&#8221;
      means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York
      Stock Exchange (or any successors to any of the foregoing).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Transfer Agent</u>&#8221; means <font style="background-color: #FFFFFF; color: #000000;">American Stock Transfer &amp;
        Trust Company LLC</font>, the current transfer agent of the Company with a mailing address of <font style="background-color: #FFFFFF; color: #222222;">6201 15th Ave, Brooklyn, NY 11219</font>, a phone number of [&#9679;] and an email address of [&#9679;], and
      any successor transfer agent of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the
      Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
      by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the &#8220;Pink Sheets&#8221; published by OTC Markets Group, Inc. (or a
      similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
      independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other Pre-Funded Common Stock purchase warrants issued by the Company pursuant to
      the Registration Statement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 2. <u>Exercise</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Exercise of Warrant</u>. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights
      represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by
      e-mail (or e-mail attachment) of the notice of exercise in the form annexed hereto and delivery or the proof of delivery of the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or
      cashier&#8217;s check drawn</div>
    <div><br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of
      Exercise (the notice of exercise along with the delivery of payment or proof of delivery of payment shall be referred to herein as &#8220;<u>Notice of Exercise</u>&#8221;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
      comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise
      by wire transfer or cashier&#8217;s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required.
      Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
      full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in
      purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
      The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Trading Days of receipt of such notice.
      <font style="font-weight: bold;">The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of
        Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per
      Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any
      Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this
      Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.01, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering,
      or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be
      entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
      if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular
      trading hours&#8221; (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the
      applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
      during &#8220;regular trading hours&#8221; on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of
      such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of
      this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
      Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Mechanics of Exercise</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be
      transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then
      a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
      otherwise by physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
      by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company
      and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;). Upon delivery of the Notice of Exercise, the Holder
      shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the
      aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of
      Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
      for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th)Trading Day after such
      liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the
      FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with
      respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise
      Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, dated August [___], 2019 between the Company and Maxim Group LLC, the Company agrees to deliver the Warrant</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
      Warrant Share Delivery Date for purposes hereunder.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall,
      at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by
      this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. <u>Rescission Ri</u>g<u>hts</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
      Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other
      rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery
      Date (other than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise including the Holder&#8217;s inability to deliver the Exercise Price pursuant to Section 2(a) above), and if after such date the
      Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
      Holder anticipated receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the shares of
      Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
      giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
      be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock
      having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
      sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of
      such loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s
      failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">v. <u>No Fractional Shares or Scri</u>p. No fractional shares or scrip representing fractional shares shall be issued
      upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an
      amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any
      issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or
      names as may be directed by the</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Holder; p<u>rovided</u>, <u>however</u>, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
      this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
      tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
      required for same-day electronic delivery of the Warrant Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents
      the timely exercise of this Warrant, pursuant to the terms hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) <u>Holder&#8217;s Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall
      not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the
      Holder&#8217;s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
      below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant
      with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
      its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
      conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
      ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
      in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of
      whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
      submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
      of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as
      contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
      Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or a more
      recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the
      Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
      the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, upon election by a Holder prior to the
      issuance of any Warrants, 9.99%)</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
      upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
      number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
      in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
      the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
      properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">7</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 3. <u>Certain Adjustments</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
      dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
      Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller
      number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
      of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon
      exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
      the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Subsequent Ri</u>g<u>hts Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any
      time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any class of shares of Common Stock (the &#8220;<u>Purchase


        Ri</u>g<u>hts</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock
      acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
      or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
      Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of
      such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
      Beneficial Ownership Limitation).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make
      any dividend or other distribution of its assets (or rights to acquire its assets) to all (or substantially all) of holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash,
      stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant,
      then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
      of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken,
      the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (p<u>rovided</u>, <u>however</u>, to the extent that the Holder&#8217;s right to participate in any such Distribution would
      result in the Holder</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">8</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or
      in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto
      would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Fundamental Transaction</u>. Other than the issuance of securities in connection with the Company&#8217;s public offering
      pursuant to which this Warrant is being issued, if at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
      Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or
      indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
      and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or
      any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or
      share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more
      than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
      purchase agreement or other business combination) (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
      such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor
      or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of shares of
      Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
      Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
      the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or
      property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
      successor entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entit</u>y&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section
      3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the
      Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
      the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
      hereunder to such shares of capital stock (but</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of
      capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
      satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
      of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
      Successor Entity had been named as the Company herein. For the avoidance of doubt, if, at any time while this Warrant is outstanding, a Fundamental Transaction occurs, pursuant to the terms of this Section 3(d), the Holder shall not be entitled to
      receive more than one of (i) the consideration receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction, or (ii)
      the assumption by the Successor Entity of all of the obligations of the Company under this Warrant and the option to receive a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this
      Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) [Reserved.]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
      a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any)
      issued and outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">g) <u>Notice to Holder</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section
      3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
      requiring such adjustment.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in
      whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to
      subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to
      which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
      authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
      as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a
      notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
      Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect
      therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
      regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
      notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 4. <u>Transfer of Warrant</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Transferability</u>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of
      this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay
      any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
      denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
      herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3)
      Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares
      without having a new Warrant issued.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the
      aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer
      which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
      or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Warrant Re</u>g<u>ister</u>. The Company shall register this Warrant, upon records to be maintained by the Company
      for that purpose (the &#8220;<u>Warrant Re</u>g<u>ister</u>&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
      hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 5. <u>Miscellaneous</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>No Rights as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any
      voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a
      &#8220;cashless exercise,&#8221; and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">11</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of
      evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
      to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like
      tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration
      of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Authorized Shares</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
      unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
      authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
      Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be
      issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully
      paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
      without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
      performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
      this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par
      value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
      obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant
      is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) <u>Governing Law, etc</u>.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
      by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
      courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
      such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
      provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution
      of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. The Company hereby irrevocably designates and appoints Seward&#160;&amp; Kissel LLP (the &#8220;<u>Process Agent</u>&#8221;) as its
      authorized agent upon whom process may be served in any claim brought against the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall become effective immediately without any further
      action on the part of the Company. The Company represents to Holder that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the same. The Company hereby irrevocably authorizes and directs the
      Process Agent to accept such service. The Company further agrees that service of process upon the Process Agent and written notice of said service to the Company, mailed by first-class mail and delivered to the Process Agent, shall be deemed in every
      respect effective service of process upon the Company in any such claim. Nothing herein shall affect the right of Holder, its partners, directors, officers and members, any person who controls Holder within the meaning of Section&#160;15 of the Securities
      Act or Section&#160;20 of the 1934 Act, or any &#8220;affiliate&#8221; (within the meaning of Rule 405 under the Securities Act) of Holder, or the successors and assigns of all of the foregoing persons, to serve process in any other manner permitted by law.
      Notwithstanding the foregoing, any action arising out of or based upon this Warrant may be instituted by Holder, the directors, officers, employees and agents of Holder, or by any person who controls Holder, in any court of competent jurisdiction in
      the Republic of The Marshall Islands. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company&#8217;s obligations to
      the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.<font style="font-weight: bold;">&#160;</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iv. <font style="font-weight: bold;">THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
        REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.&#160;</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">13</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
      not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the
      part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of
      this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of
      appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">h) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder
      including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at [&#9679;], Attention: [&#9679;], facsimile
      number [&#9679;], E-mail: [&#9679;], or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder
      shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of
      the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via
      e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
      or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
      recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
      Company, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to
      exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company,
      whether such liability is asserted by the Company or by creditors of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery
      of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
      hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder
      from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of
      the Company, on the one hand, and the Holder, on the other hand.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">m) <u>Severabilit</u>y. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
      effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
      remainder of such provisions or the remaining provisions of this Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">n) <u>Headin</u>gs. The headings used in this Warrant are for the convenience of reference only and shall not, for any
      purpose, be deemed a part of this Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
      indicated.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfec240ae5142477b8a48f86bb1fa8676">

        <tr>
          <td style="width: 49.05%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 38.55%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12.4%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.05%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 38.55%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 12.4%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.05%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 7.52%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">By:</div>
          </td>
          <td colspan="2" style="width: 31.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 12.4%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.05%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 7.52%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</div>
          </td>
          <td style="width: 21.62%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 12.4%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.05%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 7.52%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</div>
          </td>
          <td style="width: 21.62%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
          <td style="width: 12.4%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[Signature Page to Pre-Funded Warrant]</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">NOTICE OF EXERCISE</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">TO: <font style="font-weight: bold;">TOP SHIPS INC.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The undersigned
        hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Payment shall take
        the form of (check applicable box):</font></div>
    <div style="margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[ ] in lawful money of the United States; or</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
      2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(3)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Please issue said
        Warrant Shares in the name of the undersigned or in such other name as is specified below:</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[SIGNATURE OF HOLDER]</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Name of Investing Entity:</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-style: italic;">Signature of Authorized Signatory of Investing Entity</font>:</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Name of Authorized Signatory:</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Title of Authorized Signatory:</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Date:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ASSIGNMENT FORM</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">(To assign the foregoing Warrant, execute this form and supply required information. Do not use this
      form to purchase shares.)</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za835f347209c47dc83d7dc451bc8e9d8">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Address:</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Phone Number:</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Email</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Address:</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Dated: ,</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Holder&#8217;s Signature:</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Holder&#8217;s Address:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">(Please Print)</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">(Please Print)</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">_____________________________________</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">_____________________________________</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>4
<FILENAME>d8119139c_ex4-5.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Exhibit 4.5</div>
    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">FORM OF COMMON STOCK PURCHASE WARRANT</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Warrant Shares: [&#9679;]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">THIS COMMON STOCK PURCHASE WARRANT (the &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _______________ or its
      assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the &#8220;<u>Initial Exercise Date</u>&#8221;) and on or prior to 5:00 p.m.
      (New York City time) on [___________] (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe for and purchase from Top Ships Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), up to _______________ shares (as subject to adjustment
      hereunder, the &#8220;<u>Warrant Shares</u>&#8221;) of Common Stock.&#160; The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 1. <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
      in this Section 1:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is
      controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if
      the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by
      Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency
      succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in
      good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Business Days</u>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
      United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock</u>&#8221; means the common stock of the Company, par value $0.01 per share, and any other class of securities
      into which such securities may hereafter be reclassified or changed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Common Stock Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder
      thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the
      holder thereof to receive, Common Stock..</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Exchan</u>g<u>e Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
      venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Re</u>g<u>istration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-232851), as
      amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated
      thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Stock is traded on a Trading Market. &#8220;<u>Tradin</u>g <u>Market</u>&#8221;
      means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York
      Stock Exchange (or any successors to any of the foregoing).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Transfer Agent</u>&#8221; means <font style="background-color: #FFFFFF; color: #000000;">American Stock Transfer &amp;
        Trust Company LLC</font>, the current transfer agent of the Company with a mailing address of <font style="background-color: #FFFFFF; color: #222222;">6201 15th Ave, Brooklyn, NY 11219</font>, a phone number of [&#9679;] and an email address of [&#9679;], and
      any successor transfer agent of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the
      Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
      by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency
      succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in
      good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other similar Common Stock purchase warrants issued by the Company pursuant to
      the Registration Statement.</div>
    <br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 2. <u>Exercise</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Exercise of Warrant</u>. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights
      represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by
      e-mail (or e-mail attachment) of the notice of exercise in the form annexed hereto and delivery or the proof of delivery of the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or
      cashier&#8217;s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise (the notice of exercise along with the delivery of payment or proof of delivery of
      payment shall be referred to herein as &#8220;<u>Notice of Exercise</u>&#8221;).&#160; No ink-original Notice of Exercise shall be required.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> </sup> Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
      Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3)
      Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
      lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the
      date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Trading Days of receipt of such notice. <font style="font-weight: bold;">The Holder and any assignee, by acceptance of this Warrant, acknowledge
        and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
        on the face hereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
      certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other
      clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder&#8217;s right to elect to
      receive a Warrant in certificated form, in which case this sentence shall not apply.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Exercise Price</u>. The exercise price per share of Common Stock under this Warrant shall be $[&#9679;], subject to
      adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering,
      or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be
      entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
      if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to</div>
    <br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b)(64) of Regulation NMS
      promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock
      on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during &#8220;regular trading hours&#8221; on a Trading Day and is delivered within
      two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of
      Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of
      this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">In addition, a cashless exercise may occur&#160; during the period beginning from the earlier of (i) thirty (30) days from the
      effective date of the Registration Statement (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Effective Date</u></font>&#8221;), and (ii) the Trading Day on which a total of more than three times (3x) the sum of: (A) the number shares of
      Common Stock offered pursuant to the Registration Statement plus (B) the number shares of Common Stock underlying pre-funded warrants offered pursuant to the Registration Statement (the &#8220;<u>Cashless Period</u>&#8221;), if the VWAP of the Common Stock on
      any Trading Day on or after the Cashless Period fails to exceed the Exercise Price in effect as of the date hereof (subject to adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event,
      in lieu of the formula, the aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the aggregate number of Warrant Shares
      that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 0.7.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
      Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Mechanics of Exercise</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be
      transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then
      a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
      otherwise by physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
      by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company
      and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;). Upon delivery of the Notice of Exercise, the Holder
      shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the
      aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
      to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
      (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after
      such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
      exercisable. As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Stock as in effect on the date of
      delivery of the Notice of Exercise.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall,
      at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by
      this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. <u>Rescission Ri</u>g<u>hts</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the
      Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares U</u>p<u>on Exercise</u>. In addition to any
      other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share
      Delivery Date (other than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise including the Holder&#8217;s inability to deliver the Exercise Price pursuant to Section 2(a) above), and if after such date
      the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
      the Holder anticipated receiving upon such exercise (a &#8220;<u>Bu</u>y<u>-In</u>&#8221;), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
      order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise
      shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
      Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
      preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the
      amount of such loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
      Company&#8217;s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.</div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">v. <u>No Fractional Shares or Scri</u>p. No fractional shares or scrip representing fractional shares shall be issued
      upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an
      amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any
      issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or
      names as may be directed by the Holder; p<u>rovided</u>, <u>however</u>, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the
      Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees
      required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents
      the timely exercise of this Warrant, pursuant to the terms hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) <u>Holder&#8217;s Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall
      not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the
      Holder&#8217;s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
      below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant
      with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
      its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
      conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
      ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is
      in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of
      whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
      submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
      of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as
      contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
      Holder may rely</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">on the number of outstanding shares of Common Stock as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the
      Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral
      request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
      giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The &#8220;<u>Beneficial


        Ownership Limitation</u>&#8221; shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the
      Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
      after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
      until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
      any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
      contained in this paragraph shall apply to a successor holder of this Warrant.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 3. <u>Certain Adjustments</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
      dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
      Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller
      number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
      of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon
      exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
      the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Subsequent Ri</u>g<u>hts Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any
      time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any class of shares of Common Stock (the &#8220;<u>Purchase


        Ri</u>g<u>hts</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock
      acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
      or sale of such Purchase Rights, or, if no such record is taken, the date as of which</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to
      the extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
      beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
      the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make
      any dividend or other distribution of its assets (or rights to acquire its assets) to all (or substantially all) of holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash,
      stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant,
      then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
      of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken,
      the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (p<u>rovided</u>, <u>however</u>, to the extent that the Holder&#8217;s right to participate in any such Distribution would
      result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such
      Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Fundamental Transaction</u>. Other than the issuance of securities in connection with the Company&#8217;s public offering
      pursuant to which this Warrant is being issued, if at any time while this Warrant is outstanding (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
      Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or
      indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
      and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or
      any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or
      share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires
      more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
      purchase agreement or other business combination) (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
      such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor
      or acquiring corporation or of the Company, if it is the surviving corporation, and any</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the
      number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
      determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
      Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
      Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable at any time concurrently with, or within 30 days after, the
      consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes
      Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; <u>provided</u>, <u>however</u>, if the Fundamental Transaction is not within the Company&#8217;s control for purposes of GAAP,
      including not approved by the Company&#8217;s Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and
      in the same proportion), at the Black Scholes Value (as defined below) of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether
      that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.&#160; &#8220;<u>Black


        Scholes Value</u>&#8221; means the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the &#8220;OV&#8221; function on Bloomberg, L.P. (&#8220;<u>Bloomberg</u>&#8221;) determined as of the day of consummation of the applicable Fundamental
      Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
      Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
      Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
      Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction, and (D) a remaining option
      time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other
      consideration) within five Business Days of the Holder&#8217;s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
      (the &#8220;<u>Successor Entity</u>&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the
      Holder prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
      to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without
      regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
      Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
      Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
      date of such Fundamental Transaction, the provisions of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
      under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. For the avoidance of doubt, if at any time while this Warrant is outstanding, a Fundamental Transaction occurs, pursuant to the terms of this
      Section 3(d), the Holder shall not be entitled to receive more than one of (i) the consideration receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
      immediately prior to such Fundamental Transaction, (ii) an amount of cash equal to the Black Scholes Value of the remaining unconverted portion of this Warrant on the date of the consummation of such Fundamental Transaction, or (iii) the assumption
      by the Successor Entity of all of the obligations of the Company under this Warrant and the option to receive a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) [Reserved.]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
      a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any)
      issued and outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">g) <u>Notice to Holder</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. <u>Ad</u>j<u>ustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this
      Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the
      facts requiring such adjustment.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in
      whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to
      subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to
      which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
      authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
      as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a
      notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
      Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
      that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
      that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
      constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K. The Holder shall remain entitled to exercise
      this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 4. <u>Transfer of Warrant</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>Transferabilit</u>y. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of
      this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay
      any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
      denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
      herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3)
      Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares
      without having a new Warrant issued.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>New Warrants</u>. If this Warrant is not held in global form through DTC (or any successor depositary), this
      Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
      or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
      divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
      pursuant thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Warrant Re</u>g<u>ister</u>. The Company shall register this Warrant upon records to be maintained by the Company)
      for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
      any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Section 5. <u>Miscellaneous</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">a) <u>No Ri</u>g<u>hts as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder
      to any voting rights, dividends or other rights as a stockholder of the Company prior to the</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting the rights of a Holder to
      receive Warrant Shares on a &#8220;cashless exercise,&#8221; and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of
      evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
      to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like
      tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration
      of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">d) <u>Authorized Shares</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
      unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
      authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
      Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be
      issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully
      paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
      without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
      performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
      this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par
      value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
      obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant
      is exercisable or in the Exercise Price, the Company shall obtain</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
      jurisdiction thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">e) <u>Governing Law, etc</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
      by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">ii. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
      courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
      such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
      provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution
      of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iii. The Company hereby irrevocably designates and appoints Seward&#160;&amp; Kissel LLP (the &#8220;<u>Process Agent</u>&#8221;) as its
      authorized agent upon whom process may be served in any claim brought against the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall become effective immediately without any further
      action on the part of the Company. The Company represents to Holder that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the same. The Company hereby irrevocably authorizes and directs the
      Process Agent to accept such service. The Company further agrees that service of process upon the Process Agent and written notice of said service to the Company, mailed by first-class mail and delivered to the Process Agent, shall be deemed in every
      respect effective service of process upon the Company in any such claim. Nothing herein shall affect the right of Holder, its partners, directors, officers and members, any person who controls Holder within the meaning of Section&#160;15 of the Securities
      Act or Section&#160;20 of the 1934 Act, or any &#8220;affiliate&#8221; (within the meaning of Rule 405 under the Securities Act) of Holder, or the successors and assigns of all of the foregoing persons, to serve process in any other manner permitted by law.
      Notwithstanding the foregoing, any action arising out of or based upon this Warrant may be instituted by Holder, the directors, officers, employees and agents of Holder, or by any person who controls Holder, in any court of competent jurisdiction in
      the Republic of The Marshall Islands. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company&#8217;s obligations to
      the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.<font style="font-weight: bold;">&#160;</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">iv. <font style="font-weight: bold;">THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
        REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.&#160;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
      not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">g) <u>Nonwaiver and Ex</u>p<u>enses</u>. No course of dealing or any delay or failure to exercise any right hereunder on
      the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
      of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those
      of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">h) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder
      including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 1 Vasilisis Sofias and Megalou
      Alexandrou Str, 15124, Maroussi, Greece, Attention:<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> <font style="font-size: 11pt;">Alexandros Tsirikos, Facsimile: +30 210 8056441; email</font>:</font>
      atsirikos@topships.org or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder
      shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of
      the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via
      e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
      or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
      recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
      Company, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">i) <u>Limitation of Liabilit</u>y. No provision hereof, in the absence of any affirmative action by the Holder to
      exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company,
      whether such liability is asserted by the Company or by creditors of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery
      of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
      hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">k) <u>Successors and Assi</u>g<u>ns</u>. Subject to applicable securities laws, this Warrant and the rights and
      obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit
      of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of
      the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">m) <u>Severabilit</u>y. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
      effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
      remainder of such provisions or the remaining provisions of this Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">n) <u>Headin</u>gs. The headings used in this Warrant are for the convenience of reference only and shall not, for any
      purpose, be deemed a part of this Warrant.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
      indicated.</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">TOP SHIPS INC.</div>
            <div>&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">By:</div>
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          <td style="width: 12.41%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 49.06%; vertical-align: bottom;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</div>
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          <td style="width: 12.41%; vertical-align: top;">&#160;</td>
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    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">[Signature Page to Warrant]</div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">NOTICE OF EXERCISE</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">TO: <font style="font-weight: bold;">TOP SHIPS INC.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">The undersigned
        hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Payment shall take
        the form of (check applicable box):</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[_] in lawful money of the United States; or</div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[_] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
      forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">(3)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Please issue said
        Warrant Shares in the name of the undersigned or in such other name as is specified below:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">[SIGNATURE OF HOLDER]</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Name of Investing Entity: _____________________________________________</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-style: italic;">Signature of Authorized Signatory of Investing Entity</font>:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Name of Authorized Signatory:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Title of Authorized Signatory:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">___________________________________________________________________</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Date: ______________________________________________________________</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">ASSIGNMENT FORM</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">(To assign the foregoing Warrant, execute this form and supply required information. Do not use this
      form to purchase shares.)</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 11pt;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Address:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Phone Number:</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Email</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Address:</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Dated: _______________ __, ______</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Holder&#8217;s Signature:</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Holder&#8217;s Address:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">(Please Print)</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">(Please Print)</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>d8344358c_ex5-1.htm
<TEXT>
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  <head>
    <title></title>
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  <div>
    <div style="text-align: right; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Exhibit 5.1</div>
    <table cellspacing="0" cellpadding="0" id="zbe2224cf957b49e8a0715cc4ea21776e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div style="margin: 0px 0px 5px; font-family: 'Times New Roman Bold', serif; font-size: 14pt; font-variant: small-caps; font-weight: bold; text-align: center;">Seward &amp; Kissel llp</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">NEW YORK, NEW YORK&#160; 10004</div>
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          <td style="width: 20.22%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">WWW.SEWKIS.COM</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">901 K STREET, NW</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
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          <td style="width: 20.22%; vertical-align: top;">&#160;</td>
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            <div>&#160;</div>
            <div> <br>
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            <div> <br>
            </div>
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          <td style="width: 24.26%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 12pt;">September 10, 2019</div>
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    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Top Ships Inc.</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">15124 Maroussi, Greece</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zae1b9785c80d4a5cae396db150fcac77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 12pt;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Top Ships Inc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">We have acted as counsel to Top Ships Inc. (the &#8220;<u>Company</u>&#8221;) in connection with the Company&#8217;s Registration Statement on Form&#160;F-1 (File No.
      333-232851) (the &#8220;<u>Registration Statement</u>&#8221;) as initially filed with the U.S. Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) on July 26, 2019, as thereafter amended or supplemented, with respect to the public offering (the &#8220;<u>Offering</u>&#8221;)

      of (i) 1,144,165 of the Company&#8217;s common shares (the &#8220;<u>Common Shares</u>&#8221;), par value $0.01 per share (the &#8220;<u>Shares</u>&#8221;), (ii) pre-funded warrants to purchase up to 1,144,165 Common Shares (the &#8220;<u>Pre-Funded Warrants</u>&#8221;), (iii) Class A
      Warrants to purchase up to 1,144,165 Common shares, if exercised for cash or up to 800,916 Common Shares, if exercised cashlessly (the &#8220;<u>Class A Warrants</u>&#8221;; together with Pre-Funded Warrants, the &#8220;<u>Warrants</u>&#8221;), and (iv) up to 2,288,330
      shares of Common Stock issuable upon exercise of the Warrants collectively (the &#8220;<u>Warrant Shares</u>&#8221;; together with the Shares and the Warrants, the &#8220;<u>Securities</u>&#8221;), including preferred stock purchase rights (the &#8220;<u>Preferred Stock Purchase
        Rights</u>&#8221;) issuable pursuant to the Stockholders Rights Agreement dated September 22, 2016 (the &#8220;<u>Rights Agreement</u>&#8221;).</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i)&#160;the Registration Statement; (ii)&#160;the
      prospectus of the Company (the &#8220;Prospectus&#8221;) included in the Registration Statement; (iii)&#160;the Rights Agreement; and (iv)&#160;such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed
      necessary or appropriate as a basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as
      copies or drafts of documents to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact which are material to the opinions
      hereinafter expressed, we have relied upon statements or certificates of public officials, directors of the Company and others.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">We have further assumed for the purposes of this opinion, without investigation, that (i)&#160;all documents contemplated by the Prospectus to be
      executed in connection with the Offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and (ii)&#160;the terms of the Offering comply in all respects with the terms, conditions and restrictions
      set forth in the Prospectus and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Based upon and subject to the foregoing and the assumptions, qualifications and limitations set forth below, we are of the opinion that (i)&#160;the
      Shares, Warrants and Warrant Shares have been duly authorized by the Company; (ii)&#160;when issued and delivered pursuant to the Prospectus, the Shares will be validly issued, fully paid and non-assessable; (iii)&#160;the Warrant Shares, when issued and
      delivered against payment therefor upon the exercise of the Warrants in accordance with the terms therein, will be validly issued, fully paid and non-assessable; (iv)&#160;when issued and delivered pursuant to the Prospectus, the Warrants will constitute
      binding obligations of the Company in accordance with their terms; and (v)&#160;when issued and delivered pursuant to the Prospectus, the Preferred Stock Purchase Rights will constitute binding obligations of the Company in accordance with the terms of
      the Rights Agreement.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">This opinion is limited to the laws of the State of New York and the Republic of the Marshall Islands as in effect on the date hereof.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to each reference to us and the discussions of
      advice provided by us under the headings &#8220;Legal Matters&#8221; in the Prospectus, without admitting we are &#8220;experts&#8221; within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder with respect to any
      part of the Registration Statement.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7a7dd33a3ec44d02a30989fcd5a0fde8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Very truly yours,</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">/s/ Seward &amp; Kissel LLP</div>
          </td>
        </tr>

    </table>
    <div><br>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>d8119139c_ex23-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 6.0.0.0
         Copyright 1995 - 2019 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div>
      <div style="color: #000000; font-family: 'Times New Roman', serif;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">We consent to the incorporation by reference&#160; in this Amendment No 3 to Registration Statement No. 333-232851 on Form F-1 of our report dated March 27, 2019, relating to the
      consolidated financial statements of Top Ships Inc. and subsidiaries appearing in the Annual Report on Form 20-F of Top Ships Inc. for the year ended December 31, 2018, and to the reference to us under the heading "Experts" in the Prospectus, which
      is part of this Registration Statement.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">/s/&#160;<font style="background-color: #FFFFFF;">Deloitte&#160;Certified Public Accountants&#160;S.A.</font></div>
    <div style="margin-top: 4.5pt; color: #000000; font-family: 'Times New Roman', serif;">Athens, Greece</div>
    <div style="margin-bottom: 8pt; color: #000000; font-family: 'Times New Roman', serif;">September 10, 2019</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
  </div>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
