<SEC-DOCUMENT>0000919574-20-000931.txt : 20200212
<SEC-HEADER>0000919574-20-000931.hdr.sgml : 20200212
<ACCEPTANCE-DATETIME>20200212085010
ACCESSION NUMBER:		0000919574-20-000931
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200212
DATE AS OF CHANGE:		20200212

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234281
		FILM NUMBER:		20600246

	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>424B5
<SEQUENCE>1
<FILENAME>d8472792_424b-5.htm
<TEXT>
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    <div style="text-align: right; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><font style="background-color: #FFFFFF;">Filed Pursuant to Rule 424(b)(5)</font><br>
      <font style="background-color: #FFFFFF;">Registration No. 333-234281</font></div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(To Prospectus dated November 4, 2019)</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">$5,000,000</div>
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Common Shares</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt;"><img width="198" height="129" src="image0.jpg"></div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 18.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">TOP SHIPS INC.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus supplement relates to the issuance and sale of our common shares, par value $0.01 per
      share, having an aggregate offering price of up to $5.0 million, from time to time solely through Maxim Group LLC, as exclusive sales agent (who we refer to herein as Maxim or the sales agent).&#160; Each common share sold in this offering includes a
      preferred stock purchase right that trades with the common share (which are also registered pursuant to this prospectus supplement).&#160; Any sales consummated under this prospectus supplement will be made under an "at-the-market" offering program under
      the terms of an equity distribution agreement between us and Maxim, dated February 12, 2020, pursuant to which we may sell up to $5.0 million of common shares (subject to limitations as set forth on Form F-3) with Maxim acting as our exclusive sales
      agent.&#160; See "Plan of Distribution".</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market, or Nasdaq, under the symbol "TOPS."&#160; On
      February 10, 2020, the last reported sale price of our common shares on the Nasdaq was $0.67 per share.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Sales of common shares and associated preferred stock purchase rights, if any, sold under this
      prospectus supplement and the accompanying prospectus, may be made by means of ordinary brokers' transactions on the Nasdaq, in negotiated transactions or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the
      Securities Act of 1933, as amended, including sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Investing in our common shares involves a high degree of risk and uncertainty. See
      "Risk Factors" beginning on page S-7 of this prospectus supplement, and in the accompanying prospectus and the documents we have filed with the Securities and Exchange Commission, or the Commission, that are incorporated by reference herein for more
      information, before you make any investment in our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">None of the Commission, any state securities commission, or any other regulatory
      body has approved or disapproved of these securities or passed on the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The compensation to the sales agent for sales of common shares will be 2% of the gross sales price of
      all common shares sold through the sales agent from time to time under the equity distribution agreement. Subject to the terms and conditions of the equity distribution agreement, Maxim will use its commercially reasonable efforts to sell on our
      behalf any common shares to be offered by us under the equity distribution agreement. The net proceeds from any sales under this prospectus supplement will be used as described under the heading "Use of Proceeds" in this prospectus supplement.</div>
    <div style="text-align: center; line-height: 18.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">Maxim Group LLC</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">The date of this prospectus supplement is February 12, 2020.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt; margin-top: 3pt;"><br style="line-height: 11.4pt;">
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    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: right; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><u>Page</u></div>
    <table cellspacing="0" cellpadding="2" border="0" id="z4a4ffdb6a22f4012a71aa7152e6edbf4" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-ii</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-iii</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">PROSPECTUS SUPPLEMENT SUMMARY</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">THE OFFERING</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">BENEFICIAL OWNERSHIP OF OUR COMMON SHARES</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">EXPENSES</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">EXPERTS</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.54%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 12.46%; vertical-align: top;">
            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;">S-28</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 11.4pt; margin-bottom: 12pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">BASE PROSPECTUS</div>
    <div style="text-align: right; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><u>Page<br>
      </u></div>
    <div style="text-align: right; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">
      <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: rgb(0, 0, 0);">

          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SUMMARY</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">5<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;" rowspan="1">DESCRIPTION OF PURCHASE CONTRACTS<br>
            </td>
            <td style="width: 7.59%; vertical-align: top; text-align: right;" rowspan="1">27<br>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>

      </table>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-i</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; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">This prospectus supplement and the accompanying prospectus are part of a
        registration statement that we filed with the Commission, utilizing a "shelf" registration process.&#160;</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the
      "at-the-market" offering program described herein and the securities offered hereby, and also adds to and updates information contained in the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement
      and the base prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The second part, the base prospectus, gives more general information about securities we may offer from time to time,
      some of which does not apply to this offering. Generally, when we refer only to the prospectus, we are referring to both parts combined, and when we refer to the accompanying prospectus, we are referring to the base prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If the description of this offering varies between this prospectus supplement and the accompanying prospectus, you
      should rely on the information contained in this prospectus supplement. This prospectus supplement, the accompanying base prospectus and the documents incorporated into each by reference include important information about us, our common shares being
      offered and other information you should know before investing.&#160; You should read this prospectus supplement and the accompanying base prospectus together with the additional information described under the heading "Where You Can Find Additional
      Information" before investing in our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have authorized only the information contained or incorporated by reference in this prospectus supplement, the
      accompanying prospectus, and any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not, and the sales agent has not, authorized anyone to provide you with information that is different.&#160; We and the sales
      agent take no responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it.&#160; We are offering to sell
      our common shares only in jurisdictions where offers and sales are permitted. The information contained in or incorporated by reference in the prospectus is accurate only as of the date such information was issued, regardless of the time of delivery
      of the prospectus or the date of any sale of our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise indicated, all references to "dollars" and "$" in this prospectus supplement are to, and amounts
      presented in, United States dollars and financial information presented in this prospectus supplement that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the
      United States.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-ii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Matters discussed in this prospectus supplement may constitute forward-looking statements. The Private Securities
      Litigation Reform Act of 1995, or the PSLRA, 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 statements other than statements of historical facts.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">TOP Ships Inc. desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary
      statement in connection with this safe harbor legislation. This prospectus supplement 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 prospectus supplement, statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "anticipate," "believe," "expect," "intend,"
      "estimate," "forecast," "project," "plan," "potential," "continue," "possible," "likely," "may," "should," and similar expressions identify forward-looking statements.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The forward-looking statements in this prospectus supplement are based upon various assumptions, many of which are
      based, in turn, upon further assumptions, including without limitation, management'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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition to these assumptions and matters discussed elsewhere herein and in the documents incorporated by reference
      herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the following:</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46e9a3b9faca497d82a8113bd0b82e33" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our ability to maintain or develop new and existing customer relationships with major refined product importers and exporters, major crude oil companies and major commodity traders,
                  including our ability to enter into long-term charters for our vessels;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z252c4de7c7e54418aa30272a9de36a0d" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our future operating and financial results<font style="background-color: #FFFFFF;">;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce3d70c207fe4a0a856a800a63eb83df" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">our future vessel acquisitions, our business strategy and expected capital spending or operating</font>&#160;<font style="background-color: #FFFFFF;">expenses,



                    including any dry-docking and insurance costs;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce599739b4f94a21932ff2fee0351638" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb38f3ac7c2774c2ab3e4c1261e9ada08" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">oil and chemical tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02e7402c514b43cf8ef646153a0c620c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our ability to take delivery of, integrate into our fleet, and employ any new vessels we have ordered or may order in the future and the ability of shipyards to deliver vessels on a timely
                  basis;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z11b247a1f4e44fe3b36ea425558495b6" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the aging of our vessels and resultant increases in operation and dry-docking costs;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z92b7785766b543d89690589c502a98df" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the ability of our vessels to pass classification inspections and vetting inspections by oil majors and big chemical corporations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z66e2856ae23a45629a3d044b253ccddb" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">significant changes in vessel performance, including increased vessel breakdowns;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b50a816872547d98a3288859f90507d" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us;</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;" id="DSPFPageNumber">S-iii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd33a8413299b4676ab3a67bb974e0639" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1518f0da7d844b098dfd8fbfc1af81a1" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">changes to governmental rules and regulations or actions taken by regulatory authorities and the expected costs thereof;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4194e2715c6645afbfb13f2debc0372c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">potential liability from litigation and our vessel operations, including discharge of pollutants;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za2db4397b51447d9a95349ed65d1b157" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">changes in general economic and business conditions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z62cce534a57d46d2ae5fb8b468b5e33b" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events (including "trade wars"), piracy, acts by terrorists or
                  major disease outbreaks;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z56ca69df936643a09a70f12983c2a2b5" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">changes in production of or demand for oil and petroleum products and chemicals, either globally or in particular regions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z939bc124d33241888fe3144a6535d5c0" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the strength of world economies and currencies, including fluctuations in charter hire rates and vessel values;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaafeb8fcff774279af291e5a1480dcfc" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">potential liability from future litigation and potential costs due to any environmental damage and vessel collisions; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z15e8e5ee7d5e441ebaadc11a5732f7d4" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">other important </font>factors<font style="background-color: #FFFFFF;"> described from time to time in the reports filed by us with the Commission</font>.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should not place undue reliance on forward-looking statements contained in this prospectus supplement because they
      are statements about events that are not certain to occur as described or at all. All forward-looking statements in this prospectus supplement are qualified in their entirety by the cautionary statements contained in this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any forward-looking statements contained herein are made only as of the date of this prospectus supplement, and&#160;except
      to the extent required by applicable law or regulation we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of
      unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or
      combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</div>
    <div style="line-height: 11.4pt; margin-top: 3pt;"><br style="line-height: 11.4pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-iv</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>
    <!--PROfilePageNumberReset%Num%1%S-%%-->
    <div style="line-height: 11.4pt; border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT SUMMARY</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">This summary highlights information that appears elsewhere in this prospectus supplement or in
        the documents incorporated by reference herein and is qualified in its entirety by the more detailed information, including the financial statements that appear in the documents incorporated by reference. This summary may not contain all of the
        information that may be important to you. As an investor or prospective investor, you should review carefully the entire prospectus supplement, including the risk factors, and the more detailed information that is included herein and in the
        documents incorporated by reference herein.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Unless the context otherwise requires, as used in this prospectus supplement, the
          terms "Company," "we," "us," and "our" refer to TOP Ships Inc. and all of its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000 kilograms,
          refers to the maximum weight of cargo and supplies that a vessel can carry. Our reporting currency is in the U.S. dollar and all references in this prospectus supplement to "$" or "dollars" are to U.S. dollars. Further, unless otherwise
          indicated, the information presented in this prospectus supplement gives effect to the following reverse stock splits of our issued and outstanding common shares: a one-for-ten reverse stock split effected on February 22, 2016, a one-for-twenty
          reverse stock split effected on May 11, 2017, a one-for-fifteen reverse stock split effected on June 23, 2017, a one-for-thirty reverse stock split effected on August 3, 2017, a one-for-two reverse stock split effected on October 6, 2017, a
          one-for-ten reverse stock split effected on March 26, 2018</font>&#160;<font style="font-style: italic;">and a one-for-twenty reverse stock split of our issued and outstanding common shares effective on August 22, 2019.</font></div>
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Company</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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. Our fleet, both sale and leasebacked, or SLB, and owned has a total capacity of 864,000 deadweight tonnes (&#8220;dwt&#8221;). As of the date of this prospectus
        supplement, our fleet consists of two owned 50,000 dwt product/chemical tankers, the M/T Stenaweco Elegance and the M/T Eco Palm Desert. We also have SLBs for six 50,000 dwt product/chemical tankers, the M/T Stenaweco Energy, M/T Stenaweco
        Evolution, M/T Nord Valiant, M/T Stenaweco Excellence, the M/T Eco California, the M/T Eco Marina Del Ray and the Eco Los Angeles and two 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. We also have a newbuilding high specification 50,000 dwt Medium Range, or MR, product/chemical tanker (M/T Eco City of Angels) under construction at Hyundai
        Mipo Dockyard Co., Ltd. in South Korea scheduled for delivery on February 17, 2020. 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: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Fleet in the Water</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following tables present our fleet list in the water as of the date of this prospectus supplement:</div>
      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>MR Tanker vessels:</u></div>
      </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: 13.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
            </td>
            <td style="width: 12.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Deadweight</div>
            </td>
            <td style="width: 23.76%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer</div>
            </td>
            <td style="width: 12.52%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">End of firm period</div>
            </td>
            <td style="width: 15.8%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
            </td>
            <td style="width: 22.57%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Gross Rate fixed period/ options</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Energy**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">February 2021</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$15,616 / $17,350 / $18,100</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Evolution**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">October 2021</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$15,516 / $17,200 / $18,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Excellence**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">November 2020</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$16,200 / $17,200 / $18,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Nord Valiant**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">DS Norden A/S</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$16,800 / $17,600 / $18,400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Elegance*</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$16,500 / $17,500 / $18,500</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: top; background-color: #FFFFFF;">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Palm Desert*</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">September 2020</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1 year</div>
            </td>
            <td style="width: 22.57%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$13,300 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco California**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Shell Tankers Singapore Private Limited</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">January 2021</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1 year</div>
            </td>
            <td style="width: 22.57%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$13,750 plus 50% profit share/ $13,950 plus 50% profit share</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Marina Del Ray**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Cargill</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">March 2024</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td style="width: 22.57%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$15,100</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Los Angeles**</div>
            </td>
            <td style="width: 12.26%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
            </td>
            <td style="width: 23.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Trafigura</div>
            </td>
            <td style="width: 12.52%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
            </td>
            <td style="width: 15.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
            </td>
            <td style="width: 22.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$17,500 / $18,750 / $20,000</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-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 style="line-height: 11.4pt;">
        <div style="line-height: 11.4pt; border: 2px solid #000000; padding: 5px; width: 99%;">
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
            </div>
          </div>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="text-align: justify; line-height: 11.4pt; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Suezmax Vessels:</u></div>
          </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: 15.94%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                </td>
                <td style="width: 15.36%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Deadweight</div>
                </td>
                <td style="width: 17.92%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer</div>
                </td>
                <td style="width: 16.46%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">End of firm period</div>
                </td>
                <td style="width: 18.68%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
                </td>
                <td style="width: 15.64%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.94%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Bel Air**</div>
                </td>
                <td style="width: 15.36%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">157,000</div>
                </td>
                <td style="width: 17.92%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">BP Shipping Limited</div>
                </td>
                <td style="width: 16.46%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">April 2022</div>
                </td>
                <td style="width: 18.68%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                </td>
                <td style="width: 15.64%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$24,500 / $27,500 / $29,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.94%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Beverly Hills**</div>
                </td>
                <td style="width: 15.36%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">157,000</div>
                </td>
                <td style="width: 17.92%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">BP Shipping Limited</div>
                </td>
                <td style="width: 16.46%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">May 2022</div>
                </td>
                <td style="width: 18.68%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                </td>
                <td style="width: 15.64%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$24,500 / $27,500 / $29,000</div>
                </td>
              </tr>

          </table>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
            </div>
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
          </div>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="text-align: justify; line-height: 11.4pt; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Joint Venture MR Tanker fleet (50% owned):</u></div>
          </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: 12.75%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                </td>
                <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 17.94%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Deadweight</div>
                </td>
                <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
                <td style="width: 12.9%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer</div>
                </td>
                <td style="width: 12.46%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">End of firm period</div>
                </td>
                <td style="width: 12.94%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
                </td>
                <td style="width: 28.94%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                </td>
              </tr>
              <tr>
                <td style="width: 12.75%; vertical-align: top; background-color: #CCEEFF;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Holmby Hills</div>
                </td>
                <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                <td style="width: 16.7%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                </td>
                <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
                <td style="width: 12.9%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                </td>
                <td style="width: 12.46%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
                </td>
                <td style="width: 12.94%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                </td>
                <td style="width: 28.94%; vertical-align: middle; background-color: #CCEEFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400</div>
                </td>
              </tr>
              <tr>
                <td style="width: 12.75%; vertical-align: top; background-color: #FFFFFF;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Palm Springs</div>
                </td>
                <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
                <td style="width: 16.7%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                </td>
                <td style="width: 1%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
                <td style="width: 12.9%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                </td>
                <td style="width: 12.46%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">May 2021</div>
                </td>
                <td style="width: 12.94%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                </td>
                <td style="width: 28.94%; vertical-align: middle; background-color: #FFFFFF;">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$14,750 up to May 2020 and $15,175 thereafter / $15,550 / $16,550</div>
                </td>
              </tr>

          </table>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
            </div>
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
          </div>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Fleet under construction (MR Tankers):</u></div>
          </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: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                </td>
                <td style="width: 0.94%; vertical-align: top; background-color: #FFFFFF;">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 11.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Deadweight</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 10.04%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer</div>
                </td>
                <td style="width: 2.46%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 8.68%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">End of firm period</div>
                </td>
                <td style="width: 2.38%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 11.66%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer's Optional Periods</div>
                </td>
                <td style="width: 3.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 11.75%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 9.9%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Delivery date</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                <td style="width: 9.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Shipyard</div>
                </td>
              </tr>
              <tr>
                <td style="width: 12.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">M/T Eco City of Angels</div>
                </td>
                <td style="width: 0.94%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 11.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 10.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Trafigura</div>
                </td>
                <td style="width: 2.46%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 8.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
                </td>
                <td style="width: 2.38%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 11.66%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                </td>
                <td style="width: 3.08%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 11.75%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$17,500 / $18,750 / $20,000</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 9.9%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">February 2020</div>
                </td>
                <td style="width: 2.08%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Hyundai Mipo S. Korea</div>
                </td>
              </tr>

          </table>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
            <div style="margin: 0px 0px 5px; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; text-align: justify;">_________________________</div>
          </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: 7.7%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">*</div>
                </td>
                <td style="width: 92.3%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">This vessel is owned by the Company</div>
                </td>
              </tr>
              <tr>
                <td style="width: 7.7%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">**</div>
                </td>
                <td style="width: 92.3%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Vessel subject to a SLB, which we treat as a financing</div>
                </td>
              </tr>

          </table>
          <div style="background-color: #FFFFFF; line-height: 14.4pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="line-height: 11.4pt; margin-top: 3pt;"><br style="line-height: 11.4pt;">
            </div>
            <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">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.&#160; Furthermore, three of our vessels have scrubbers installed.</div>
          </div>
        </div>
      </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;" id="DSPFPageNumber">S-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="line-height: 11.4pt;">
      <div style="line-height: 11.4pt; border: 2px solid #000000; padding: 5px; width: 99%;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Recent Developments</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', 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 completed on July 15, 2019 and the sales of the M/T Stenaweco
          Energy and M/T Stenaweco Evolution were completed on November 20, 2019. Prior to the aforementioned sale and lease backs, on November 20, 2019, we exercised the purchase options on the operating leases of the M/T Stenaweco Energy and M/T
          Stenaweco Evolution for a total of $47.9 million. Following completion of the sales, we bareboat chartered back the three vessels for periods of ten years at bareboat hire rates comprising of financing principal based on straight-line
          amortization with a balloon payment at the end of the bareboat charter term plus interest based on the three months Libor rate plus 3.90% per day. As part of this transaction, we have continuous options, commencing 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 have an obligation to purchase the vessels. The gross proceeds from the sale of the M/T
          Stenaweco Excellence was $25.6 million and the total gross proceeds for the M/T Stenaweco Energy and M/T Stenaweco Evolution was $45.8 million.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The abovementioned sale and leaseback transactions contain customary covenants and event of default clauses,
          including cross-default provisions, 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 style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 share amounts in this prospectus, not including amounts incorporated by reference, have been retroactively adjusted to reflect this reverse stock split.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 9, 2019, Nasdaq notified us that we have regained compliance with the minimum bid price requirement
          for the Nasdaq Capital Market.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 13, 2019, we closed an underwritten public offering of an aggregate of 1,580,000 common shares (or
          pre-funded warrants to purchase common shares in lieu thereof, the Pre-Funded Warrants), warrants, or the Traditional Warrants, to purchase up to 1,790,000 of our common shares and an overallotment option of up to 237,000 common shares, or the
          September 2019 Transaction. This resulted in gross proceeds of $10,480,060 before deducting underwriting discounts, commissions and other offering expenses. The gross proceeds include the partial exercise of 85,000 common shares of the
          underwriter's over-allotment option granted in connection with the offering. From September 13 to December 31, 2019, 1,245,089 common shares were issued pursuant to the cashless exercise of 1,778,700 Traditional Warrants. The Traditional Warrants
          expired on December 31, 2019.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On October 14, 2019, we entered into a deed of Amendment for the AT Bank Bridge Facility Note dated March 22, 2019
          in the amount of $10.5 million, or the AT Note, which among other things, extended the maturity date of the AT Note for one year to March 31, 2021.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 6, 2019, we entered into a placement agent agreement with Maxim Group LLC relating to the sale of our
          securities, or the Placement Agent Agreement.&#160; In addition to the Placement Agent Agreement, we entered into the Securities Purchase Agreement with certain institutional investors in connection with a registered direct offering of an aggregate of
          4,200,000 of our common shares at a public offering price of $2.00 per share, registered on our Registration Statement on Form F-3 (333-215577), or the Registered Offering.&#160; Concurrently with the Registered Offering and pursuant to the Securities
          Purchase Agreement, we also commenced a private placement whereby we issued and sold Class A warrants to purchase up to 4,200,000 of our common shares and Class B warrants to purchase up to 4,200,000 of our common shares that were attached to the
          4,200,000 common shares sold.</div>
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </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;" id="DSPFPageNumber">S-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="line-height: 11.4pt;">
      <div style="line-height: 11.4pt; border: 2px solid #000000; padding: 5px; width: 99%;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 18, 2019, we acquired interests in two companies that each is the sole purchaser in a new building
          contract.&#160; We purchased 100% of the issued and outstanding shares of Santa Catalina Inc., a Marshall Islands company that had entered into a new building contract for a high specification scrubber-equipped, 50,000 dwt MR product/chemical tanker
          named Eco Los Angeles under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea that was delivered on February 10, 2020. We acquired the shares from an entity affiliated with our Chief Executive Officer for an aggregate purchase price
          of $7.2 million.&#160;We also purchased 100% of the issued and outstanding shares of Santa Monica Inc., a Marshall Islands company that has entered into a new building contract for a high specification scrubber-equipped, 50,000 dwt MR product/chemical
          tanker to be named Eco City of Angels currently under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea and scheduled for delivery sometime during February 2020.&#160; We acquired the shares from an entity affiliated with our Chief
          Executive Officer for an aggregate purchase price of $7.2 million.&#160; Following their delivery, the vessels will commence a time charter with Trafigura for a firm duration of three years, with charterer&#8217;s option to extend for two additional years.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 26, 2019, we received a 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 under Nasdaq rules. Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain
          compliance is 180 days, or until June 23, 2020. We intend to monitor the closing bid price of our common shares between now and June 23, 2020 and are considering our options, including a reverse stock split, in order to regain compliance with the
          Nasdaq Capital Market minimum bid price requirement.&#160; We can cure this deficiency if the closing bid price of our common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 25, 2019 to January 30, 2020, we redeemed 21,825 of Series E Preferred Shares for $25.1 million from
          Family Trading Inc., a company related to Mr. Evangelos Pistiolis, our President, Chief Executive Officer and Director, or Family Trading.&#160; As of February 12, 2020, there were 6,333 shares of Series E Convertible Preferred Stock outstanding.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 3, 2020, we announced that we agreed to sell two MR1 Product Tankers, the M/T Eco Fleet and the M/T Eco
          Revolution (each weighing 39,000 tons) to unaffiliated third parties.&#160; On January 14, 2020, the M/T Eco Revolution was delivered to the buyer and we received gross proceeds of $23.0 million, part of which were used to prepay in full the
          outstanding amount of $15.1 million under tranche A of our loan facility with ABN AMRO, or the ABN Facility.&#160; On January 21, 2020, the M/T Eco Fleet was delivered to the buyer and we received $21.0 million, part of which were used to prepay in
          full the outstanding amount of $14.4 million under tranche B of the ABN Facility, resulting in the full prepayment of the ABN Facility.&#160; On January 21, 2020, the sales of the M/T Eco Revolution and the M/T Eco Fleet are estimated to result in
          impairment charges amounting to about $5.5 million and $6.8 million, respectively, that will affect the year ended 2019 financial results and is estimated to result in losses per share of $4.20.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Between January 22 and February 5, 2020, 3,350,000 Class A Warrants were exercised on a cashless basis into
          1,340,000 of our common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 6, 2020, we announced that we agreed to sell two MR2 Product Tankers, the M/T Stenaweco Elegance and
          the M/T Eco Palm Desert (each weighing 50,000 tons) to unaffiliated third parties.&#160; Depending on when the closing of the sales take place, we expect the gain from the sale of these vessels to range from $4.0 million to $6.0 million and the cash
          release to the Company after debt repayment and fees directly relating to the sale and loan prepayments to range from $9.5 million to $11.5 million (including the release of restricted cash relating to loan covenants).</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 10, 2020, we announced that we took delivery of the 50,000 dwt scrubber fitted newbuilding
          product/chemical tanker M/T Eco Los Angeles, constructed at the Hyundai Mipo shipyard in South Korea.</div>
        <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Corporate Information</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are currently listed on the Nasdaq Capital Market under the symbol "TOPS." The current address
          of our principal executive office is 1 Vasilisis Sofias and Megalou Alexandrou Str, 15124 Maroussi, Greece. The telephone number of our registered office is +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 supplement.</div>
      </div>
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      </div>
    </div>
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      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
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        <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">THE OFFERING</div>
        <table cellspacing="0" cellpadding="0" id="zbc8ed6df39c142f8b973a11fedb925ca" 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: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Issuer</div>
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">TOP Ships Inc., a Marshall Islands corporation</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Common shares outstanding<br>
                  as of February 12, 2020</div>
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">10,035,347 common shares</div>
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Common shares offered by us</div>
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Common shares with an initial aggregate sale price of up to $5.0 million.&#160; The common shares are being offered under the terms of
                  an equity distribution agreement between us and Maxim, dated February 12, 2020, pursuant to which we may sell up to $5.0 million of common shares (subject to limitations as set forth on Form F-3) with Maxim acting as our exclusive sales
                  agent.&#160; Should we be eligible and desire to offer additional common shares pursuant to the equity distribution agreement with Maxim, we will file an additional prospectus supplement to register such additional common shares and the
                  associated preferred stock purchase rights.</div>
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Preferred share purchase rights</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Our common shares include preferred share purchase rights, as described in the section of this prospectus supplement entitled
                  "Description of Capital Stock&#8212;Stockholders Rights Agreement."</div>
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Manner of offering</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Negotiated transactions or transactions deemed to be "at-the-market offerings" (including sales made to or through a market maker
                  other than on an exchange) that may be made from time to time through Maxim, as sales agent, using commercially reasonable efforts. See "Plan of Distribution."</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Use of proceeds</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">We intend to use the net proceeds of this offering<font style="background-color: #FFFFFF;">, after deducting the sale agent's
                    commissions and our estimated offering expenses, </font>for general corporate purposes.<font style="background-color: #FFFFFF;">&#160;</font>See "Use of Proceeds."</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Risk factors</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Investing in our common shares involves a high degree of risk and uncertainty</font>.
                  You should carefully consider all the information in this prospectus supplement, the accompanying prospectus and the documents incorporated into each by reference prior to investing in our common shares. In particular, we urge you to
                  consider carefully the factors set forth in the section entitled "Risk Factors" beginning on page S-7 of this prospectus supplement, and in the accompanying prospectus and the documents we have filed with the Commission that are
                  incorporated by reference herein for more information, before you make any investment in our common shares.</div>
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.84%; vertical-align: top;">
                <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Listing</div>
              </td>
              <td style="width: 60.16%; vertical-align: top;">
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market under the symbol "TOPS."</div>
                <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
              </td>
            </tr>

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        </div>
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      </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-5</font></div>
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    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">An investment in our common shares involves a high degree of risk and uncertainty. <font style="background-color: #FFFFFF;">We have identified a number of risk factors which you should consider before investing in our common shares. You should consider carefully the risks set forth below, those risk factors set forth under the heading
        "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Commission on March 28, 2019 and incorporated by reference in this prospectus supplement, and in any other documents we have incorporated by
        reference in this prospectus supplement, as well as those under the heading "Risk Factors" in the accompanying prospectus before investing in our common shares. The occurrence of one or more of these risk factors could adversely affect our results
        of operations or financial condition.</font></div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Risks Related to Our Common Shares and this Offering</div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">There is no guarantee of a continuing public market for you to resell our common
        shares.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
              </td>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z6620457bd73f4642a6d027241c41c34e" 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: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">mergers and strategic alliances in the shipping industry;</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0afb0de6c7784384b00a3a45a90f7072" 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: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">market conditions in the shipping industry and the general state of the securities markets;</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0938c09110494962b4964356484922a3" 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: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">changes in government regulation;</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7e55eaff04f1419484805cbe69085d6e" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">shortfalls in our operating results from levels forecast by securities analysts; and</div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z217488fbed3c4f3294b7bc264618d5e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">announcements concerning us or our competitors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Further, a lack of trading volume in our stock may affect investors' 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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Nasdaq may delist our common shares from its exchange
        which could limit your ability to make transactions in our securities and subject us to additional trading restrictions.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 26, 2019, we received a 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 under Nasdaq rules. Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is
      180 days, or until June 23, 2020. We intend to monitor the closing bid price of our common shares between now and June 23, 2020 and are considering our options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital
      Market minimum bid price requirement.&#160; We can cure this deficiency if the closing bid price of our common shares is $1.00 per share or higher for at least ten consecutive business days during the grace period.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 "TOPS". 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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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). As a result, we regained compliance on September 5, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A continued decline in the closing price of our common shares on Nasdaq could result in suspension or delisting
      procedures in respect of our common shares. 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 and constitutes a breach under certain of our credit agreements as well as
      constitutes an event of default under certain classes of our preferred stock and would 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">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.</font></div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; 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 style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 sale agent's commissions and our estimated offering expenses,</font> for general corporate purposes. Our management'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 style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">The actual number of shares we will issue under the equity distribution
        agreement, at any one time or in total, is uncertain.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to certain limitations in the equity distribution agreement and compliance with applicable law, we have the
      discretion to deliver placement notices to Maxim as our exclusive sales agent at any time throughout the term of the equity distribution agreement.&#160; The number of shares that are sold by Maxim after delivering a placement notice will fluctuate based
      on the market price of the common shares during the sales period and limits we set with Maxim. Although we are initially eligible to sell common shares hereunder with an initial aggregate sales price of up to $5.0 million, should we be eligible and
      desire to offer additional common shares pursuant to the equity distribution agreement with Maxim, we will file an additional prospectus supplement to register such additional common shares and the related preferred stock purchase rights.&#160; Therefore,
      investors will have no advance insight into the number of shares we are actually offering under the equity distribution agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">We issued 7,544,474 common shares
        during 2019 through various transactions.&#160;Shareholders may experience significant dilution as a result of our offerings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 (333-234281), for the sale of up to $200,000,000, of which no sales have been completed. We also have 6,333 Series E Preferred Shares outstanding,
      which are convertible into approximately 10,555,000 common shares as of the date of this prospectus supplement and Class A and Class B Warrants which are exercisable into 5,050,000 common shares.&#160; All of the Series E Preferred Shares are held by
      Family Trading.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3d955ded1d8a4905bea954f098a1d07d" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">our existing shareholders' proportionate ownership interest in us will decrease;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbd1218de25d647ba83cd0d6e581cc427" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the amount of cash available for dividends payable on the shares of our common shares may decrease;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4229098ba809448487c5d7765430958f" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the relative voting strength of each previously outstanding common share may be diminished; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b102890c49e42748039172a6f94a362" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the market price of the shares of our common shares may decline.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Investors may experience significant dilution as a result of this offering.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If we sell all of the 7,462,687 common shares offered pursuant to this prospectus supplement (assuming a sale price of
      $0.67, which was the closing price of our common shares on February 10, 2020), we will have approximately 17,498,034 common shares outstanding, which represents in the aggregate an increase of approximately 74% in our currently issued and outstanding
      common shares.&#160;Because the sales of the shares offered hereby will be made directly into the market or in negotiated transactions, the prices at which we sell these shares will vary and these variations may be significant.&#160; If we sell all or a
      substantial portion of the total shares offered pursuant to this prospectus supplement, our existing shareholders will experience significant dilution as a result of this offering. An investor that purchases shares offered hereby will experience
      dilution if, following such purchase, we sell shares at prices significantly below the price at which the investor purchased its shares.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have issued a significant number of our common shares and we may do so in the future. Shares to be issued in future
      equity offerings 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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large
      number of common shares in the market, including sales of common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our
      common shares and impair our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot
      predict the effect that future sales of common shares or other equity-related securities would have on the market price of our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third Amended and Restated Articles of Incorporation, as amended, authorizes our Board of Directors to, among
      other things, issue additional shares of common or preferred stock or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional
      capital. The issuance of any additional shares of common or preferred stock or convertible securities could be substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights,
      options or warrants to purchase our common shares in the future and those stock appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of 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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Future issuance of common shares may trigger anti-dilution provisions in our Series E Preferred
      Shares and affect the interests of our common shareholders.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 fixed 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 Volume-Weighted Average Price (&#8220;VWAP&#8221;) 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 $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 February 12, 2020, the Series E Preferred Shares have a conversion price of
      $0.60 and are converted into 10,555,000 common shares, as may be further adjusted. 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="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; 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 shareholders&#160;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="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Several provisions of our Third Amended and Restated Articles of Incorporation, as amended, and Amended and Restated
      By-laws (as amended, our &#8220;By-laws&#8221;) could make it difficult for our shareholders 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 shareholders may consider favorable.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These provisions include:</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcee4dabd89fe4f18890dd124dda54db1" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">authorizing our Board of Directors to issue "blank check" preferred stock without stockholder approval;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z05bed45b917a400ba02301f68606107c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">providing for a classified Board of Directors with staggered, three-year terms;</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;" id="DSPFPageNumber">S-9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3785c7e332d341f9a71b91a2b46c1d50" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">prohibiting cumulative voting in the election of directors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6ea25c04d2374d218492a450b109bddd" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd507082f603244b2a0776a4d42f195c8" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze6a98461907c48b4ac8a83f1fe0467e0" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">limiting the persons who may call special meetings of shareholders;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6dffcaca8a2048f9a2e10fa738a72f43" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5ecd60e2f5c34a2a9d96a53bea2c984d" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">restricting business combinations with interested shareholders.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, we have entered into a stockholders rights agreement that makes it more difficult for a third party to
      acquire a significant stake in the Company without the support of our Board of Directors.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The above anti-takeover provisions and the provisions of our stockholders rights agreement could substantially impede
      the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common shares and your ability to realize any potential change of control premium.</div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">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.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our corporate affairs are governed by our Third Amended and Restated Articles of Incorporation, as amended, our
      By-laws, and by the Marshall Islands Business Corporations Act, or the 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 management, directors or controlling shareholders than would shareholders of a
      corporation incorporated in a United States jurisdiction.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Our By-laws provide that the High Court of the Republic of Marshall Islands shall be the sole and
      exclusive forum for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our By-laws provide that, unless the Company consents in writing to the selection of an alternative forum, the High
      Court of the Republic of Marshall Islands, shall be the sole and exclusive forum for (i) any shareholders' derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by
      any director, officer or other employee of the Corporation to the Corporation or the Corporation's shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Business Corporations Act of the Republic of the Marshall
      Islands, or (iv) any action asserting a claim governed by the internal affairs doctrine.&#160; This forum selection provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our
      directors, officers, or other employees, which may discourage lawsuits with respect to such claims.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">We may not achieve the intended benefits of having a forum selection provision
      if it is found to be unenforceable.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our By-laws include a forum selection provision as under the section herein entitled &#8220;Description of Share Capital &#8211;
      Shareholders&#8217; Derivative Actions&#8221;. However, the enforceability of similar forum selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could
      find the forum selection provision contained in our By-laws to be inapplicable or unenforceable in such action. If a court were to find the forum selection provision to be inapplicable to, or unenforceable in respect of, one or more of the specified
      types of actions or proceedings, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business, financial condition and results of operations.</div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">We are a "foreign private issuer," which could make our common shares&#160;less
        attractive to some investors or otherwise harm our stock price.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are a "foreign private issuer," as such term is defined in Rule 405 under the Securities Act of 1933, as amended,
      or the Securities Act. As a "foreign private issuer" the rules governing the information that we disclose differ from those governing U.S. corporations pursuant to the Securities Exchange Act of 1934, as amended, or 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 "short-swing" 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="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Our President, Chief Executive Officer and Director, who may be deemed to
        beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, has control over us.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of February 12, 2020, 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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">USE OF PROCEEDS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We intend to use the net proceeds of this offering<font style="background-color: #FFFFFF;">, after deducting the sale
        agent&#8217;s commissions and our estimated offering expenses,&#160;</font><font style="color: #000000;">for general corporate purposes</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;" id="DSPFPageNumber">S-12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-weight: bold;">CAPITALIZATION</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The following table sets forth our consolidated capitalization as of June 30, 2019:</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0d08d03a16f4f91a419b2f3836774ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">on an actual basis;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0a1c1870c2f541bf9514f0758d81d5bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">on an as adjusted basis to give effect to the following transactions which occurred between June 30, 2019 and February 12, 2020:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8588c768f71c441ca3526f0a24f86800" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the exercise of 112,000 of the 2014 Warrants into 42,903 of our common shares, with aggregate net proceeds of $0.3 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3b9993e5780247aab5d4e5c3360152d1" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the cashless exercise of 3,350,000 of Class A Warrants into 1,340,000 of our common shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5526041249e4582adaca2f5f28cba36" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the issuance of 1,665,000 common shares pursuant to a registered public offering that closed on September 13, 2019, with aggregate net proceeds of $9.7 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc9b482807156442681b37c53a6a66dc4" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the cashless exercise of 1,778,700 of the Traditional Warrants into 1,245,089 of our common shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0419f651a5348ab9f98e74cd8a31993" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the issuance of 4,200,000 common shares pursuant to a registered public offering that closed on November 7, 2019, with aggregate net proceeds of $7.7 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb40e85b937eb4ef6b75d392f896428d3" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the declaration of $1.6 million of dividends on the Series E Preferred Shares for the period of July 1, 2019 through December 31, 2019;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdba4cf39af0442c288b0def05240feab" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the redemption of 21,825 Series E Perpetual Convertible Preferred Shares for $25.1 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf4494167e6db4cbab641fd870c0bf1fd" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the drawdown of $25.6 million, $21.4 million and $24.4 million from the sale and leasebacks of M/T Stenaweco Excellence, M/T Stenaweco Energy and M/T Stenaweco Evolution
                  respectively from Oriental Fleet International Company Limited (&#8220;OFI&#8221;), the drawdown of $30.1 million from the sale and leaseback of M/T Eco Los Angeles from Avic International Leasing Co., Ltd (&#8220;AVIC&#8221;) and the prepayment of $17.0 million
                  of the outstanding loan under the NORD/LB Facility (the sale and leasebacks will be accounted as financing transactions);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1d5820d952347129da1fe964907294b" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">the prepayment of $29.5 million of the outstanding loan under the ABN Facility due to the sale of the M/T Eco Revolution and the M/T Eco Fleet.&#160; The sale of the M/T Eco
                  Revolution and the M/T Eco Fleet resulted in estimated losses of $5.5 million and $6.8 million respectively;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z40b9fef9e1fe4011bd5953afe3eb1395" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">$13.1 million of scheduled debt repayments under the ABN Amro, the AT Bank, the BoComm Leasing, the Cargill, the CMBFL, the OFI, the AVIC and the Alpha Bank facilities; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8c750784f0194508afb9d2910aa76b8b" 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; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">$3.4 million excess consideration over the carrying amount of acquired assets relating to the acquisition of M/T Eco Los Angeles that became payable on the vessels delivery
                  date (February 10, 2019), accounted for as a transfer of assets between entities under common control;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z046bbe0311564d58b0ceedf2945264b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">on an as further adjusted basis, assuming our issuance and sale of the maximum amount of $5.0 million of our common shares at an assumed offering price of $0.67 per share
                  (i.e. 7,462,687 common shares), representing the closing price of our common shares on February 10, 2020.</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;" id="DSPFPageNumber">S-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 style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 June 30, 2019.</div>
    <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
    </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="z1fa87599a8ba471684b5df3557899d26">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(Expressed in thousands of U.S. Dollars, except number of shares and per share data)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Actual</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">As Adjusted</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">As Further Adjusted</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; 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: middle;" 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: middle;" 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: middle; width: 64%; background-color: #CCEEFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">27,169</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">18,423</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">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">18,423</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: middle; width: 64%; background-color: #FFFFFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">239,073</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">289,641</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">289,641</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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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; 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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">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 style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">308,064</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 style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">308,064</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: middle; width: 64%; background-color: #FFFFFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Mezzanine equity:</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Preferred stock Series E, $0.01 par value; 28,158 shares issued and outstanding at June 30, 2019, 6,333 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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">7,282</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">7,282</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; 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: middle; width: 64%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Common stock, $0.01 par value, 1,000,000,000 shares authorized; 1,542,355 shares issued and outstanding at June 30, 2019, 10,035,347 shares issued and
              outstanding at June 30, 2019 as adjusted and 17,498,034 shares issued and outstanding at June 30, 2019 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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">100</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">175</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;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Preferred stock Series D, $0.01 par value; 100,000&#160; 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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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: middle; width: 64%; background-color: #CCEEFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">416,087</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">420,862</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(308,407</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(320,707</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</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="line-height: 11.4pt; font-family: 'Times New Roman', serif;">(320,707</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Total Shareholders&#8217; and 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">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">126,096</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="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">101,375</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="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">106,225</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: middle; width: 64%; background-color: #CCEEFF;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; 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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; 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="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">409,439</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">414,289</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbef34dd44232407587955c55a0584e8f" 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; color: #000000; font-family: 'Times New Roman', serif;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">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>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1ce42ee98e3b40ecaf57d471d69cc353" 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; color: #000000; font-family: 'Times New Roman', serif;">*</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif;">The capitalization table does not take into account any loan fees for the new loans and SLB financings or any amortization of deferred finance fees incurred after June
                    30, 2019 or any write-offs of deferred fees in respect of loans fully repaid.</div>
                </td>
              </tr>

          </table>
        </div>
      </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;" id="DSPFPageNumber">S-14</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="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">BENEFICIAL OWNERSHIP OF OUR COMMON SHARES</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">The following table sets forth the beneficial ownership of our common shares,
        as of February 12, 2020, 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 Commission'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.</font></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="z34349519bc6f4bcab030e28914e89719">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name and Address of Beneficial Owner</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Number of Shares Owned</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 11.4pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-weight: bold;">Percent of Class</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Lax Trust&#160;<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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">10,555,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">51.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Sabby Volatility Warrant Master Fund Ltd.<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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">799,212</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">7.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Intracoastal Capital LLC<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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">900,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">8.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Hudson Bay Capital Management LP<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: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; 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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">965,076</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">8.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Executive officers, directors and key employees</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">-</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="margin: 0px 0px 5px; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; text-align: justify;">_________________</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="za4bfc6057f0c4b1eb228f56e23235b6f" 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: 5.71%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(1)</div>
          </td>
          <td style="width: 94.29%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Based upon 10,035,347</font> common shares outstanding as of February 12, 2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.71%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(2)</div>
          </td>
          <td style="width: 94.29%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">The above information is derived, in part, from the Schedule 13D/A filed with the Commission on January 29, 2020. 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 Trust is Level 3, 18 Stanley Street, Auckland 1010, New
              Zealand. The above percentage ownership is based on 20,590,347 common shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 10,035,347 common shares outstanding as of February 12, 2010, and (ii)
              10,555,000 common shares issuable upon the conversion of 6,333 Series E Preferred Shares held by Family Trading, as of February 12, 2020. 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.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.71%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(3)</div>
          </td>
          <td style="width: 94.29%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Information about Sabby Volatility Warrant Master Fund Ltd. is derived from a Schedule 13G filed with the SEC on January 14, 2019.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.71%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(4)</div>
          </td>
          <td style="width: 94.29%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Information about Intracoastal Capital LLC is derived from a Schedule 13G filed with the SEC on February 11, 2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.71%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(5)</div>
          </td>
          <td style="width: 94.29%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Information about Hudson Bay Capital Management LP is derived from a Schedule 13G filed with the SEC on February 7, 2020</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of February 10, 2020, we had one shareholder of record, which was located in the United States and held an
      aggregate of <font style="color: #000000;">10,035,347</font> our common shares, representing 100% of our outstanding 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.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-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 style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic;">The following is a summary of the description of our capital stock and the material terms of our
      Third Amended and Restated Articles of Incorporation and By-laws, as further amended. Because the following is a summary, it does not contain all of the information that you may find useful. For more complete information, you should read the
      description of capital stock and the material terms of our Third Amended and Restated Articles of Incorporation and By-laws, as further amended, contained in our Annual Report on Form 20-F, filed with the Commission on March 29, 2018 and incorporated
      by reference herein, as updated by annual and other reports and documents we file with the Commission after the date of this prospectus supplement and that are incorporated by reference herein, together with our Third Amended and Restated Articles of
      Incorporation and By-laws, including all amendments thereto, copies of which have been filed as exhibits to our Annual Report. Please see the section of this prospectus supplement entitled "Where You Can Find Additional Information."</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our purpose is to engage in any lawful act or activity for which corporations may now or hereafter be organized under
      the BCA. Our Third Amended and Restated Articles of Incorporation and By-laws, as further amended, do not impose any limitations on the ownership rights of our shareholders.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Authorized Capitalization</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our authorized capital stock consists of 1,000,000,000 common shares, par value $0.01 per share, of which 10,035,347
      shares were issued and outstanding as of February 12, 2020 and 20,000,000 preferred shares with par value of $0.01 and 100,000 Series D Preferred Shares and 6,333 Series E Preferred Shares are issued and outstanding as of February 12, 2020. 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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, American Stock
      Transfer &amp; Trust Company, LLC, or 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 supplement.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Common Shares</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">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.</font></div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Preferred Shares</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third Amended and Restated Articles of Incorporation 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>
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    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Series B Convertible Preferred Shares</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 investor 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. 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. Convertible Preferred Shares, and there are currently no Series B Convertible Preferred Shares outstanding.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Series C Convertible Preferred Shares</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 $5.0 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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Series D Preferred Shares</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series D Preferred Shares has the following characteristics:</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Distributions.</font> The Series D Preferred Shares shall have no
      dividend or distribution rights.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 that any loan with any other financial institution, which contain covenants that require that any member of the family of Mr. Evangelos J. Pistiolis maintain
      a specific minimum ownership or voting 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 the Company's 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Liquidation, Dissolution or Winding Up.</font> Upon any
      liquidation, dissolution or winding up of our Company, the Series D Preferred Shares shall have a liquidation preference of $0.01 per share.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Series E Convertible Preferred Stock</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 25, 2019 to January 30, 2020, we redeemed 21,825 of Series E Preferred Stock for $25.1 million.&#160;As of
      February 12, 2020, there were 6,333 shares of Series E Convertible Preferred Stock outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series E Perpetual Convertible Preferred Stock has the following characteristics:</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 our 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 our then outstanding convertible shares or warrants, (iv) the lowest issuance price of our 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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) of our common shares.&#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 our shareholders. 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>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 our Company, the holders of Series E Perpetual Convertible Preferred Stock shall be entitled to receive the net assets of our Company pari passu with the Common Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Redemption</font><font style="font-weight: bold;">.</font>&#160;&#160;We at
      our option shall have the right to redeem a portion or all of the outstanding Series E Perpetual Convertible Preferred Stock. We 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, we 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, we 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>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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. Our 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholder Meetings</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under our 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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Directors</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares
      entitled to vote in the election. Our Third Amended and Restated Articles of Incorporation and By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Classified Board</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third 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>
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    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Election and Removal</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third Amended and Restated Articles of Incorporation and 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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Dissenters' Rights of Appraisal and Payment</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">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. </font>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. <font style="background-color: #FFFFFF;">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.</font> 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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders' Derivative Actions</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known
      as a derivative action, provided that the shareholder bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. On November 20, 2014, we
      amended our 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' 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's having personal jurisdiction over the indispensable parties named as defendants. This provision of our By-laws does not apply to
      actions arising under U.S. federal securities laws.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Anti-takeover Provisions of our Charter Documents</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Several provisions of our Third Amended and Restated Articles of Incorporation and 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>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Business Combinations</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z369b69f2e94b403a84994e7c84ac8d3c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9e4b91b4329942bbb14d5b19e9b9e935" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcbff400b7f4f471293c8a50410701208" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z53e14689e1484cdaa288f22785d63a62" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the shareholder became an interested shareholder prior to the consummation of the initial public offering.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third Amended and Restated Articles of Incorporation and our 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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Third Amended and Restated Articles of Incorporation and our 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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Super-majority Required for Certain Amendments to Our By-Laws</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Stockholders Rights Agreement</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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'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'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>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-21</font></div>
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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;<font style="background-color: #FFFFFF;">The foregoing description of the Rights Agreement is qualified in its entirety by reference to such exhibit.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 of our new common shares issued after October 5, 2016 until the Distribution Date described below.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 "Acquiring Person" by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 "grandfathers" their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The date when the Rights become exercisable is the "<font style="background-color: #FFFFFF;">Distribution Date</font>."



      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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><u>Series A Preferred Share Provisions</u></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze109f49942e3464cb0fee0774feee125" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">not be redeemable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0429b5c4348b4dca8a79ba904a3bb50c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaef027c3d7e24bc59a2798032089df11" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">entitle holders to one vote on all matters submitted to a vote of our shareholders.</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;" id="DSPFPageNumber">S-22</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF; font-style: italic;">Flip Over</font><font style="background-color: #FFFFFF;">.&#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.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF; font-style: italic;">Notional Shares</font><font style="background-color: #FFFFFF;">. 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.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Redemption</font>. Our Board of Directors may redeem t<font style="background-color: #FFFFFF;">he 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.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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. I<font style="background-color: #FFFFFF;">n 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.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Expiration</font>.&#160;<font style="background-color: #FFFFFF;">The Rights expire on the
        earliest of (i) September 22, 2026; or (ii) the redemption or exchange of the Rights as described above.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Amendments</font>.&#160;<font style="background-color: #FFFFFF;">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).</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;" id="DSPFPageNumber">S-23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">2014 Warrants</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 supplement, an aggregate 4,621,611 of the
      2014 Warrants were exercised for a total issuance of 347,997 common shares and all the 2014 Warrants have expired.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">2018 Warrants</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On October 26, 2018, we priced a public offering of 100,000 common shares, and warrants to purchase 175,000 common
      shares, or the 2018 Warrants, 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 of our common shares at any time within the abovementioned term. By February 25, 2019, all of the 2018 Warrants were exercised for 175,000 common shares and gross proceeds of $3.8 million.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Traditional Warrants</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 13, 2019, we closed an underwritten public offering of an aggregate of 1,580,000 common shares or
      Pre-Funded Warrants, Traditional Warrants to purchase up to 1,790,000 of our common shares and an overallotment option of up to 237,000 common shares.&#160; Each Traditional Warrant entitled the holder to purchase either 1 common share upon a cash
      exercise or 0.7 common shares upon a cashless exercise. Each Traditional Warrant had an exercise price of $8.19. The Traditional Warrants expired on December 31, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From September 13 to December 31, 2019, 1,245,089 common shares were issued pursuant to the cashless exercise of
      1,778,700 Traditional Warrants.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">2019 Class A Warrants and Class B Warrants</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 6, 2019, concurrently with the November 2019 Registered Offering described above, we commenced a private
      placement pursuant to certain purchase agreements with investors (the &#8220;Purchase Agreements&#8221;) whereby we issued and sold warrants to purchase up to 8,400,000 of our common shares. &#160;One-half of the warrants will expire on the eight-month anniversary of
      the date of issuance of the common shares sold under the November 2019 Registered Offering (the Class A Warrants) and one-half of the warrants will expire on the eighteen-month anniversary of the date of issuance of the common shares sold under the
      November 2019 Registered Offering (the Class B Warrants). Each Class A Warrant will be immediately exercisable as of the date of issuance of the common shares sold under the November 2019 Registered Offering (the "Exercise Date") at an exercise price
      of $2.00 per share, subject to adjustment. In addition, the Class A 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 the aggregate trading volume of our
      common shares November 6, 2019 is equal to more than three times the number of common shares offered pursuant to the Purchase Agreement (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 $3.20 on such date (as may be subject to adjustment).&#160;The number of common shares issuable in such cashless exercise shall be 0.4 of a common share that would be issuable upon exercise of the Class A 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 Class A 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. Each Class B Warrant will be immediately exercisable as of the Exercise Date at an exercise price of $2.00 per share, subject to adjustment. &#160;The foregoing adjustment to the exercise price of the Class B Warrant is
      subject to a floor price of $1.00.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-24</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">During January and February 2020, 3,350,000 of Class A Warrants have been exercised on a cashless basis into 1,340,000
      of our common shares. As of the date of this prospectus supplement we have 850,000 and 4,200,000 Class A Warrants and Class B Warrants outstanding respectively.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Transfer Agent</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The registrar and transfer agent for our common shares is AST.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Listing</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market under the symbol "TOPS."</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-25</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">TAX CONSIDERATIONS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">You should carefully read the discussion of the material Marshall Islands and
        U.S. federal income tax considerations associated with our operations and the acquisition, ownership and disposition of our common </font>shares <font style="background-color: #FFFFFF;">set forth in the section entitled "Taxation" of our annual
        report on Form 20-F for the year ended December 31, 2018, filed with the Commission on March 28, 2019 and incorporated by reference herein.</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;" id="DSPFPageNumber">S-26</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have entered into an equity distribution agreement with Maxim Group LLC pursuant to which we may issue and sell up
      to an aggregate of $5.0 million of our common shares from time to time solely through Maxim Group LLC acting as sales agent.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Upon delivery of a placement notice and subject to the terms and conditions of the equity distribution agreement,
      Maxim Group LLC may sell our common shares by any method permitted by law deemed to be an "at-the-market" offering as defined in Rule 415 promulgated under the Securities Act, including sales made directly on the Nasdaq Capital Market, on any other
      existing trading market for our common shares or to or through a market maker. Maxim Group LLC may also sell our common shares by any other method permitted by law, including in privately negotiated transactions.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will pay Maxim Group LLC in cash, upon each sale of our common shares pursuant to the equity distribution
      agreement, a commission equal to 2% of the aggregate gross proceeds from the sale of our common shares. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering amount, commissions and
      proceeds to us, if any, are not determinable at this time. We have agreed to reimburse Maxim Group LLC for expenses relating to this transaction including legal fees and expenses incurred up to $40,000 which is payable in two installments: (1) an
      initial payment of $20,000 (including legal fees and disbursements) and (2) $20,000 on the earlier of two (2) business days after (a) $2,000,000 in gross proceeds have been raised in connection with the offering and (b) the termination of the equity
      distribution agreement. We have also agreed to pay Maxim Group LLC $7,500 in cash for its legal fees on each date that we file an annual report on Form 20-F or file a report on Form 6-K containing quarterly or semi-annual financial information that
      is incorporated by reference into this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Settlement for sales of common shares will occur on the second business day following the date on which any sales are
      made, or on some other date that is agreed upon by us and Maxim Group LLC in connection with a particular transaction, in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar
      arrangement. Sales of our common shares as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and Maxim Group LLC may agree upon.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Maxim Group LLC will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading
      and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Capital Market. In connection with the sale of the common shares on our behalf, Maxim Group LLC will be deemed to be an "underwriter" within
      the meaning of the Securities Act and the compensation of Maxim Group LLC will be deemed to be underwriting commissions or discounts. We have agreed to provide indemnification and contribution to Maxim Group LLC against certain civil liabilities,
      including liabilities under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The equity distribution agreement has a minimum term of twelve months and will terminate upon the earlier of the (i)
      sale of all of our common shares provided for in the equity distribution agreement or (ii) termination of the equity distribution agreement as permitted therein, except as stated therein. We may terminate the equity distribution agreement upon five
      days prior written notice and Maxim Group LLC may terminate the equity distribution agreement at any time upon written notice. In any event, Maxim Group LLC will be the exclusive agent for this offering until at least the six month anniversary of the
      date of the equity distribution agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, if we and Maxim Group LLC determine to proceed with an alternative offering of our securities, the
      parties will enter into a separate agreement with customary fees. Maxim Group LLC will also be entitled to a fee for any public or private offering or other financing or capital-raising transaction to the extent such financing or capital is provided
      to us by investors introduced to us by Maxim Group LLC if such transaction is consummated within&#160;nine months from the date of the equity distribution agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Maxim Group LLC and its affiliates may in the future provide various investment banking, commercial banking and other
      financial services for us and our affiliates, for which services they may in the future receive customary fees. To the extent required by Regulation M, Maxim Group LLC will not engage in any market making activities involving our common shares while
      the offering is ongoing under this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement in electronic format may be made available on a web site maintained by Maxim Group LLC and
      Maxim Group LLC may distribute this prospectus supplement electronically.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-27</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="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities offered by this prospectus
      supplement, all of which will be paid by us.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z1a606571f33c4dc682f7f7c089d9d499">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Legal Fees and 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 style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">25,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Accountants' Fees and Expenses</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">20,000</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: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Miscellaneous Costs</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="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">5,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Total</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the common shares offered hereby and other matters relating to Marshall Islands and United States law
      will be passed upon for us by Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York 10004. Ellenoff Grossman &amp; Schole LLP, New York, New York, is representing the sales agent in this offering.</div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPERTS</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The consolidated financial statements incorporated in this prospectus supplement by reference from TOP Ships Inc.'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; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this
      prospectus supplement with the Commission. This prospectus supplement is a part of that registration statement, which includes additional information.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports within the Commission. The Commission maintains a website (http://www.sec.gov) that
      contains reports, proxy and information statements and other information regarding registrants that file electronically with the Commission. Our filings are also available on our website at http://www.tops.org. The information on our website,
      however, is not, and should not be deemed to be, a part of this prospectus supplement. Further, other than as described below, the information contained in or accessible from the Commission&#8217;s website is not part of this prospectus supplement.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Commission allows us to "incorporate by reference" information that we file with it. This means that we can
      disclose important information to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we file later with the Commission prior to the
      termination of this offering will also be considered to be part of this prospectus supplement and will automatically update and supersede previously filed information, including information contained in this document.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-28</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement incorporates by reference the following documents:</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z03fc208435d445cfaa51c6e86efcd249" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;"><a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/0000919574-19-002626-index.htm">Report on Form 20-F for the year ended December 31, 2018</a>, 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.&#160; As a result of a one-for-twenty reverse stock split of our issued and
                  outstanding common shares effective on August 22, 2019, we are required to retrospectively restate share information and earnings /loss per share. In addition, there was a reclassification from common stock to additional paid in capital.
                  There was no impact on net income/(loss) and comprehensive income/(loss) as previously reported or any prior amounts reported on the consolidated statements of comprehensive income/(loss), the consolidated statements of cash flows or on
                  assets, liabilities and total equity in the balance sheet. The earnings/ loss per share, weighted average number of common stock and the amount of common stock presented in the Selected Financial Data for the years ended December 31, 2014
                  &#8211; 2018 has been updated to reflect the one-for-twenty reverse stock split of our issued and outstanding common shares effective on August 22, 2019 as set in the table below:</div>
              </td>
            </tr>

        </table>
      </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="z2ad23aeee7fc4333818eed73febedf7f">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-style: italic;">&#160;(Amounts in U.S. Dollars in thousands, except per share data)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="18">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Year Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">STATEMENT OF COMPREHENSIVE INCOME/(LOSS)</div>
          </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; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2014</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2017</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; 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">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(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 style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</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 style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(319,100</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(251</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</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 style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(12.20</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #FFFFFF;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Earnings/(Loss) per share, diluted</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="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(15,467,280</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</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="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(319,100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</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="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(251</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</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="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(12.20</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">)</div>
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          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #CCEEFF;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average common shares outstanding, basic</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">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 style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">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 style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">909,072</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: 40%; background-color: #FFFFFF;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">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 style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">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 style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">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 style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">909,072</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: middle; width: 40%; background-color: #CCEEFF;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#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>
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          <td valign="bottom" style="vertical-align: middle;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-style: italic;">U.S. dollars in thousands, unless otherwise stated</div>
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          <td valign="bottom" style="vertical-align: middle;" colspan="19">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">As of December 31,</div>
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          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
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          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="3">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2014</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="3">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="3">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="3">
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          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="3">
            <div style="text-align: center; line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2018<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #CCEEFF;">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Common stock</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">-</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="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">11</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-left: 54pt; line-height: 10.25pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="line-height: 10.25pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Common stock was reduced by $219 thousand and $85 thousand as of December 31, 2018 and 2017, respectively with a corresponding increase to
      Additional paid in capital.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e0e3587d1c54aee92ed2f5f7cf4d046" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319005881/0001171843-19-005881-index.htm">Form 6-K</a> furnished to the Commission on September 10, 2019, which
                  contains the Company&#8217;s announcement of compliance with NASDAQ minimum bid price requirement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb0b43b00bb884bd2aa588d62e419c455" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319005892/0001171843-19-005892-index.htm">Form 6-K</a> furnished to the Commission on September 11, 2019, which
                  contains the Company&#8217;s announcement of pricing of approximately $10 Million underwritten public offering.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc2e9a836111f43a49775e7a7011a7be0" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419005804/0000919574-19-005804-index.htm">Form 6-K</a> furnished to the Commission on September 12, 2019 which
                  contains (i) the Underwriting Agreement dated September 11, 2019 by and among the Company and Maxim Group LLC relating to the offering of common shares, pre-funded warrants, and other warrants by the Company, (ii) the Form of Common Stock
                  Purchase Warrant and (iii) the Form of Pre-Funded Common Stock Purchase Warrant related to the foregoing Underwriting Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z962c135f7e74456ab204eb5367857093" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419005865/d8372076_6-k.htm">Form 6-K</a> furnished to the Commission on September 13, 2019, which includes a
                  description of the Company&#8217;s closing its previously announced underwritten public offering of an aggregate of 1,665,000 common shares and warrants to purchase up to 1,790,000 of the Company&#8217;s common shares resulting in gross proceeds to
                  the Company of $10,480,060 before deducting underwriting discounts and commissions and other offering expenses.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc2cd3a6dfbad4f3da035d0e34ec2fc59" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957419006743/0000919574-19-006743-index.htm">Form 6-K</a> furnished to the Commission on November 7, 2019, which
                  contains the Company&#8217;s announcement of its pricing of a $8.4 million registered direct offering, and includes the Placement Agent Agreement, Securities Purchase Agreement, Form of Class A Common Stock Purchase Warrant, Form of Class B
                  Common Stock Purchase Warrant and opinion of Seward &amp; Kissel LLP in connection with the related securities.</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;" id="DSPFPageNumber">S-29</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="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za96551105eb34f11b8221e4604fec698" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319007726/0001171843-19-007726-index.htm">Form 6-K</a> furnished to the Commission on November 22, 2019 which
                  contains the Company&#8217;s announcement that it closed the previously announced two Financing Agreements with a major Chinese Financier, for total gross proceeds of $45.8 million, in relation to the 50,000 dwt product/chemical tankers M/T
                  Stenaweco Energy and M/T Stenaweco Evolution.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5bf5a055a90647a1b40df63ea70a97bb" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319008224/0001171843-19-008224-index.htm">Form 6-K</a> furnished to the Commission on December 19, 2019 which
                  contains the Company&#8217;s announcement of its acquisition of two scrubber fitted ECO MR Tanker Newbuildings with time charters.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb4481cdaebab4ea4abf7c43af0fb2b0c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319008288/0001171843-19-008288-index.htm">Form 6-K</a> furnished to the Commission on December 23, 2019 which
                  contains the Company&#8217;s announcement of its financing for two recently acquired newbuilding vessels (currently under construction at Hyundai Mipo Co., Ltd. in South Korea and due for delivery in February 2020).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f6e4216d6c449d890412be8b526b023" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184319008334/0001171843-19-008334-index.htm">Form 6-K</a> furnished to the Commission on December 27, 2019 which
                  contains the Company&#8217;s announcement of its receipt of a Nasdaq notice that it no longer meets the minimum bid price requirement for the Nasdaq Capital Market, and that the Company intends to cure the deficiency within the prescribed grace
                  period.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc942d68562e54b69aa632a5f8e6c774c" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184320000076/0001171843-20-000076-index.htm">Form 6-K</a> furnished to the Commission on January 3, 2020 which
                  contains the Company&#8217;s announcement of its sale of two MR1 Product Tankers (the M/T Eco Fleet and the M/T Eco Revolution).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze48d9e226a54402f987a240cc98792ab" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957420000477/d8452271_6-k.htm">Form 6-K</a> furnished to the Commission on January 21, 2020 which includes a
                  description of the Company&#8217;s redemption on January 16, 2020 of 3,913 shares of Series E Convertible Preferred Stock from Family Trading Inc., a company related to Mr. Evangelos Pistiolis, the Company's President and Chief Executive
                  Officer, for approximately $4.5 million.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0f0fc473c4742ac89b89354941aae50" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000091957420000583/d8467128_6-k.htm">Form 6-K</a> furnished to the Commission on January 28, 2020 which includes a
                  description of (i) the delivery of two MR1 Product Tankers, the M/T Eco Fleet and the M/T Eco Revolution to unaffiliated third parties and (ii) the Company&#8217;s redemption on January 22, 2020 of 5,217 shares of Series E Convertible Preferred
                  Stock from Family Trading Inc. for approximately $6.0 million.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7f29ff82a1bc40ebb813b36613025376" 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;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on <a href="http://www.sec.gov/Archives/edgar/data/1296484/000117184320000817/0001171843-20-000817-index.htm">Form 6-K</a> furnished to the Commission on February 10, 2020 which
                  contains the Company&#8217;s announcement of the delivery of an MR2 Product Tanker (the M/T Eco Los Angeles).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and
      certain reports on Form 6-K that we furnish to the Commission after the date of this prospectus supplement (if they state that they are incorporated by reference into the registration statement of which this prospectus supplement is a part) until we
      file a post-effective amendment indicating that the offering of the securities made by this prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus
      supplement or the accompanying prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the
      accompanying prospectus. We have not, and the sales agent has not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and
      the sales agent is 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 supplement and the accompanying prospectus as well as
      the information we previously filed with the Commission and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects may have changed
      since those dates.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-30</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="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a paper copy of our Commission filings, at no cost, by writing to or telephoning us at the following
      address:</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">TOP Ships Inc.</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">15124 Maroussi, Greece</div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(011) 30 210 812-8180 (telephone number)</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These reports may also be obtained on our website at www.topships.org. None of the information on our website is a
      part of this prospectus supplement or the accompanying prospectus.</div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report
      by our independent registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a "foreign private issuer," 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 "foreign private issuer," our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
    <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br style="line-height: 11.4pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-31</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="line-height: 11.4pt; margin-bottom: 10pt;"><br>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PRELIMINARY PROSPECTUS</div>
      <div style="text-align: center; margin-bottom: 3pt; color: #FF0000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', serif; font-size: 18pt;">$200,000,000</div>
      <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', serif; font-size: 14pt;">Common Shares (including preferred stock purchase rights), Preferred Shares, Debt Securities, Warrants, Purchase Contracts, Rights and Units</div>
      <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', serif; font-size: 14pt;"> <br>
      </div>
      <div style="text-align: center;">
        <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;">
          <div style="line-height: 11.4pt;"><img width="198" height="129" src="image0.jpg"></div>
        </div>
      </div>
      <div style="margin-top: 5.55pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">TOP SHIPS INC.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Through this prospectus, we may periodically offer common shares (including related preferred stock purchase rights), preferred shares,
        debt securities, warrants, purchase contracts, rights and units. We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed above.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The prices and terms of the securities that we will offer or sell will be determined at the time of their offering and will be described
        in a supplement to this prospectus.&#160; This prospectus describes some of the general terms that may apply to these securities.&#160; The securities issued under this prospectus may be offered directly or through one or more underwriters, agents or
        dealers, or through other means.&#160; The names of any underwriters, agents or dealers will be included in a supplement to this prospectus.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are currently listed on the Nasdaq Capital Market under the symbol &#8220;TOPS.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">The aggregate market value of our outstanding common shares held by
          non-affiliates as of October 21, 2019 is $39.3 million, based on 4,493,528 common shares held by non-affiliates, and a closing price on the Nasdaq Capital Market of $8.74 on September 9, 2019.&#160;As of the date hereof, we have offered $7,934,756
          securities pursuant to General Instruction I.B.5 of Form F-3 during the twelve calendar month period that ends on and includes the date hereof.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Investing in our securities involves a high degree of risk.&#160; Before you make an investment in our securities, you
        should carefully consider the section entitled &#8220;<u>Risk Factors</u>&#8221; beginning on page 4 of this prospectus, and the other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and
        therein.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of
        these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The date of this prospectus is November 4, 2019.</div>
      <div style="margin-top: 5.55pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus are to United States dollars and financial information
          presented in this prospectus that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the Commission, using
          a shelf registration process. Under the shelf registration process, we may sell the common shares (including related preferred stock purchase rights), preferred shares, debt securities, warrants, purchase contracts, rights and units that are
          described in this prospectus from time to time in one or more offerings. This prospectus provides you with a general description of the securities we may offer. Each time we offer or sell securities pursuant to this prospectus, we will provide
          you with a prospectus supplement that will describe the specific types, amounts, prices and terms of the offered securities. The prospectus supplement may also add, update or change the information contained in this prospectus. If there is any
          inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should read carefully both this prospectus and any prospectus supplement,
          together with the additional information described below.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">This prospectus and any prospectus supplement are part of a registration statement we filed with the Commission and do not contain all of
          the information in the registration statement. Forms of the indentures and other documents establishing the terms of the offered securities are filed as exhibits to the registration statement. Statements in this prospectus or any prospectus
          supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. For
          further information about us or the securities offered hereby, you should refer to the registration statement, which you can obtain from the Commission as described below under &#8220;Where You Can Find Additional Information.&#8221;</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. We and
          any underwriters 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 will not make any 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 and the applicable supplement to this prospectus is accurate as of the date on its respective cover, and that any
          information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those
          dates.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Other than in the United States, no action has been taken by us that would permit a public offering of the securities offered by this
          prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
          connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into
          whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation
          of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</div>
      </div>
      <div style="margin-top: 5.55pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <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-top: 9.5pt; font-family: 'Times New Roman', serif; font-weight: bold;">Table of Contents</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" id="z7622edec6441463bb4bf4f2ee4de79a9" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SUMMARY</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">5<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">6<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;" rowspan="1">DESCRIPTION OF PURCHASE CONTRACTS<br>
            </td>
            <td style="width: 7.59%; vertical-align: top; text-align: right;" rowspan="1">27<br>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92.41%; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 7.59%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">31</div>
            </td>
          </tr>

      </table>
      <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;" id="DSPFPageNumber">i</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; font-family: 'Times New Roman',serif; font-weight: bold;"><font style="font-weight: normal;"> </font>
        <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
          <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">SUMMARY</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: normal;">This section summarizes certain of the information that is contained in this prospectus or the documents incorporated by reference
            herein, and this summary is qualified in its entirety by that more detailed information.&#160; This summary may not contain all of the information that may be important to you.&#160; 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.</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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-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-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="margin-bottom: 12pt; font-family: 'Times New Roman Bold',serif; font-weight: bold;">Our Company</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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. Our fleet, both sale and leasebacked 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 two owned 50,000 dwt product/chemical tankers, the M/T Stenaweco Elegance and the M/T Eco Palm Desert. We also have sale and leaseback agreements for four
            50,000 dwt product/chemical tankers, M/T Nord Valiant, M/T Stenaweco Excellence, 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 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.&#160; 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: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: normal;">We intend to continue to review the market in order to identify potential acquisition targets in line with our strategy.</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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>
      </div>
      <font style="font-weight: normal;"> </font>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
        <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="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;"><font style="font-weight: normal;">&#160;</font>
          <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">Our Current Fleet</div>
            <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: normal;">The following tables present our fleet list as of the date of this prospectus:</div>
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;"><u>MR Tanker vessels:</u></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: 12.79%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Deadweight</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Type</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">End of firm period</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Energy***</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; background-color: #CCEEFF;">
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$15,616 / $17,350 / $18,100</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Stenaweco Evolution***</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle;">
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle;">
                    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$15,516 / $17,200 / $18,000</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Eco Fleet*</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">39,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">April 2022</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$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 style="width: 12.79%; vertical-align: middle;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Eco Revolution*</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">39,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">BP Shipping Limited</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">January 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$13,500 / $16,000 / $16,750</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Stenaweco Excellence**</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">November 2020</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$16,200 / $17,200 / $18,000</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Nord Valiant**</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">DS Norden A/S</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">August 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$16,800 / $17,600 / $18,400</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Stenaweco Elegance*</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Stena Weco A/S</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">March 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1+1 years</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$16,500 / $17,500 / $18,500</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: top;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Eco Palm Desert*</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Shell Tankers Singapore Private Limited</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">September 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1 year</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: bottom;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$13,300 plus 50% profit share/ $13,950 plus 50% profit share</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Eco California**</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Shell Tankers Singapore Private Limited</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">January 2021</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">1 year</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$13,750 plus 50% profit share/ $13,950 plus 50% profit share</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.79%; vertical-align: middle;">
                    <div style="font-family: 'Times New Roman', serif;">M/T Eco Marina Del Ray**</div>
                  </td>
                  <td style="width: 11.9%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">50,000</div>
                  </td>
                  <td style="width: 22.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Medium Range (&#8220;MR&#8221;) Tanker</div>
                  </td>
                  <td style="width: 17.64%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">Cargill</div>
                  </td>
                  <td style="width: 10.74%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">March 2024</div>
                  </td>
                  <td style="width: 12.4%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">-</div>
                  </td>
                  <td style="width: 12.26%; vertical-align: middle;">
                    <div style="text-align: center; font-family: 'Times New Roman', serif;">$15, 100</div>
                  </td>
                </tr>

            </table>
          </div>
        </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;" 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="background-color: #FFFFFF;">
        <div>
          <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;"><font style="font-weight: normal;">&#160;</font>
            <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%; font-weight: normal; font-style: normal;">
              <div style="background-color: #FFFFFF;">
                <div><br>
                </div>
              </div>
              <div style="margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;"><u>Suezmax Vessels:</u></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: 16.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                    </td>
                    <td style="width: 15%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Deadweight</div>
                    </td>
                    <td style="width: 17.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer</div>
                    </td>
                    <td style="width: 16.71%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">End of firm period</div>
                    </td>
                    <td style="width: 18.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
                    </td>
                    <td style="width: 15.83%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 16.04%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Bel Air**</div>
                    </td>
                    <td style="width: 15%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">157,000</div>
                    </td>
                    <td style="width: 17.84%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; font-family: 'Times New Roman', serif;">BP Shipping Limited</div>
                    </td>
                    <td style="width: 16.71%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2020</div>
                    </td>
                    <td style="width: 18.59%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                    </td>
                    <td style="width: 15.83%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$24,500 / $27,500 / $29,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 16.04%; vertical-align: middle;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Beverly Hills**</div>
                    </td>
                    <td style="width: 15%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">157,000</div>
                    </td>
                    <td style="width: 17.84%; vertical-align: middle;">
                      <div style="text-align: center; font-family: 'Times New Roman', serif;">BP Shipping Limited</div>
                    </td>
                    <td style="width: 16.71%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 2020</div>
                    </td>
                    <td style="width: 18.59%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                    </td>
                    <td style="width: 15.83%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$24,500 / $27,500 / $29,000</div>
                    </td>
                  </tr>

              </table>
              <div style="margin-bottom: 12pt;"><br>
              </div>
              <div style="margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;"><u>Joint Venture MR Tanker fleet (50% owned):</u></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: 12.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 17.64%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Deadweight</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 12.68%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">End of firm period</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Charterer&#8217;s Optional Periods</div>
                    </td>
                    <td style="width: 29.72%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Gross Rate fixed period/ options</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 12.69%; vertical-align: top; background-color: #CCEEFF;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Holmby Hills</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 1.12%; vertical-align: bottom; background-color: #CCEEFF;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 16.52%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
                    <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                    </td>
                    <td style="width: 29.72%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 12.69%; vertical-align: top;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Palm Springs</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: bottom;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 1.12%; vertical-align: bottom;">
                      <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                    </td>
                    <td style="width: 16.52%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                    </td>
                    <td style="width: 1.02%; vertical-align: middle;">&#160;</td>
                    <td style="width: 12.68%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">May 2021</div>
                    </td>
                    <td style="width: 12.62%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
                    </td>
                    <td style="width: 29.72%; vertical-align: middle;">
                      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$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="font-family: 'Times New Roman', serif;">*This vessel is owned by the Company</div>
              <div style="font-family: 'Times New Roman', serif;">**The Company has a sale and leaseback agreement for this vessel, treated as a financing</div>
              <div style="font-family: 'Times New Roman', serif;">*** The Company has a sale and leaseback agreement for this vessel, treated as an operating lease</div>
              <div style="margin-bottom: 12pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman Bold', serif; font-weight: bold;">Recent Developments</div>
              <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', 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 on July 15, 2019 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 have an obligation to purchase the vessels. 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', 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 25 to October 21, 2019, we redeemed 9,874 of Series E Preferred Shares for $11.4 million.</div>
              <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 share amounts in this prospectus, not including amounts incorporated by reference, have been retroactively adjusted to reflect this reverse stock split.</div>
            </div>
          </div>
        </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;" 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>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;"><font style="font-weight: normal;">&#160;</font>
          <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
            <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: normal;">On September 13, 2019, we closed an underwritten public offering of an aggregate of 1,580,000 common shares (or pre-funded warrants to purchase
              common shares in lieu thereof (the &#8220;Pre-Funded Warrants&#8221;)), warrants (the &#8220;Traditional Warrants&#8221;) to purchase up to 1,790,000 of our common shares and an overallotment option of up to 237,000 common shares. This resulted in gross proceeds of
              $10.5 million&#160; before deducting underwriting discounts, commissions and other offering expenses. Gross proceeds amount includes the partial exercise of 85,000 common shares of the underwriter&#8217;s over-allotment option granted in connection with
              the offering. From September 13, to October 17 2019, 1,243,270 common shares were issued pursuant to the cashless exercise of the same number of Traditional Warrants.</div>
            <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Corporate Information</div>
            <div style="background-color: #FFFFFF;">
              <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: normal;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-weight: normal;">Our common shares
                  are currently listed on the Nasdaq Capital Market under the symbol &#8220;TOPS.&#8221; The current address of our principal executive office is 1 Vasilisis Sofias and Megalou Alexandrou Str, 15124 Maroussi, Greece. The telephone number of our
                  registered office is +30 210 812 8180. </font><font style="font-weight: normal;">Our corporate website address is www.topships.org. The information contained on our website does not constitute part of this prospectus.</font></div>
              <div style="font-weight: normal;"><br>
              </div>
            </div>
            <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">The Securities We May Offer</div>
            <div style="background-color: #FFFFFF;">
              <div style="margin-bottom: 12pt; color: rgb(0, 0, 0); font-weight: normal;">We may use this prospectus to offer up to $200,000,000 of our:</div>
            </div>
            <table cellspacing="0" cellpadding="0" border="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: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">1.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">common shares, including related preferred stock purchase rights;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">2.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">preferred shares;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">3.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">debt securities;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">4.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">warrants;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">5.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">purchase contracts;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">6.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">rights; and</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">7.</div>
                  </td>
                  <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">units.</div>
                  </td>
                </tr>

            </table>
            <div style="background-color: #FFFFFF;">
              <div style="margin: 0px 0px 0px; color: #000000; font-family: 'Times New Roman', serif; font-weight: normal; text-align: justify; text-indent: 36pt;"> <br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: rgb(0, 0, 0); font-weight: normal;">We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities
                listed above. A prospectus supplement will describe the specific types, amounts, prices, and detailed terms of any of these offered securities and may describe certain risks in addition to those set forth below associated with an investment
                in the securities. Terms used in the prospectus supplement will have the meanings described in this prospectus, unless otherwise specified.</div>
            </div>
          </div>
        </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;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">RISK FACTORS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An investment in our securities involves a high degree of risk. Before making an investment in our securities, you should carefully
        consider all of the information included or incorporated by reference into this prospectus and any prospectus supplement, including the risks described under the heading &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; in our Annual Report on Form 20-F
        for the year ended December 31, 2018, filed with the Commission on March 28, 2019, as updated by annual and other reports and documents we file with the Commission after the date of this prospectus and that are incorporated by reference herein.&#160;
        Please see the section of this prospectus entitled &#8220;Where You Can Find Additional Information.&#8221; In addition, you should also consider carefully the risks set forth under the heading &#8220;Risk Factors&#8221; in any prospectus supplement before investing in
        the securities offered by this prospectus. The occurrence of one or more of those risk factors could adversely impact our business, financial condition or results of operations. <font style="color: #000000;">When we offer and sell any securities
          pursuant to a prospectus supplement, we may include additional risk factors relevant to such securities in the prospectus supplement.</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;" id="DSPFPageNumber">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 prospectus, 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="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the
          achievement of the expected results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially from expected results.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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, which 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">In addition to these assumptions and matters discussed elsewhere herein, important factors that, in our view, could
          cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charterhire rates and vessel values,
          changes in demand in the shipping market, including the effect of changes in the Organization of the Petroleum Exporting Countries&#8217; petroleum production levels and worldwide oil consumption and storage, changes in regulatory requirements
          affecting vessel operations, changes in Top Ships Inc.&#8217;s operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, changes in the price
          of our capital investments, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists,
          and other important factors described from time to time in the reports filed by us with the Commission.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">See the section entitled &#8220;Risk Factors,&#8221; beginning on page 4, for a more complete discussion of these risks and
          uncertainties and for other risks and uncertainties. Other unknown or unpredictable factors also could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if
          substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation
          to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.</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;" id="DSPFPageNumber">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: center; margin-bottom: 18pt; font-family: 'Times New Roman', serif; font-weight: bold;">USE OF PROCEEDS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We intend to use net proceeds from the sale of the securities by us as set forth in the applicable prospectus supplement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 18pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAPITALIZATION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: Times-Roman, 'Times New Roman', serif;">Each prospectus supplement will include information on our consolidated capitalization.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may sell or distribute the securities included in this prospectus through underwriters, through agents, to dealers, in private
        transactions, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, we may sell some or all of our securities included in this prospectus, through:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2ee5e51aeef246769f787a70a5533383" 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 style="font-family: 'Times New Roman', serif;">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze888a1ad58224eca9ae9b78fb8e30e99" 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 style="font-family: 'Times New Roman', serif;">purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8178cf9af18b498fb27d62bc7f2abaef" 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 style="font-family: 'Times New Roman', serif;">ordinary brokerage transactions and transactions in which a broker solicits purchasers.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, we may enter into options or other types of transactions that require us or them to deliver our securities to a
        broker-dealer, who will then resell or transfer the securities under this prospectus. We may enter into hedging transactions with respect to our securities. For example, we may:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1751915572d04f249323e505032e11cc" 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 style="font-family: 'Times New Roman', serif;"><font style="font-size: 2.5pt;">&#160;</font>enter into transactions involving short sales of our common shares by broker-dealers;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0214c76f577e4fa5b500a4a2b5ab720a" 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 style="font-family: 'Times New Roman', serif;">enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za4926ff709ce4af69e6c70dc11ecc1f6" 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 style="font-family: 'Times New Roman', serif;">loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended, or the
        Securities Act, if available, rather than under this prospectus.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in
        privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement. If so, the third
        party may use securities pledged by us or borrowed from us to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open
        borrowings of stock. The third party in such sale transactions may be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, we may
        otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position to
        investors in our securities or in connection with a concurrent offering of other securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any broker-dealers or other persons acting on our behalf that participate with us in the distribution of the securities, may be deemed to
        be underwriters, and any commissions received or profit realized by them on the resale of the securities, may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as amended, or the Securities Act. As a result,
        we have informed, or will inform, them that Regulation M, promulgated under the Securities Exchange Act of 1934, or the Exchange Act, may apply to sales by any broker dealers or other persons acting on our behalf in the market. We may agree to
        indemnify any broker, dealer or agent that participates in transactions involving the sale of our common shares against certain liabilities, including liabilities arising under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of the date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and us
        with respect to the offer or sale of the securities pursuant to this prospectus.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement
        will be distributed, setting forth the terms of the offering, including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the names of any underwriters, dealers or
        agents, any discounts, commissions and other items constituting compensation from us, and any discounts, commissions or concessions allowed or re-allowed or paid to dealers. Furthermore, we, our executive officers, our directors and major
        shareholders may agree, subject to certain exemptions, that for a certain period from the date of the prospectus supplement under which the securities are offered, we and they will not, without the prior written consent of an underwriter, offer,
        sell, contract to sell, pledge or otherwise dispose of any of our common shares or any securities convertible into or exchangeable for common shares. However, an underwriter, in its sole discretion, may release any of the securities subject to
        these lock-up agreements at any time without notice.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales
        deemed to be an at-the-market offering as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital Market, the existing trading market for our common shares, or sales made to or
        through a market maker other than on an exchange.</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will bear costs relating to all of the securities offered and sold by us under this registration statement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">If more than five percent (5%) of the net proceeds of any offering of common shares made under this prospectus will be
        received by a Financial Industry Regulatory Authority, or FINRA, member participating in the offering or affiliates or associated persons of such a FINRA member, the offering will be conducted in accordance with FINRA Rule 5121.</div>
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      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Share Capital</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 common shares pursuant to exercises of 1,268,000 of our 2014 Warrants for gross proceeds of $3.2 million.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 13, 2019, we closed an underwritten public offering of an aggregate of 1,580,000 common shares (or pre-funded warrants to
        purchase common shares in lieu thereof (the &#8220;Pre-Funded Warrants&#8221;)), warrants (the &#8220;Traditional Warrants&#8221;) to purchase up to 1,790,000 of our common shares and an overallotment option of up to 237,000 common shares. This resulted in gross proceeds
        of $10.5 million before deducting underwriting discounts, commissions and other offering expenses. Gross proceeds amount includes the partial exercise of 85,000 common shares of the underwriter&#8217;s over-allotment option granted in connection with the
        offering.&#160; The remainder of such over-allotment option of up to 152,000 common shares shall continue in place until October 25, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-weight: bold;">Authorized Capitalization</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our authorized capital stock consists of 1,000,000,000 common shares, par value $0.01 per share, of which 4,493,528 shares were issued
        and outstanding as of October 21, 2019 and 20,000,000 preferred shares with par value of $0.01 of which 100,000 Series D Preferred Shares and 18,284 Series E Preferred Shares are issued and outstanding as of October 21, 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-weight: bold;">Common Shares</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
        <div style="text-indent: 36pt; margin-bottom: 12pt;">We completed a one-for-ten reverse stock split of our issued and outstanding common shares effective on February 22, 2016, a one-for-twenty reverse stock split of our issued and outstanding
          common shares effective on May 11, 2017, a one-for-fifteen reverse stock split of our issued and outstanding common shares effective on June 23, 2017, a one-for-thirty reverse stock split of our issued and outstanding common shares effective on
          August 3, 2017, a one-for-two reverse stock split of our issued and outstanding common shares effective on October 6, 2017, a one-for-ten reverse stock split of our issued and outstanding common shares effective on March 26, 2018, and a
          one-for-twenty reverse stock split of our issued and outstanding common shares effective on August 22, 2019.</div>
      </div>
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Preferred Shares</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-weight: bold;">Series B Convertible Preferred Shares</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 Selling Security holder 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 Security holder 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-family: 'Times New Roman', serif; font-weight: bold;">Series C Convertible Preferred Shares</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-weight: bold;">Series D Preferred Shares</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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, our President, Chief Executive Officer and director, 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series D Preferred Stock has the following characteristics:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-family: 'Times New Roman', serif; font-weight: bold;">Series E Convertible Preferred Stock</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 in exchange for the full and final settlement of the loan facility between our Company and Family Trading dated December 23, 2015, as amended.&#160; 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="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series E Perpetual Convertible Preferred Stock has the following characteristics:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">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 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholder Meetings</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Directors</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in
        the election. 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>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Classified Board</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Amended and Restated Articles of Incorporation 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Election and Removal</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Dissenters&#8217; Rights of Appraisal and Payment</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative
        action, provided that the shareholder bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. 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>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Anti-takeover Provisions of our Charter Documents</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</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-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Business Combinations</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z743c843e33894454829d0bce51027dec" 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 style="font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0b36d6b2f5884f9983254222732c4c9a" 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 style="font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z45b0b54e72174389a0dbe827c4922a8d" 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 style="font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z959bc69184cc4ab1bebb9ec20f400749" 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 style="font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Super-majority Required for Certain Amendments to Our By-Laws</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Stockholders Rights Agreement</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">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-family: 'Times New Roman', serif;"><u>Series A Preferred Share Provisions</u></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcef6152173a24864972c5775d20c2506" 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 style="font-family: 'Times New Roman', serif;">not be redeemable;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z27dd42e0e06c41d6acbf9893707c85f6" 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 style="font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z654ddbbf0e1747c3a9a15ad2eb1054b9" 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 style="font-family: 'Times New Roman', serif;">entitle holders to one vote on all matters submitted to a vote of our shareholders.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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; font-family: 'Times New Roman', serif;"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf5f148cf4d1d43da904ab1c560983323" 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 style="font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1f11fcc186b844c286a3f44cae508dd0" 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 style="font-family: 'Times New Roman', serif;"><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 style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z34461ae591c14a90944bf2290bd0decd" 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 style="font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><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="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">2014 Warrants</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 all the 2014 Warrants have expired.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">2018 Warrants</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 for 175,000 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;" id="DSPFPageNumber">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each
          dated as of a date on or prior to the issuance of the debt securities to which it relates, and pursuant to an applicable prospectus supplement.&#160; We may issue senior debt securities and subordinated debt securities pursuant to separate indentures,
          a senior indenture and a subordinated indenture, respectively, in each case between us and the trustee named in the indenture.&#160; We have filed forms of these documents as exhibits to the registration statement, of which this prospectus forms a
          part.&#160; The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an &#8220;indenture&#8221; and collectively as the &#8220;indentures.&#8221; Each indenture will be subject to and
          governed by the Trust Indenture Act and will be construed in accordance with and governed by the laws of the State of New York (without giving effect to any principles thereof relating to conflicts of law that would result in the application of
          the laws of any other jurisdiction) unless otherwise stated in the applicable prospectus supplement and indenture (or post-effective amendment hereto).&#160; The aggregate principal amount of debt securities that may be issued under each indenture
          will contain the specific terms of any series of debt securities or provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental
          indenture, if any, relating to such series.&#160; Our debt securities may be convertible or exchangeable into any of our equity or other debt securities.</div>
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 35.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The following description sets forth certain general terms and provisions of the debt securities. The particular
          terms and provisions of the debt securities offered by any prospectus supplement, and the extent to which the general terms and provisions described below may apply to the offered debt securities, will be described in the applicable subsequent
          filings.&#160; <font style="background-color: #FFFFFF;">We refer to any applicable prospectus supplement, amendment to the registration statement of which this prospectus forms a part, and reports we file with the Commission under the Exchange Act as
            &#8220;subsequent filings.&#8221;&#160; </font>The statements below are not complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we
          may offer, including any modifications of, or additions to, the general terms described below as well as any applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the
          applicable prospectus supplement and indenture and, as applicable, supplemental indenture. Accordingly, for a complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth
          below should be read in conjunction with the applicable prospectus supplement and indenture, as amended or supplemented from time to time.</div>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">General</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">We expect that neither indenture will limit the amount of debt securities that
          may be issued.&#160; The debt securities may be issued in one or more series.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should read the applicable indenture and subsequent filings relating to the particular series of debt securities for the following
        terms of the offered debt securities:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9455927cbbbd4c9aa94f49a02175e1b9" 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 style="font-family: 'Times New Roman', serif;">the designation, aggregate principal amount and authorized denominations;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za6d9b6694b7c47919b4dceba89f9069a" 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 style="font-family: 'Times New Roman', serif;">the issue price, expressed as a percentage of the aggregate principal amount;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6639b22921ae42cc9efdc46c783bbeb7" 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 style="font-family: 'Times New Roman', serif;">the maturity date;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf30eaf2fb64b406b9038a5fdc9b6ca73" 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 style="font-family: 'Times New Roman', serif;">the interest rate per annum, if any;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z57a6e36e6f3d4b3b9bb06e7740a5ad61" 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 style="font-family: 'Times New Roman', serif;">if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will
                    commence and the regular record dates for interest payment dates;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z67143c2bbc6f41edab48b22555643cba" 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 style="font-family: 'Times New Roman', serif;">any optional or mandatory sinking fund provisions or exchangeability provisions;</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;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z532ed945f75b42c8b1ee7c9af5d35346" 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 style="font-family: 'Times New Roman', serif;">the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other conversion provisions;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze96d01f46c7a4ff28d2930bed640e2f2" 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 style="font-family: 'Times New Roman', serif;">whether the debt securities will be our senior or subordinated securities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3d2a95f24eae42309d40c385d10b8c92" 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 style="font-family: 'Times New Roman', serif;">whether the obligations under the debt securities will be our secured or unsecured obligations;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z17a1368a78324ad8a1674e2c00383ae5" 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 style="font-family: 'Times New Roman', serif;">the applicability and terms of any guarantees;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0ec86bc473a742d19b7288452e9a152e" 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 style="font-family: 'Times New Roman', serif;">the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of
                    optional or mandatory redemptions;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3914dccda4a1421caef94b18335cd1f0" 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 style="font-family: 'Times New Roman', serif;">if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfb010b1e98d0478186186c44b106c677" 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 style="font-family: 'Times New Roman', serif;">if other than the full principal amount, the portion of the principal amount of the debt securities of the series that will be payable upon acceleration or provable in bankruptcy;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcc034eb2b2cb4818afa4ceff680d6bff" 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 style="font-family: 'Times New Roman', serif;">any events of default not set forth in this prospectus;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9d545216443c4c18acf5dfb9f0939a64" 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 style="font-family: 'Times New Roman', serif;">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z741ea119183c4ab6bc87304636d06a60" 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 style="font-family: 'Times New Roman', serif;">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be
                    payable, the period or periods within which, and the terms and conditions upon which, the election may be made;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8a2e4915dcb1431db8900cb63dfb1cec" 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 style="font-family: 'Times New Roman', serif;">whether interest will be payable in cash or additional securities at our or the holder&#8217;s option and the terms and conditions upon which the election may be made;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z277faf464e324655b35d7cf2d455add5" 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 style="font-family: 'Times New Roman', serif;">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of
                    determining the voting rights of holders of those debt securities under the applicable indenture;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb0fe41d8e22c49b585442842a6279fc7" 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 style="font-family: 'Times New Roman', serif;">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the
                    debt securities of the series are stated to be payable, the manner in which the amounts will be determined;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8837cda56de745a889daef3c113719e3" 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 style="font-family: 'Times New Roman', serif;">any restrictive covenants or other material terms relating to the debt securities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbb069613e413440d9e0c68ba6acea197" 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 style="font-family: 'Times New Roman', serif;">whether the debt securities will be issued in the form of global securities or certificates in registered or bearer form;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3f22ad9589e64898ba0094ec90b1ddd7" 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 style="font-family: 'Times New Roman', serif;">any listing on any securities exchange or quotation system;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbc5ef34671a148e38534bddfea28ddea" 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 style="font-family: 'Times New Roman', serif;">additional provisions, if any, related to defeasance and discharge of the debt securities; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1889267b0aa145438aac2efd30a7d190" 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 style="font-family: 'Times New Roman', serif;">any other special features of the debt securities.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subsequent filings may include additional terms not listed above. Unless otherwise indicated in subsequent filings with the Commission
        relating to the indenture, principal, premium and interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee. Unless other arrangements are made or set forth in subsequent filings
        or a supplemental indenture, principal, premium and interest will be paid by checks mailed to the registered holders at their registered addresses.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in fully registered form
        without coupons, in denominations of $1,000 or any integral multiple thereof. No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental
        charge payable in connection with these debt securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at the
        time of issuance is below market rates, to be sold at a substantial discount below the stated principal amount. United States federal income tax consequences and other special considerations applicable to any discounted securities will be described
        in subsequent filings with the Commission relating to those securities.</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Senior Debt</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 35.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We may issue senior debt securities, which may be secured or unsecured, under the senior debt indenture. The senior
          debt securities will rank on an equal basis with all our other senior debt except subordinated debt.&#160; The senior debt securities will be effectively subordinated, however, to all of our secured debt to the extent of the value of the collateral
          securing such debt. We will disclose the amount of our debt in the prospectus supplement.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Subordinated Debt</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We may issue subordinated debt securities under a subordinated debt indenture.&#160; Subordinated debt would rank
          subordinate and junior in right of payment, to the extent set forth in the subordinated debt indenture, to all our senior debt.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Covenants</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 40.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Any series of debt securities may have covenants in addition to or differing from those included in the applicable
          indenture which will be described in subsequent filings prepared in connection with the offering of such securities, limiting or restricting, among other things:</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zce5a5494b20e43ff9957a54d4612daad" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to incur either secured or unsecured debt, or both;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z75c0795044d2472aa72a37c604f60a77" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to make certain payments, dividends, redemptions or repurchases;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zd4660030f15641ab9fe33f42d0a87a37" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to create dividend and other payment restrictions affecting our subsidiaries;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z5a5c50bf7c754dbfac224300dfa9e584" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to make investments;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z152c58d3f91840429db39e08f409bd87" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">mergers and consolidations by us or our subsidiaries;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z0e974df753c44839be7d522e54cf39a8" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">sales of assets by us;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zc40a62827a4443d7a43ad58ebe0434e4" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to enter into transactions with affiliates;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z705a82badb8d4b3fbbddbfaac931a588" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">our ability to incur liens; and</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z14a93cc2b2d24beeb0c88a77554dff36" 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; color: #000000;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">sale and leaseback transactions.</div>
                  </td>
                </tr>

            </table>
          </div>
        </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;" id="DSPFPageNumber">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Modification of the Indentures</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not less
        than a majority in aggregate principal amount of the outstanding debt securities of all series under the respective indenture affected by the modification, taken together as a class. But we expect that no modification that:</div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zab6a8c9a3dbe48f0a1fa75f9f5fc464c" 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; font-family: 'Times New Roman', serif;">1.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zce99d40f46a741a3b0339747c345d6ef" 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; font-family: 'Times New Roman', serif;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially
                    adversely affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcaa5d82f7f14456697589f51cc07f589" 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; font-family: 'Times New Roman', serif;">3.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous obligation;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfdbba9b63be54b50b0deb6000495d1b2" 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; font-family: 'Times New Roman', serif;">4.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the
                    holders of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1f86eb496f744b3eab9c13d08a5ec1e5" 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; font-family: 'Times New Roman', serif;">5.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6ee60993aa05406a844670c303e3031e" 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; font-family: 'Times New Roman', serif;">6.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">makes any change with respect to holders&#8217; rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or
                    certain currency-related issues; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3b2bdd13c69b4c5a9fa6089fc89edd79" 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; font-family: 'Times New Roman', serif;">7.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">will be effective against any holder without his consent. In addition, other terms as specified in subsequent filings may be modified without the consent of
        the holders.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Events of Default</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture will define an event of default for the debt securities of any series as being any one of the following
        events:</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0e82fa06224548fcad2916ed3b791604" 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 style="font-family: 'Times New Roman', serif;">default in any payment of interest when due which continues for 30 days;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7f50b79696f649a981d87a7dae1bdb78" 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 style="font-family: 'Times New Roman', serif;">default in any payment of principal or premium at maturity;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zed77ab1912c7474f91c2967b788f59e7" 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 style="font-family: 'Times New Roman', serif;">default in the deposit of any sinking fund payment when due;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za95d8104308e40228640ffe33df7d80c" 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 style="font-family: 'Times New Roman', serif;">default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0747ea5c49f64405bb99eade80ff98d3" 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 style="font-family: 'Times New Roman', serif;">default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having
                    a principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being
                    declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the default; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za05a457f772242f0abd0cbaaa7d1a96f" 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 style="font-family: 'Times New Roman', serif;">events of bankruptcy, insolvency or reorganization.</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;" id="DSPFPageNumber">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An event of default of one series of debt securities will not necessarily constitute an event of default with respect to any other series
        of debt securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">There may be such other or different events of default as described in an applicable subsequent filings with respect to any class or
        series of debt securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that under each indenture, in case an event of default occurs and continues for the debt securities of any series, the
        applicable trustee or the holders of not less than 25% in aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be due
        and payable. Further, any event of default for the debt securities of any series which has been cured is expected to be permitted to be waived by the holders of a majority in aggregate principal amount of the debt securities of that series then
        outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture will require us to file annually after debt securities are issued under that indenture with the applicable
        trustee a written statement signed by two of our officers as to the absence of material defaults under the terms of that indenture. We also expect that each indenture will provide that the applicable trustee may withhold notice to the holders of
        any default if it considers it in the interest of the holders to do so, except notice of a default in payment of principal, premium or interest.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the duties of the trustee in case an event of default occurs and continues, we expect that each indenture will provide that
        the trustee is under no obligation to exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity. Subject to these provisions for
        indemnification and the rights of the trustee, each indenture is expected to provide that the holders of a majority in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and place of
        conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee as long as the exercise of that right does not conflict with any law or the indenture.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance and Discharge</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The terms of each indenture are expected to provide us with the option to be discharged from any and all obligations in respect of the
        debt securities issued thereunder upon the deposit with the trustee, in trust, of money or United States government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an
        amount sufficient to pay any installment of principal, premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities
        and the indenture governing the debt securities. We expect that this right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that
        such a discharge will not be deemed, or result in, a taxable event with respect to holders. This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt
        securities, to maintain paying agencies and hold moneys for payment in trust.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance of Certain Covenants</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that the terms of the debt securities provide us with the right not to comply with specified covenants and that specified
        events of default described in a subsequent filing will not apply provided we deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount sufficient to
        pay any installment of principal, premium, and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the indenture
        governing such debt securities. We expect that to exercise this right, we will also be required to deliver to the trustee an opinion of counsel to the effect that the deposit and related covenant defeasance should not cause the holders of such
        series to recognize income, gain or loss for United States federal income tax purposes.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">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="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Securities</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited
        with, or on behalf of, a depository identified in an applicable subsequent filing and registered in the name of the depository or a nominee for the depository. In such a case, one or more global securities will be issued in a denomination or
        aggregate denominations equal to the portion of the aggregate principal amount of outstanding debt securities of the series to be represented by the global security or securities. Unless and until it is exchanged in whole or in part for debt
        securities in definitive certificated form, a global security may not be transferred except as a whole by the depository for the global security to a nominee of the depository or by a nominee of the depository to the depository or another nominee
        of the depository or by the depository or any nominee to a successor depository for that series or a nominee of the successor depository and except in the circumstances described in an applicable subsequent filing.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the description contained
        in this prospectus.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue warrants to purchase our debt or equity securities<font style="background-color: #FFFFFF;">. Warrants may be issued
          independently or together with any other securities and may be attached to, or separate from, such securities.&#160; </font>Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent.
        The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.&#160; We expect that <font style="background-color: #FFFFFF; color: #000000;">such terms will include, among others:</font></div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z748fe1b69f364fe0906647ef4fb95946" 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 style="font-family: 'Times New Roman', serif;">the title of such warrants;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2cd9bda8073c48e183c2e581f58dad7e" 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 style="font-family: 'Times New Roman', serif;">the aggregate number of such warrants;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb131c5b419de47b3a100c594ace0cc91" 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 style="font-family: 'Times New Roman', serif;">the price or prices at which such warrants will be issued;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd649680a8022421aa75381da3bc2d400" 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 style="font-family: 'Times New Roman', serif;">the number and type of our securities purchasable upon exercise of such warrants;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0a93453ff2f04d7794317a103c1fbfec" 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 style="font-family: 'Times New Roman', serif;">the price at which our securities purchasable upon exercise of such warrants may be purchased;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf9f2bdd96f4647f3867898c81e84b478" 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 style="font-family: 'Times New Roman', serif;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z8efac06853cb42bebd35df5597f9d6dc" 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 style="font-family: 'Times New Roman', serif;">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcc04be4db68e4dbb856c579922608ea8" 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 style="font-family: 'Times New Roman', serif;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1bc868d5e1a84611925cb0b5acafe5c9" 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 style="font-family: 'Times New Roman', serif;">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3a2ebb01ce5e4dbdbb880ab65b92ecec" 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 style="font-family: 'Times New Roman', serif;">information with respect to book-entry procedures, if any;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7d8a4b3392f94433985e4ca62aba8ae7" 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 style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material United States federal income tax considerations; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf7c911c1149e49ac866a8ca7c9c82fcd" 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 style="font-family: 'Times New Roman', serif;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</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;" id="DSPFPageNumber">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF PURCHASE CONTRACTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue purchase contracts for the purchase or sale of any of our debt or equity securities issued by us.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such
        securities, at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash
        value of such purchase contract or the cash value of the securities otherwise deliverable, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or
        sell such securities, and any acceleration, cancellation or termination provisions, provisions relating to U.S. federal income tax considerations, if any, or other provisions relating to the settlement of a purchase contract.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred to
        the extent set forth in the applicable prospectus supplement, and those payments may be unsecured or pre-funded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be described
        in the applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid purchase contracts on the relevant
        settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under either the senior indenture or the subordinated indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</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-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue rights to purchase our equity securities. These rights may be issued independently or together with any other security
          offered by this prospectus and may or may not be transferable by the shareholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby underwriting agreement with one or more underwriters
          pursuant to which the underwriter will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where applicable,
          the following:</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zc5302e102ef448b6a6395d463a30398e" 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 style="font-family: 'Times New Roman', serif;">the exercise price for the rights;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zdda52ef76ba840189dcb0b9dc651cf3d" 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 style="font-family: 'Times New Roman', serif;">the number of rights issued to each shareholder;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z06904d3f2e144549965a15af83c8561b" 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 style="font-family: 'Times New Roman', serif;">the extent to which the rights are transferable;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z2fc6c0f1824b4e55ad11cc28d8a640cf" 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 style="font-family: 'Times New Roman', serif;">any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z55e713b2cd574b8facae158a1a3999ea" 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 style="font-family: 'Times New Roman', serif;">the date on which the right to exercise the rights will commence and the date on which the right will expire;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z9f47eda8454a4126886f625ccaca79cc" 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 style="font-family: 'Times New Roman', serif;">the amount of rights outstanding;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z72fb0cdf9e8e4aa6a3edffdfabc4f04f" 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 style="font-family: 'Times New Roman', serif;">the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z33c05b6d3e0e4f3988d26b6851f2ce6d" 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 style="font-family: 'Times New Roman', serif;">the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and will be qualified
          in its entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the Commission if we offer rights. For more information on how you can obtain copies of any rights certificate or rights agreement if
          we offer rights, see &#8220;Where You Can Find Additional Information&#8221; of this prospectus. We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety.</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;" id="DSPFPageNumber">28</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-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF UNITS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As specified in the applicable prospectus supplement, we may issue units consisting of one or more of our purchase contracts, warrants,
        debt securities, preferred shares, common shares, rights or any combination of such securities. The applicable prospectus supplement will describe the terms of the offered units.&#160; We expect that <font style="background-color: #FFFFFF; color: #000000;">such terms will include, among others:</font></div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd381cf8c33bf4352b705d7f978bc402b" 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 style="font-family: 'Times New Roman', serif;">the terms of the units and of the purchase contracts, warrants, debt securities, preferred shares, common shares, and rights comprising the units, including whether and under what
                    circumstances the securities comprising the units may be traded separately;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z23d5a427851b4742996748f98dd791bb" 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 style="font-family: 'Times New Roman', serif;">a description of the terms of any unit agreement governing the units;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z485a493b16434633bdd1a5d3c5326180" 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 style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb73773c6d71049ec9d129f6f8c8b5123" 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 style="font-family: 'Times New Roman', serif;">a description of the provisions for the payment, settlement, transfer or exchange of the units.</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;" id="DSPFPageNumber">29</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-family: 'Times New Roman', serif; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We are a Marshall Islands company, and our principal executive office is located outside of the United States in
          Greece. Some 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. investors 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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)&#160;would enforce, in original actions, liabilities against us or our subsidiaries, directors or officers and such experts based on those laws.</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;" id="DSPFPageNumber">30</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-family: 'Times New Roman', serif; font-weight: bold;">EXPENSES</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities 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="z48e43e402b8e402b886478b4c1b916e1">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Commission registration fee<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">25,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">FINRA filing fee<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">30,500</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; font-family: 'Times New Roman', serif;">Nasdaq listing fees<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Legal fees and expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</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; font-family: 'Times New Roman', serif;">Accounting fees and expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Printing and engraving expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</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; font-family: 'Times New Roman', serif;">Transfer agent and registrar fees<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Indenture trustee fees and expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</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; font-family: 'Times New Roman', serif;">Blue sky fees and expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Miscellaneous<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">$</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 style="font-family: 'Times New Roman', serif;">*</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: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', serif;">Total<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></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 style="font-family: 'Times New Roman', serif;">$</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 style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">&#160;</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">&#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>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z3a563ea15fc74f61b4697150df881664" 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: 4%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">*</div>
            </td>
            <td style="width: 96%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', serif;">To be provided by a prospectus supplement or as an exhibit to Report on Form 6-K that is incorporated by reference into this registration statement.</div>
            </td>
          </tr>

      </table>
      <div><font style="font-family: 'Times New Roman', serif; font-size: 7.5pt;"> </font><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">LEGAL MATTERS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the securities offered by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New York, New York with
        respect to matters of United States and Marshall Islands law.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">EXPERTS</div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The consolidated financial statements incorporated in this Prospectus by reference from&#160;Top Ships Inc.&#8217;s&#160;annual report on Form 20-F for
          the year ended December 31, 2018, have been audited by Deloitte&#160;Certified Public Accountants&#160;S.A.&#160; 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&#160;Certified Public Accountants S.A. are located at Fragoklissias 3a&#160;&amp;
          Granikou Str., 15125 Maroussi, Athens, Greece.</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus with the
        Commission. This prospectus is a part of that registration statement, which includes additional information.</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">GOVERNMENT FILINGS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports with the Commission. You may read and copy any document that we file and obtain copies at prescribed
        rates from the Commission&#8217;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling 1 (800) SEC-0330. The Commission maintains a website
        (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the Commission. 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.</div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus and any prospectus supplement are part of a registration statement that we filed with the Commission and do not contain
        all of the information in the registration statement. The full registration statement may be obtained from the Commission or us, as indicated below. Forms of the indenture and other documents establishing the terms of the offered securities are
        filed as exhibits to the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You
        should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement at the Commission&#8217;s Public Reference Room in Washington, D.C., as well as through the Commission&#8217;s
        website.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with it. This means that we can disclose important
        information to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the Commission prior to the termination of this offering
        will also be considered to be part of this prospectus and will automatically update and supersede previously filed information, including information contained in this document.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">We incorporate by reference in this prospectus the documents listed below which
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                  <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K furnished with the Commission on September 3, 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>
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      <div style="text-align: justify; margin-bottom: 12pt;">
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', serif;">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="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4c8145860caf432dac083660b8d1e731" 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: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', serif;">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>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent Annual Reports on Form 20-F that we file with the Commission and certain reports on
        Form 6-K that we furnish to the Commission after the date of the initial filing of the registration statement of which this prospectus forms a part (if they state that they are incorporated by reference into this prospectus) until we file a
        post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated. In all cases, you should rely on the later information over different information included in this prospectus or the prospectus
        supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus and any accompanying prospectus
        supplement. 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 and any accompanying prospectus supplement as well as the information we previously filed with the Commission and
        incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <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>
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      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 24.45pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a free copy of the above mentioned filing or any subsequent filing we incorporate by reference to this prospectus by
        writing or telephoning us at the following address:</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">Top Ships Inc.</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">15124 Maroussi, Greece</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(011) 30 210 812-8180 (telephone number)</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will furnish holders of our common shares with Annual Reports containing audited financial statements and a report by our independent
        registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing
        the furnishing and content of proxy statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq Capital Market, those proxy statements do not conform to Schedule 14A of the proxy rules
        promulgated under the Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
      <div style="background-color: #FFFFFF;">
        <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
          the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</div>
      </div>
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    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
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    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
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    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
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    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
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      <div style="text-align: center; line-height: 22.8pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 20pt; font-weight: bold;">$5,000,000</div>
      <div style="text-align: center; line-height: 22.8pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 20pt; font-weight: bold;">Common Shares</div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><img width="376" height="2" src="image1.jpg"></div>
      <div style="text-align: center; line-height: 20.5pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">Prospectus Supplement</div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><img width="376" height="2" src="image1.jpg"></div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: center; line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="line-height: 22.8pt; margin-top: 3pt; margin-bottom: 3pt;"><br style="line-height: 22.8pt;">
      </div>
      <div style="text-align: center; line-height: 25.1pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 22pt; font-weight: bold;">Maxim Group LLC</div>
      <div style="text-align: center; line-height: 22.8pt; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 20pt;">&#160;</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: center; line-height: 15.95pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">February 12, 2020</div>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
