<SEC-DOCUMENT>0000919574-20-002356.txt : 20200311
<SEC-HEADER>0000919574-20-002356.hdr.sgml : 20200311
<ACCEPTANCE-DATETIME>20200311172750
ACCESSION NUMBER:		0000919574-20-002356
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200311
DATE AS OF CHANGE:		20200311

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:		20706327

	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>d8491735_424b-5.htm
<TEXT>
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    <div style="text-align: right; 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><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">(To Prospectus dated November 4, 2019)</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">$5,000,000</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Common Shares</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><img width="198" height="129" src="image0.jpg"></div>
    <div style="text-align: justify; text-indent: 36pt; 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 March 11, 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; 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 March 10, 2020, the last
      reported sale price of our common shares on the Nasdaq was $0.21 per share.</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; 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; 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>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">Maxim Group LLC</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">The date of this prospectus supplement is March 11, 2020.</div>
    <div><br>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: right; margin-top: 3pt; margin-bottom: 6pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><u>Page</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;" id="z174ae11656ae41f38c58fc60d7a490e8">

        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-ii</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-iii</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">PROSPECTUS SUPPLEMENT SUMMARY</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">THE OFFERING</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">BENEFICIAL OWNERSHIP OF OUR COMMON SHARES</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPENSES</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">EXPERTS</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.63%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 11.37%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">S-29</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">BASE PROSPECTUS</div>
    <div style="text-align: right; margin-top: 3pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><u>Page</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;" id="z728a552d4d3c45689e0f92ebf841af83">

        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">SUMMARY</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF CAPITAL STOCK</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF PURCHASE CONTRACTS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 11.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">31</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-i</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733670"></a>ABOUT THIS PROSPECTUS SUPPLEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The second part, the base prospectus, gives more general information about securities we may offer from time to time, some of which does
      not apply to this offering. Generally, when we refer only to the prospectus, we are referring to both parts combined, and when we refer to the accompanying prospectus, we are referring to the base prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If the description of this offering varies between this prospectus supplement and the accompanying prospectus, you should rely on the
      information contained in this prospectus supplement. This prospectus supplement, the accompanying base prospectus and the documents incorporated into each by reference include important information about us, our common shares being offered and other
      information you should know before investing.&#160; You should read this prospectus supplement and the accompanying base prospectus together with the additional information described under the heading "Where You Can Find Additional Information" before
      investing in our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have authorized only the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus,
      and any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not, and 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; 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-ii</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733671"></a>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 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; 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; 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; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb3222b7a3fb4952a5355d9ce940ff9d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b14d36db6df4f5faa0a103a6ab45f11">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88e9e410e8be41599f92289bcbb16ec8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb87c64c8b074d76883d4dabf051fcfe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3db9eb55c97440699c4d3640297bf595">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47b630c0d8744d1f95d769fba630cdb2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbdb67f2ee98e489e950ae2efa64059f7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03c630ef4fde47f78d91e703716b8893">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7794ab70ad434273bae2c7dae93c0148">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze68f468969d94e72b8048c122dd17e3f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-iii</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z279ba4bdf3c3495fbb060fb037ac75ad">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9262a7455284657ae5cfef06545cdff">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d237c091b38407faac1aebc676b5891">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2af4063bf4f4efdae41c3c257a46540">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7e5cae4cde24d50970513175393e135">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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 such as the recent worldwide coronavirus outbreak;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25ad21d4de254266834b2d6fe9506322">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64661f7532b64d0e8c0267e0fb1b7cc7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf202b8d79ed9478a9ba6662e6654cdab">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68f78d485e6e42e881eda16f3feec6d9">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 31.5pt; 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; 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; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-iv</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%S-%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733672"></a></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; border: 2px solid #000000; padding: 5px; width: 99%;">
      <div>
        <div style="text-align: center; margin-bottom: 12pt; font-weight: bold; clear: both;">PROSPECTUS SUPPLEMENT SUMMARY</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: normal;">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>
        <font style="font-weight: normal;"> </font>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic; font-weight: normal;">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><font style="font-weight: normal;">&#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></font></div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Company</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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 has a total capacity of 764,000 deadweight tonnes (&#8220;dwt&#8221;). As of the date of this report, our fleet&#160; consists of nine 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, M/T Palm Desert , the M/T Eco Marina Del Ray, The M/T Eco Los Angeles and the M/T Eco City of Angels and two 157,000 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, which we have agreed to sell subject to customary closing conditions. 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. All of the vessels in our fleet are financed under sale and lease back
          agreements, except for M/T Palm Desert.</div>
        <div style="text-align: justify; 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; margin-bottom: 12pt; font-weight: normal;">The following tables present our fleet list as of the date of this prospectus supplement:</div>
        <div style="background-color: #FFFFFF;">
          <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>MR Tanker vessels on Sale and Leaseback (&#8220;SLBs&#8221;) (treated as financings):</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="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; color: #000000; 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; color: #000000; 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; color: #000000; 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; color: #000000; 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; color: #000000; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; color: #000000; font-family: 'Times New Roman', serif;">$15,100</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.08%; vertical-align: top; background-color: #CCEEFF;">
                <div style="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: #CCEEFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
              </td>
              <td style="width: 23.76%; vertical-align: top; background-color: #CCEEFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Trafigura</div>
              </td>
              <td style="width: 12.52%; vertical-align: top; background-color: #CCEEFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
              </td>
              <td style="width: 15.8%; 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: 22.57%; vertical-align: top; background-color: #CCEEFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$17,500 / $18,750 / $20,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.08%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco City of Angels</div>
              </td>
              <td style="width: 12.26%; vertical-align: middle; background-color: #FFFFFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
              </td>
              <td style="width: 23.76%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Trafigura</div>
              </td>
              <td style="width: 12.52%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
              </td>
              <td style="width: 15.8%; vertical-align: middle; background-color: #FFFFFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1+1 years</div>
              </td>
              <td style="width: 22.57%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$17,500 / $18,750 / $20,000</div>
              </td>
            </tr>

        </table>
        <div style="background-color: #FFFFFF;">
          <div><br>
          </div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
      <div>
        <div><br>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; 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="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="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">Deadweight</div>
              </td>
              <td style="width: 23.76%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">Charterer</div>
              </td>
              <td style="width: 12.52%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">End of firm period</div>
              </td>
              <td style="width: 15.8%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">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="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: center;">Gross Rate fixed period/ options</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.08%; vertical-align: top; background-color: #CCEEFF;">
                <div style="text-align: justify; 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: #CCEEFF;">
                <div style="text-align: center; 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; 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; color: #000000; font-family: 'Times New Roman', serif;">September 2020</div>
              </td>
              <td style="width: 15.8%; vertical-align: middle; background-color: #CCEEFF;">
                <div style="text-align: center; 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; color: #000000; font-family: 'Times New Roman', serif;">$13,300 plus 50% profit share/ $13,950 plus 50% profit share</div>
              </td>
            </tr>

        </table>
        <div style="background-color: #FFFFFF;">
          <div><br>
          </div>
          <div style="margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Suezmax Vessels on SLBs (treated as financings):</u></div>
          <div style="margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u> <br>
            </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="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; color: #000000; 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; color: #000000; 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; color: #000000; 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; color: #000000; 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; color: #000000; 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="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; 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; 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; 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; 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; 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="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; 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; 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; 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; 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; color: #000000; font-family: 'Times New Roman', serif;">$24,500 / $27,500 / $29,000</div>
              </td>
            </tr>

        </table>
        <div style="background-color: #FFFFFF;">
          <div><br>
          </div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div>
            <div style="background-color: #FFFFFF;">
              <div style="margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Joint Venture MR Tanker fleet (50% owned):</u></div>
              <div style="margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><br>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 11.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Name</div>
                      </td>
                      <td style="width: 17.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Deadweight</div>
                      </td>
                      <td style="width: 12.89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Charterer</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">End of firm period</div>
                      </td>
                      <td style="width: 13.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; margin-left: 9pt;">Charterer&#8217;s Optional Periods</div>
                      </td>
                      <td style="width: 32.02%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; margin-left: 18pt;">Gross Rate fixed period/ options</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 11.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Holmby Hills*</div>
                      </td>
                      <td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                      </td>
                      <td style="width: 12.89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
                      </td>
                      <td style="width: 13.12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; margin-left: 9pt;">1+1 years</div>
                      </td>
                      <td style="width: 32.02%; vertical-align: top; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; margin-left: 18pt;">$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 11.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">M/T Eco Palm Springs*</div>
                      </td>
                      <td style="width: 17.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">50,000</div>
                      </td>
                      <td style="width: 12.89%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">Clearlake Shipping Pte Ltd</div>
                      </td>
                      <td style="width: 12.47%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: #000000; font-family: 'Times New Roman', serif;">May 2021</div>
                      </td>
                      <td style="width: 13.12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; margin-left: 9pt;">1+1 years</div>
                      </td>
                      <td style="width: 32.02%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; margin-left: 18pt;">$14,750 up to May 2020 and $15,175 thereafter / $15,550 / $16,550</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u> <br>
                </u></div>
            </div>
          </div>
          <div style="margin-top: 3pt; margin-bottom: 3pt; font-family: 'Times New Roman', serif;"><font style="color: #000000;">*</font> We have agreed to sell this vessel subject to customary closing conditions.</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; 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, five
            of our vessels have scrubbers installed.</div>
          <div style="margin-top: 3pt;"><br>
          </div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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>
    <br style="clear: both;">
    <br>
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    <div style="text-align: justify; 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>
          <div style="margin-bottom: 12pt; font-weight: bold;"><br>
            Recent Developments</div>
          <div style="text-indent: 36pt; margin-bottom: 12pt;"><a name="z_Hlk31302969"></a><font style="font-weight: normal;">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.</font></div>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">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>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">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>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">On September 9, 2019, Nasdaq notified us that we have regained compliance with the minimum bid price requirement for the Nasdaq
            Capital Market.</div>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; 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 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>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">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>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">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>
          <font style="font-weight: normal;"> </font>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: normal;">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 had 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 delivered from Hyundai Mipo Dockyard Co., Ltd. in South Korea on February 17, 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>
      </div>
    </div>
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  </div>
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    <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
      <div>
        <div style="font-family: 'Times New Roman', serif; text-align: justify; text-indent: 36pt;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; 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; 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Between January 22 and February 21, 2020, all of the Class A Warrants (4,200,000 warrants) were exercised on a cashless basis into
          1,680,000 of our common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; 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; 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; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 12, 2020, we entered into an Equity Distribution Agreement with Maxim Group LLC, as sales agent, under which the Company
          may offer and sell, from time to time through Maxim, up to US$5,000,000 of its common shares.&#160; We completed the offering on March 4, 2020 and sold a total of 14,637,118 common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 17, 2020, the 50,000 dwt scrubber fitted newbuilding product/chemical tanker M/T Eco City of Angels, constructed at the
          Hyundai Mipo shipyard in South Korea was delivered to us.&#160; <a name="z_Hlk34251179"></a>We also announced the issuance of 16,004 Series E Preferred Shares to Family Trading, as settlement of the purchase price of $14.35 million for the purchase
          of the M/T Eco City of Angels and M/T Eco Los Angeles from Mr. Pistiolis and for dividends payable to Family Trading Inc. under already outstanding Series E Preferred Shares. As of March 10, 2020, there were <font style="color: #000000;">16,004</font>
          shares of Series E Preferred Shares outstanding.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 21, 2020, we announced that our 50% owned subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into
          agreements to sell both vessels to unaffiliated third parties.&#160; The sale of the vessels is subject to customary closing conditions and we still anticipate the deliveries of the vessels to be concluded during March 2020.&#160; Depending on when the
          closing of the sales occur and the prevailing USD swap rates at the time of closing, we estimate that we will incur impairment charges ranging from $1.5 million to $3.5 million due to these sales (or losses per share ranging from $0.51 to $1.20)
          that will affect the year ended 2019 financial results and also estimate the cash release to us to range from $19 million to $21 million.</div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-4</font></div>
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    </div>
    <br>
    <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
      <div>
        <div style="font-family: 'Times New Roman', serif; text-align: justify; text-indent: 36pt;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On February 25, 2020, we announced the delivery of the M/T Stenaweco Elegance to an unaffiliated third party and the respective loans
          for which the vessel served as collateral was fully prepaid.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 25, 2019 to March 5, 2020, we redeemed 28,158 of Series E perpetual preferred convertible shares, or the Series E Preferred
          Shares, for $32.4 million from Family Trading Inc., a company related to Mr. Evangelos Pistiolis, our President, Chief Executive Officer and Director, or Family Trading.&#160; Please see the section entitled &#8220;Capitalization&#8221; for further information
          relating to the redemptions.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
          <p class="MsoNormal">On August 26, 2019, Plaintiffs filed a notice of appeal to an ongoing purported securities class action complaint filed in the United States District Court for the Eastern District of New York (No. 2:17-cv-04987(JFB)(SIL)) by
            Christopher Brady on behalf of himself and all others similarly situated against (among other defendants) the Company and two of its executive officers.&#160; Plaintiffs/appellants filed their opening brief on the appeal on October 25, 2019.&#160;
            Defendants/appellees filed their response briefs on November 26 and November 27, 2019, and plaintiffs/appellants filed their reply brief on December 11, 2019.&#160; The Court of Appeals held oral argument on March 10, 2020 and took the matter under
            advisement.&#160; A decision on the appeal is currently pending.&#160; The Company and its management believe that the allegations in the complaints are without merit and plan to vigorously defend themselves against the allegations.</p>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Corporate Information</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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;">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>
    </div>
    <br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-5</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
        <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
          <div>
            <div style="margin-bottom: 10pt;"><br>
            </div>
            <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><a name="z_Toc31733673"></a>THE OFFERING</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;" id="zf7f1f88d001d479c86bb1ca0d56cd5b7">

                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Issuer</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">TOP Ships Inc., a Marshall Islands corporation</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares outstanding<br>
                      as of March 10, 2020</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">25,012,465 common shares</div>
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Common shares offered by us</div>
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; 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 March 11, 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>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Preferred share purchase rights</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Our common shares include preferred share purchase rights, as described in the section of this prospectus supplement entitled "Description of
                      Capital Stock&#8212;Stockholders Rights Agreement."</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Manner of offering</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; 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: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Use of proceeds</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">We intend to use the net proceeds of this offering, after deducting the sale agent&#8217;s commissions and our estimated offering expenses,&#160;for general
                      corporate purposes including newbuilding vessel acquisitions and redemption of Series E Preferred Shares<font style="background-color: #FFFFFF;">&#160;</font>See "Use of Proceeds."</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Risk factors</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-style: italic;">Investing in our common shares involves a high degree of risk and uncertainty</font>. You
                      should carefully consider all the information in this prospectus supplement, the accompanying prospectus and the documents incorporated into each by reference prior to investing in our common shares. In particular, we urge you to
                      consider carefully the factors set forth in the section entitled "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; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 30%; vertical-align: top;">
                    <div style="color: #000000; font-family: 'Times New Roman', serif;">Listing</div>
                  </td>
                  <td style="width: 70%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market under the symbol "TOPS."</div>
                    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  </td>
                </tr>

            </table>
            <div style="margin-top: 3pt; color: #000000;">&#160;</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733674"></a>RISK FACTORS</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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;">
      <div style="text-align: justify; 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><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb8c61f7b7df48a68969e40cc0e878de">

            <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;">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef21d79b0b1e41c289cea361dd5997f9">

            <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;">mergers and strategic alliances in the shipping industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z509227490bce48d1a9f51277fbef271d">

            <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;">market conditions in the shipping industry and the general state of the securities markets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c75c1cb9a8a4327a465c1ffe31a5cae">

            <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 government regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf586fc3dcdb44cf381b8093b39c53ca9">

            <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>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b23c3dcbc454ab485a781f4abd60644">

            <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;">announcements concerning us or our competitors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; 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; 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; 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; 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; 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;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; 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 including newbuilding vessel acquisitions and redemption of Series E Preferred Shares. 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;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; 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 style="text-align: justify; text-indent: 36pt; 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 and 16,317,118 common shares during
        2019 and 2020, respectively, 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; 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 $5.0 million worth of shares have been sold. We also have 16,004 Series E Preferred Shares
      outstanding, which are convertible into approximately 26,673,333 common shares as of the date of this prospectus supplement and Class B Warrants which are exercisable into 4,200,000 common shares.&#160; All of the Series E Preferred Shares are held by
      Family Trading.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec8748a7c37e42be8940957889d941e3">

            <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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b30bdabe82a40d09ce42ff703efeb2e">

            <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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24cbb2e292184c37a9d8a256dfb08b74">

            <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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaad259a6e28045499ec28b129895bebd">

            <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;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If we sell all of the 23,809,524 common shares offered pursuant to this prospectus supplement (assuming a sale price of $0.21, which was
      the closing price of our common shares on March 10, 2020), we will have approximately 48,821,989 common shares outstanding, which represents in the aggregate an increase of approximately 95% 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; 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; 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common
      shares in the market, including sales of common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common shares and
      impair our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect
      that future sales of common shares or other equity-related securities would have on the market price of our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our 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>
  <div>
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    </div>
    <div style="margin-bottom: 10pt;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; 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 March 10, 2020, the Series E Preferred Shares have a conversion price of $0.60 and are converted into
      26,673,333 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="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Political instability, terrorist or other attacks, war, international hostilities and public health
      threats can affect the tanker industry, which may adversely affect our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We conduct most of our operations outside of the United States, and our business, results of operations, cash flows, financial condition
      and available cash may be adversely affected by changing economic, political and government conditions in the countries and regions where our vessels are employed or registered. Moreover, we operate in a sector of the economy that is likely to be
      adversely impacted by the effects of political conflicts, including the current political instability in the Middle East and the South China Sea region and other geographic countries and areas, geopolitical events such as the withdrawal of the U.K.
      from the European Union, or "Brexit," terrorist or other attacks, and war (or threatened war) or international hostilities, such as those between the United States and North Korea.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Terrorist attacks such as those in Paris on November 13, 2015, Manchester on May 22, 2017, and the frequent incidents of terrorism in the
      Middle East, and the continuing response of the United States and others to these attacks, as well as the threat of future terrorist attacks around the world, continues to cause uncertainty in the world's financial markets and may affect our
      business, operating results and financial condition. Continuing conflicts and recent developments in the Middle East, including increased tensions between the U.S. and Iran, as well as the presence of U.S. or other armed forces in Iraq, Syria,
      Afghanistan and various other regions, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. As a result of the above, insurers have
      increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally. These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all. Any of these
      occurrences could have a material adverse impact on our operating results, revenues and costs. Additionally, Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any
      resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Further, governments may turn and have turned to trade barriers to protect their domestic industries against foreign imports, thereby
      depressing shipping demand. In particular, leaders in the United States and China have implemented certain increasingly protective trade measures. The results of the 2016 presidential election and the potential results of the upcoming 2020
      presidential election in the United States have created significant uncertainty about the future relationship between the United States, China and other exporting countries, including with respect to trade policies, treaties, government regulations
      and tariffs. For example, in March 2018, President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade generally and in January 2019, the United States announced
      expanded sanctions against Venezuela, which may have an effect on its oil output and in turn affect global oil supply. There have also been continuing trade tensions, including significant tariff increases, between the United States and China.
      Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in (a) the
      cost of goods exported from regions globally, (b) the length of time required to transport goods and (c) the risks associated with exporting goods. Such increases may significantly affect the quantity of goods to be shipped, shipping time schedules,
      voyage costs and other associated costs, which could have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and
      increase the number of their time charters with us. This could have a material adverse effect on our business, results of operations, financial condition and our ability to pay any cash distributions to our stockholders.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In January 2020, in response to certain perceived terrorist activity, the United States launched an airstrike in Baghdad that killed a
      high-ranking Iranian general, increasing hostilities between the U.S. and Iran. This attack or further escalations between the U.S. and Iran that may follow, could result in retaliation from Iran that could potentially affect the shipping industry,
      through increased attacks on vessels in the Strait of Hormuz (which already experienced an increased number of attacks on and seizures of vessels in 2019), or by potentially closing off or limiting access to the Strait of Hormuz, where a significant
      portion of the world's oil supply passes through. Any restriction on access to the Strait of Hormuz, or increased attacks on vessels in the area, could negatively impact our earnings, cash flow and results of operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In the past, political instability has also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international
      shipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea and the Gulf of Aden off the coast of Somalia. Any of these occurrences could have a material
      adverse impact on our future performance, results of operations, cash flows and financial position.</div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; 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>
    <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, 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These provisions include:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7df1a6e381644c80aa992af1b9dabe9a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7397b18cf7ad414caac76d515eed14ef">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">providing for a classified Board of Directors with staggered, three-year terms;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0f3d6cf321342ceb1e6636141460e75">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">prohibiting cumulative voting in the election of directors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0df8bd0f0b404dacbae744cfe886c1b7">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c3619359c4b4ca0aa2b158dacf57f9e">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d070050ae334a80947daaaf97ac3afb">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">limiting the persons who may call special meetings of shareholders;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84eb7ea65d3d4dd9ac2d39786ab51a7d">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6227a94820d84e82ac4e43b5f9871b0b">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">restricting business combinations with interested shareholders.</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 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; 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>
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    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; 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; 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; 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 style="margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">The recent coronavirus outbreak could potentially disrupt charter rates, vessel values and could have an adverse impact on our revenues,
      earnings and cash flow results.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The recent outbreak of COVID-19, or coronavirus, a virus causing potentially deadly respiratory tract infections originating in China, may
      negatively affect economic conditions and the demand for vessels regionally as well as globally and otherwise impact our operations and the operations of our customers and suppliers.&#160; To date, no fully effective vaccines or treatments have been
      developed and effective vaccines or treatments may not be discovered in time to protect against a further spread of the virus in China, Asia or worldwide. As a result of the spread of the coronavirus, several countries have imposed quarantine checks
      on arriving vessels, which have caused delays in loading and delivery of cargoes and it has been reported that several charterers have invoked force majeure clauses as a result. In addition, the measures taken by the Chinese government in response to
      the outbreak, which included numerous factory closures and restrictions on travel, as well as potential labor shortages resulting from the outbreak, are expected to slow down production in China and in other regions relying on Chinese production or
      raw materials, and decrease the level of export and import of goods from such regions.&#160; Those measures, though temporary in nature, may continue and increase depending on developments in the virus&#8217; outbreak. As a result of these measures, our vessels
      may not be able to call on ports, or may be restricted from disembarking from ports, located in regions affected by coronavirus.&#160; Furthermore, the outbreak might severely delay the completion of works of vessels in such shipyards that are passing
      their special survey and/or retrofitting scrubbers or ballast water treatment equipment at shipyards in the region. Overall, it is too early to assess the full impact of the coronavirus outbreak on global markets, and particularly on the shipping
      industry. However, the spread of the coronavirus has already added, and could continue to add pressure to shipping freight rates and global financial markets and, as a result, could have a material adverse impact on our business, financial condition,
      results of operations, cash flows and ability to make cash distributions and service or refinance our debt.</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; 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;">
      <div style="text-align: justify; 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>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 10, 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>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733675"></a>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 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>&#160;<font style="color: #000000;">including newbuilding vessel acquisitions</font><font style="color: #000000;"> and redemption of Series E
        Preferred Shares</font>.</div>
    <br>
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    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman Bold', serif; font-weight: bold;"><a name="z_Toc27675276"></a>CAPITALIZATION</div>
    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">The following table sets forth our consolidated capitalization as of June 30, 2019:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1c0cd23eaae463b91a43ce521b177b1">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07186ed7fb84414f836340c4f6aa54d4">

            <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 March 10, 2020:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb694cb4902c462c8b161b0e36abe114">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z294b2e4432fa4f0384042f984bac927e">

            <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="font-family: 'Times New Roman', serif;"><font style="color: #000000;">The issuance of 16,004 Series E Preferred Shares to Family Trading Inc with a</font> redemption premium of $2,400;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e483786583043c58d82e7e8706099f6">

            <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 4,200,000 of Class A Warrants into 1,680,000 of our common shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae111cdbff5a490a8741ce06e24e2709">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26b524b31b1a437a97d750b9da2f9952">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda12e2d3d1414ef59e2d5b6bac2de72c">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f29c603cd784b57865f3e5b4696597f">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41a0738f7afa4e78bcec0001b3cc17c7">

            <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 28,158 Series E Preferred Shares for $32.4 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z666010a2883847eba08e58c49ffcd855">

            <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 14,637,118 common shares pursuant to our Equity Distribution Agreement with Maxim Group LLC, with aggregate net proceeds of $4.9 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ad38ed940f94069968ceb0884f16bf2">

            <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 and $30.1 million from the sale and leaseback of M/T Eco Los Angeles and M/T Eco City of Angels respectively 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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04c542ed55ab427c81350b2b2ccd41c5">

            <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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb751afeb5ea4325a5b1f4ed5f7522b2">

            <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 $19.9 million of the outstanding loan under the Alpha Bank Facility and the Alpha Bank Top-Up Facility due to the sale of the M/T Stenaweco Elegance. The
                  sale of the M/T Stenaweco Elegance resulted in estimated gains of $2.0 million;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb52af0917dad49c49012ea7853fac2cf">

            <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;">$14.8 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><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb41342c57e104df696c7f60d7d94bc24">

            <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;">$6.8 million excess consideration over the carrying amount of acquired assets relating to the acquisitions of M/T Eco Los Angeles and M/T Eco City of Angels that became
                  payable on the vessels delivery date (February 10 and February 17, 2020 respectively), accounted for as a transfer of assets between entities under common control;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21ab1d2956a74806981ab084267502c0">

            <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&#160; $5.0 million of our common shares at an assumed offering price of $0.21 per share
                  (i.e. 23,809,524 common shares), representing the closing price of our common shares on March 10, 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; 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="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7784341c646149d6bd29720570720b33" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="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" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Actual</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">As Adjusted</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">As Further Adjusted</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="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)(2)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Current portion of long term debt</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">27,169</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">17,806</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">17,806</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Non-current portion of long term debt</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">239,073</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">298,800</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">298,800</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total debt</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">266,242</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">316,606</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">316,606</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Mezzanine equity:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="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, 16,004 shares issued and outstanding at June 30, 2019, as adjusted and as
              further adjusted</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">32,381</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">18,404</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">18,404</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders&#8217; equity:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="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, 25,012,465 shares issued and outstanding at June 30,
              2019 as adjusted and 48,821,989 shares issued and outstanding at June 30, 2019 as further adjusted</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">15</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">250</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">488<br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Preferred stock Series D, $0.01 par value; 100,000 shares issued and outstanding&#160;at June 30, 2019 as adjusted and as further adjusted</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Additional paid-in capital</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">403,494</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">415,019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">419,636<br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated other comprehensive loss</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">(1,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Accumulated deficit</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">(308,407</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">(318,707</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">(318,707</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">) <br>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Total Shareholders&#8217; and Mezzanine equity</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">126,096</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">113,579</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">118,434<br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total capitalization</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">392,338</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">430,185</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">435,040<br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"><br>
            </div>
          </td>
        </tr>

    </table>
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    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(1)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', serif; color: #000000;">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
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    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);">(2)</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',serif; color: rgb(0, 0, 0);">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
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733677"></a>BENEFICIAL OWNERSHIP OF OUR COMMON SHARES</div>
    <div style="text-align: justify; text-indent: 36pt; 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 March 10 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; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z90064c72864c49cc809dfcbea50f6218">

        <tr>
          <td style="width: 75.17%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Name and Address of Beneficial Owner</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td colspan="2" style="width: 14.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Number of Shares Owned</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.54%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 7.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; 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 style="width: 1.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.17%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; 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 style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 13.88%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26,673,333</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 6.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">51.6</div>
          </td>
          <td style="width: 1.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.17%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Executive officers, directors and key employees</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 13.88%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.66%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 6.36%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td style="width: 1.76%; vertical-align: bottom;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">%</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">_________</div>
    </div>
    <div><br>
    </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;" id="z720a199956ad415bbe275db3dd555976">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">(1)</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><font style="color: #000000;">Based upon 25,012,465</font> common shares outstanding as of March 10, 2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">(2)</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; 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 March 6, 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 51,685,798 common shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 25,012,465 common shares outstanding as of March 10, 2020, and (ii) 26,673,333 common shares
              issuable upon the conversion of 16,004 Series E Preferred Shares held by Family Trading, as of March 10, 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. By its ownership of 100% of our Series D Preferred Shares, Lax Trust has control over our actions.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of March 10, 2020, we had one shareholder of record, which was located in the United States and held an aggregate of <font style="color: #000000;">25,012,465</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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-17</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733678"></a>DESCRIPTION OF CAPITAL STOCK</div>
    <div style="text-align: justify; text-indent: 36pt; 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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 25,012,465 shares were issued and
      outstanding as of March 10, 2020 and 20,000,000 preferred shares with par value of $0.01 and 100,000 Series D Preferred Shares and 16,004 Series E Preferred Shares are issued and outstanding as of March 10, 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; 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; 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; 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; 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; 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>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-18</font></div>
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    </div>
    <div style="text-align: justify; 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; 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; 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; 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; 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; 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; 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.&#160; Currently the Sale and Leaseback agreements with Bank of Communications Financial Leasing Company, Oriental Fleet International Company
      Limited and China Merchants Bank Financial Leasing have similar provisions that are satisfied via the existence of the Series D Preferred Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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 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; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-19</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Series E Convertible Preferred Shares</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 Preferred Shares 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">From July 25, 2019 to March 5, 2020, we redeemed 28,158 of Series E Preferred Shares for $32.4 million.&#160; We also announced the issuance of
      16,004 Series E Preferred Shares to Family Trading, as settlement of the purchase price of $14.35 million for the purchase of the M/T Eco City of Angels and M/T Eco Los Angeles from Mr. Pistiolis and for dividends payable to Family Trading Inc. under
      already outstanding Series E Preferred Shares. As of March 10, 2020, there were 16,004 shares of Series E Preferred Shares outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series E Preferred Shares have 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
      Share, 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 Preferred Shares then held by such holder into our common shares at the conversion rate then in effect. Each Series
      E Share 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 Preferred Shares 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 Preferred Shares shall be entitled to convert the Series E Preferred Shares 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 Preferred Shares are entitled to the voting
      power of one thousand (1,000) of our common shares.&#160; The holders of Series E Preferred Shares 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
      Preferred Shares 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 our Company, the holders of Series E Preferred Shares 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; 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 Preferred Shares. We shall pay an amount equal to one thousand dollars ($1,000) per each Series E Share, 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 Preferred Shares.
      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>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Series E Preferred Shares 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 Preferred Shares 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 Preferred
      Shares 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 Preferred Shares 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 Preferred Shares 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>
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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;">Ranking</font>. All shares of Series E Preferred Shares 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 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; 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 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 style="text-align: justify; 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 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>
    <div style="text-align: justify; 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 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' Rights of Appraisal and Payment</div>
    <div style="text-align: justify; text-indent: 36pt; 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>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders' 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 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; 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 By-laws may have anti-takeover effects. These provisions
      are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However,
      these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best
      interest and (2) the removal of incumbent officers and directors.</div>
    <div style="text-align: justify; 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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67de96d2352440f38ef4adea1042f197">

            <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e02c64bf84741cc9ea3171c31a97f0b">

            <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b4c53423e0b4d73a497e91377cbdcda">

            <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8cf69c0950bf47edaaf60d28577e0ca0">

            <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-align: justify; 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 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 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; 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>
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    <div style="text-align: justify; 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 style="text-align: justify; 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'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>
    <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;<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; 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; 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 "Acquiring Person" 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 "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; 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>
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    <div style="text-align: justify; 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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1acd25095df4678a405546403e5bd6e">

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              <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z971a5d46cadb4d0d8b7560015592c113">

            <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z034827d1217943378a8cd4458677cf8b">

            <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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-24</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font 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 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-style: italic; 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 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; 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; 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; 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; 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; 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; 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; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">On November 6, 2019, concurrently with the November 2019 Registered Offering described above, we commenced a private placement whereby we
      issued and sold warrants to purchase up to 8,400,000 of our common shares. One-half of the warrants would have expired 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 was 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 Warrants could 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). The number of common shares issuable in
      such cashless exercise were 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 would have been issued in
      connection with the exercise of a Class A Warrant. In lieu of fractional shares, we would have paid 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. The foregoing adjustment to the exercise price of the Class B Warrant is subject to a floor price of $1.00. Between January 22 and February 22, 2020, all of the
      4,200,000 Class A Warrants were exercised on a cashless basis into 1,680,000 of our common shares.&#160; As of the date of this prospectus supplement, we have 4,200,000 Class B Warrants outstanding.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-25</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Transfer Agent</div>
    <div style="text-align: justify; text-indent: 36pt; 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Listing</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our common shares are traded on the Nasdaq Capital Market under the symbol "TOPS."</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-26</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733679"></a>TAX CONSIDERATIONS</div>
    <div style="text-align: justify; text-indent: 36pt; 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-27</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733680"></a>PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have entered into an equity distribution agreement with Maxim Group LLC, dated March 11, 2020 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; 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; 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; 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; 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; 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; 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; 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; 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-28</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733681"></a>EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities offered by this prospectus supplement, all of
      which will be paid by us.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd861beaec1d64040815549397319e0bc">

        <tr>
          <td style="width: 87.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Legal Fees and Expenses</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">20,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Accountants' Fees and Expenses</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td style="width: 8.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">20,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Miscellaneous Costs</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">5,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 87.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Total</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td style="width: 8.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">45,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733682"></a>LEGAL MATTERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the common shares offered hereby and other matters relating to Marshall Islands 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733683"></a>EXPERTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The consolidated financial statements incorporated in this prospectus supplement by reference from 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; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Toc31733684"></a>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus supplement with
      the Commission. This prospectus supplement is a part of that registration statement, which includes additional information.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports within the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports,
      proxy and information statements and other information regarding registrants that file electronically with the Commission. Our filings are also available on our website at http://www.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; 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 "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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus supplement incorporates by reference the following documents:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad2b22ebe0584f90b46cdddd33d392a2">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <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. 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, hence 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&#160; 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&#160; below:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8050ec0c2dd245b5bc4054546cbd0cb9">

        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="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 colspan="10" style="width: 66.6%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Year Ended December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">STATEMENT OF COMPREHENSIVE INCOME/(LOSS)</div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2014</div>
          </td>
          <td colspan="2" style="width: 15.66%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2015</div>
          </td>
          <td colspan="2" style="width: 13.91%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2016</div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2017</div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Earnings/(Loss) per share, basic</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">8,274,280</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;(15,467,280)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(319,100)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(251)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12.20)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Earnings/(Loss) per share, diluted</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;7,240,000</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;(15,467,280)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(319,100)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(251)</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12.20)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average common shares outstanding, basic</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">1</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">53,169</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">909,072</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average common shares outstanding, diluted</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">1</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">53,169</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">909,072</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-style: italic;">U.S. dollars in thousands, unless otherwise stated</div>
          </td>
          <td colspan="10" style="width: 66.6%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">As of December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">BALANCE SHEET DATA</div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2014</div>
          </td>
          <td colspan="2" style="width: 15.66%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2015</div>
          </td>
          <td colspan="2" style="width: 13.91%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2016</div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2017<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td colspan="2" style="width: 12.35%; vertical-align: middle; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">2018<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.4%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">Common stock</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 10.92%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">4</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div>
          </td>
          <td style="width: 9.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">11</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 9pt;"><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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b8c7817a1e440f0a2acda7a911abe16">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9129662f006246f48dcd319c0bfd0794">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36cbd8a52d5e4d5ea67658316e77496f">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33090caa23e74f87abe9d942734e6db2">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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 style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7027830e4e144ad29b1ba3e936db47d6">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e75d01554584c2eb9f605bfc3819948">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z367655840bd340c3a06d4ffea139fcba">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-30</font></div>
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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 style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf20f853e67904f5580c435dd78da5e1a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d1eb2c7873949c9825276a44075126e">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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="margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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 Preferred Shares
                  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="margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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 Preferred Shares from Family Trading Inc. for approximately $6.0 million.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf71894a6b09d4294b889aed291f8e8d9">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K 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; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95d237cbb3e34a3688f8bb71ede9a420">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K furnished to the Commission on February 12, 2020, which contains the announcement of the Company&#8217;s entrance into an Equity Distribution Agreement with Maxim Group LLC,
                  under which the Company may offer and sell, from time to time, through Maxim Group LLC up to $5,000,000 of its common shares, valued at $0.01 per share.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za04bad25d8f14ebf8ecb12cb88b185a1">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K furnished to the Commission on February 19, 2020, which contains the Company&#8217;s announcement of the delivery of dwt scrubber fitted newbuilding product/ chemical tanker,
                  M/T Eco City of Angels.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63480df679df415c9941a24c17d89fd4">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K to the Commission on February 21, 2020, which contained an announcement that the Company&#8217;s subsidiaries, which own M/T Holmby Hills and M/T Palm Springs, have entered
                  into agreements to sell both of those vessels.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z560001ab0be24110a4da63a4e67c2e00">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K to the Commission on February 25, 2020, which contained an announcement of the Company&#8217;s completion of the sale of M/T Stenaweco Elegance.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z076a0e5ee7ef4195a27a792ceb2dabde">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Report on Form 6-K to the Commission on March 6, 2020, which contained an announcement of the Company&#8217;s redemption on March 5, 2020 of 6,333 shares of Series E Preferred Shares from Family
                  Trading Inc. for approximately $7.3 million.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and certain reports on
      Form 6-K that we furnish to the Commission after the date of this prospectus supplement (if they state that they are incorporated by reference into the registration statement of which this prospectus supplement is a part) until we file a
      post-effective amendment indicating that the offering of the securities made by this prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus supplement
      or the accompanying prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying
      prospectus. We have not, and 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a paper copy of our Commission filings, at no cost, by writing to or telephoning us at the following address:</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">TOP Ships Inc.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">1 Vas. Sofias and Meg. Alexandrou Str,</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">15124 Maroussi, Greece</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(011) 30 210 812-8180 (telephone number)</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; 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; 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 "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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">S-32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">
      <div style="line-height: 11.4pt; margin-bottom: 10pt;"><br>
        <div><br>
        </div>
        <div style="margin-bottom: 12pt; font-size: 12pt;">PRELIMINARY PROSPECTUS</div>
        <div style="margin-bottom: 3pt; color: #FF0000; font-size: 12pt;"> <br>
        </div>
        <div style="margin-bottom: 3pt; font-size: 18pt;">$200,000,000</div>
        <div style="margin-bottom: 3pt; font-size: 14pt;">Common Shares (including preferred stock purchase rights), Preferred Shares, Debt Securities, Warrants, Purchase Contracts, Rights and Units</div>
        <div style="margin-bottom: 3pt; font-size: 14pt;"> <br>
        </div>
        <div>
          <div style="line-height: 11.4pt; margin-top: 3pt; margin-bottom: 3pt;">
            <div style="line-height: 11.4pt;"><img src="image00003.jpg"></div>
          </div>
        </div>
        <div style="margin-top: 5.55pt;"><br>
        </div>
        <div style="margin-bottom: 12pt; font-size: 18pt; font-weight: bold;">TOP SHIPS INC.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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;">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 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 $7,934,756 securities pursuant to General Instruction I.B.5
            of Form F-3 during the twelve calendar month period that ends on and includes the date hereof.</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Investing in our securities involves a high degree of risk.&#160; Before you make an investment in our securities, you should carefully consider the section
          entitled &#8220;<u>Risk Factors</u>&#8221; beginning on page 4 of this prospectus, and the other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and therein.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if
          this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
        <div style="margin-bottom: 12pt;">The date of this prospectus is November 4, 2019.</div>
        <div style="margin-top: 5.55pt;"><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after:always;">
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        </div>
        <div style="margin-bottom: 12pt; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#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;">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;">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;">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;">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>
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        </div>
        <div><br>
        </div>
        <div style="margin-top: 9.5pt; 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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">i</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
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        </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="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; text-align: left;">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 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; text-align: left;">Our Current Fleet</div>
              <div style="text-indent: 36pt; margin-bottom: 12pt; font-weight: normal; text-align: left;">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; text-align: left;"><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;" id="z252baa6cb3a843a8aca6ea59b1eb9051">

                  <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 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; text-align: left;"><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;" id="z7bdc5c832a6e4bd9aa8f9b3501ba24f5">

                    <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; text-align: left;"><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;" id="zdf0ea533e0f04c678ca8aa0bc7acefa1">

                    <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="text-align: left;">*This vessel is owned by the Company</div>
                <div style="text-align: left;">**The Company has a sale and leaseback agreement for this vessel, treated as a financing</div>
                <div style="text-align: left;">*** 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; text-align: left;">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 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: left; 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: left; 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; text-align: left;">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;" id="za475e4c804ef4ae686aac08988608b01">

                  <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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Matters discussed in this prospectus may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for
          forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and
          underlying assumptions and other statements, which are other than statements of historical facts.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection
          with this safe harbor legislation. This prospectus and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial
          performance. When used in this 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;">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;">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;">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;">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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-bottom: 18pt; font-weight: bold;">USE OF PROCEEDS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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="margin-bottom: 18pt; 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 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="margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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;">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;">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;">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;">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;">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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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; text-align: left;">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;">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>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-bottom: 12pt;"><br>
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should carefully review the description of our share capital under the heading &#8220;Item 10. Additional Information&#8221; in our Annual Report on Form 20-F for the fiscal year
          ended December 31, 2018, which is incorporated by reference herein.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Share Capital</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Between January 1, 2019 and the date of this prospectus we have issued 97,350 common shares pursuant to exercises of 1,947,000 of our 2018 Warrants for gross proceeds of $1.5
          million and 337,036 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;">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;">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; text-align: left;">Authorized Capitalization</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our authorized capital stock consists of 1,000,000,000 common shares, par value $0.01 per share, of which 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;">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; text-align: left;">Common Shares</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any
          outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all
          or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of our preferred shares having liquidation preferences, if any, the holders of our common shares will be entitled to
          receive pro rata our remaining assets available for distribution. Holders of our common shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of our
          common shares are subject to the rights of the holders of any preferred shares that we may issue in the future.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
          <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; text-align: left;">Preferred Shares</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our&#160;Third Amended and Restated Articles of Incorporation&#160;authorize our Board of Directors to establish one or more series of preferred shares and to determine, with respect
          to any series of preferred shares, the terms and rights of that series, including the designation of the series, the number of shares of the series, the preferences and relative, participating, option or other special rights, if any, and any
          qualifications, limitations or restrictions of such series, and the voting rights, if any, of the holders of the series.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Series B Convertible Preferred Shares</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 22, 2016, we completed a private placement of up to 3,160 Series B Convertible Preferred Shares for an aggregate principal amount of up to $3.0 million. The
          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; text-align: left;">Series C Convertible Preferred Shares</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On February 17, 2017, we closed a private placement with a non-U.S. institutional investor for the sale of 7,500 newly issued Series C Convertible Preferred Shares, which are
          convertible into our common shares, for $7.5 million pursuant to a securities purchase agreement, or the Series C Transaction.&#160; The description of the Series C Preferred Shares is incorporated by reference from our registration statement on Form
          F-3 (333-215577). The description of the Series C Convertible Preferred Shares is subject to and qualified in its entirety by reference to the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C
          Convertible Preferred Shares entered into in connection with the private placement. Copies of the Securities Purchase Agreement and Statement of Designations, Preferences and Rights of the Series C Convertible Preferred Shares have been filed as
          exhibits to our Report on Form 6-K filed with the Commission on February 21, 2017. We issued 45,232 common shares in connection with the conversions of all our Series C Convertible Preferred Shares, and there are currently no Series C Convertible
          Preferred Shares outstanding.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Series D Preferred Shares</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On May 8, 2017, we issued 100,000 shares of Series D Preferred Shares to Tankers Family Inc., a company controlled by Lax Trust, which is an irrevocable trust established for
          the benefit of certain family members of Evangelos Pistiolis, 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;">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: justify; text-indent: 36pt; margin-bottom: 12pt;">The Series D Preferred Stock has the following characteristics:</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Conversion</font>. The Series D Preferred Shares are not convertible into common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Voting</font>. Each Series D Preferred Share has the voting power of 1,000 common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Distributions</font>. The Series D Preferred Shares shall have no dividend or distribution rights.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Maturity</font>.&#160; The Series D Preferred Shares shall expire and all outstanding Series D Preferred Shares shall be
          redeemed by us for par value on the date the currently outstanding loans with ABN Amro Bank and NORD/LB, or loans with any other financial institution, which contain covenants that require that any member of the family of Mr. Evangelos Pistiolis,
          maintain a specific minimum ownership interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis
          family are beneficiaries) of our issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise redeemable.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Liquidation, Dissolution or Winding Up</font>. Upon any liquidation, dissolution or winding up of the Company, the Series
          D Preferred Shares shall have a liquidation preference of $0.01 per share.</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Series E Convertible Preferred Stock</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On April 1, 2019, we announced the sale of 27,129 newly issued Series E Perpetual Convertible Preferred Stock at a price of $1,000 per share to Family Trading Inc., a company
          affiliated with Evangelos Pistiolis 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;">The Series E Perpetual Convertible Preferred Stock has the following characteristics:</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Conversion</font><font style="font-weight: bold;">.&#160;</font>Each holder of Series E Perpetual Convertible Preferred Stock,
          at any time and from time to time, has the right, subject to certain conditions, to convert all or any portion of the Series E Perpetual Convertible Preferred Stock then held by such holder into our common shares at the conversion rate then in
          effect. Each Series E Perpetual Convertible Preferred Stock is convertible into the number of our common shares equal to the quotient of $1,000 plus any accrued and unpaid dividends divided by the lesser of the following four prices: (i) $20.00,
          (ii) 80% of the lowest daily VWAP of the Company&#8217;s common shares over the twenty consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price
          per share of any of the Company&#8217;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Company&#8217;s common shares in any transaction from the date of the issuance the Series E Perpetual Preferred Stock onwards, but
          in no event will the conversion price be less than $0.60.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Limitations of Conversion.</font><font style="font-style: italic;">&#160;</font>Holders of the shares of Series E Perpetual
          Convertible Preferred Stock shall be entitled to convert the Series E Perpetual Convertible Preferred Stock in full, regardless of the beneficial ownership percentage of the holder after giving effect to such conversion.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Voting</font>.&#160; The holders of Series E Perpetual Convertible Preferred Stock are entitled to the voting power of one
          thousand (1,000) common shares of the Company.&#160; The holders of Series E Perpetual Convertible Preferred Stock and the holders of our common shares shall vote together as one class on all matters submitted to a vote of shareholders of the Company.
          The holders of Series E Perpetual Convertible Preferred Stock have no special voting rights and their consent shall not be required for taking any corporate action.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Distributions</font><font style="font-weight: bold;">.&#160;</font>Upon any liquidation, dissolution or winding up of the
          Company, the holders of Series E Perpetual Convertible Preferred Stock shall be entitled to receive the net assets of the Company pari passu with the Common Shares.</div>
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          <div 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 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;">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 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;">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 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-weight: bold;">Shareholder Meetings</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our Amended and Restated By-Laws, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or
          outside of the Marshall Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time exclusively by our Board of Directors. Notice of every annual and special meeting of
          shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Directors</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our Third Amended and
          Restated Articles of Incorporation and Amended and Restated By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors must consist of at least one member and not more than twelve, as fixed from time to time by the vote of not less than 66 2/3% of the entire board. Each
          director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of
          his term of office. Our Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for attendance at any meeting or for services rendered to us.</div>
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          <div 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-style: italic; font-weight: bold;">Classified Board</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Amended and Restated Articles of Incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in
          number as possible, serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or
          attempting to obtain control of our Company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
        <div style="text-align: left; 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;">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-weight: bold;">Dissenters&#8217; Rights of Appraisal and Payment</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including certain mergers or consolidations or sales of all or substantially all of
          our assets not made in the usual course of our business, and receive payment of the fair value of their shares, subject to exceptions.&#160;For example, the right of a dissenting shareholder to receive payment of the fair value of his shares is not
          available if for the shares of any class or series of shares, which shares at the record date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the agreement of merger or
          consolidation, were either (1) listed on a securities exchange or admitted for trading on an interdealer quotation system or (2) held of record by more than 2,000 holders.&#160;In the event of any further amendment of the articles, a shareholder also
          has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.&#160;In the event that
          we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the High Court of the Republic of the Marshall Islands or in any appropriate court in any
          jurisdiction in which our shares are primarily traded on a local or national securities exchange. The value of the shares of the dissenting shareholder is fixed by the court after reference, if the court so elects, to the recommendations of a
          court-appointed appraiser.</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder
          bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. On November 20, 2014, we amended our Amended and Restated By-Laws to provide that
          unless we consent in writing to the selection of alternative forum, the sole and exclusive forum for (i) any shareholders&#8217; derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty
          owed by any director, officer or other of our employees or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the BCA, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be
          the High Court of the Republic of the Marshall Islands, in all cases subject to the court&#8217;s having personal jurisdiction over the indispensable parties named as defendants.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Anti-takeover Provisions of our Charter Documents</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Several provisions of our Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws may have anti-takeover effects. These provisions are intended
          to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these
          anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our Company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best
          interest and (2) the removal of incumbent officers and directors.</div>
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        <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold; text-align: left;">Business Combinations</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation include provisions which prohibit us from engaging in a business combination with an interested shareholder for a
          period of three years after the date of the transaction in which the person became an interested shareholder, unless:</div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
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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;">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; text-align: left;">Limited Actions by Shareholders</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that any action required or permitted to be taken by our shareholders
          must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that only our Board of Directors may call special meetings of our
          shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal over the
          opposition of our Board of Directors and shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold; text-align: left;">Blank Check Preferred Stock</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our Third Amended and Restated Articles of Incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to
          issue up to 20,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our Company or the removal of our management.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold; text-align: left;">Super-majority Required for Certain Amendments to Our By-Laws</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On February 28, 2007, we amended our by-laws to require that amendments to certain provisions of our by-laws may be made when approved by a vote of not less than 66 2/3% of
          the entire Board of Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended are provisions governing: the nature of business to be transacted at our annual meetings of shareholders, the calling
          of special meetings by our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our Board of Directors is elected, the nomination procedures of our Board of Directors,
          removal of our Board of Directors and the filling of vacancies on our Board of Directors.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div 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; text-align: left;">Stockholders Rights Agreement</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On September 14, 2016, our Board of Directors declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a
          shareholder rights plan, as set forth in the Stockholders Rights Agreement dated as of September 22, 2016, or the Rights Agreement, by and between us and Computershare Trust Company, N.A. (now taken over by our new transfer agent, AST), as rights
          agent.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant
          penalty upon any person or group that acquires 15% or more of our outstanding common shares without the approval of our Board of Directors. If a shareholder&#8217;s beneficial ownership of our common shares as of the time of the public announcement of
          the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such
          announcement, the shareholder increases its ownership percentage by 1% or more.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board of
          Directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of the Rights for a permitted offer, the Rights should not
          interfere with a merger or other business combination approved by our Board.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a
          summary, and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on September 22, 2016 and incorporated herein by reference.&#160;The foregoing description of the Rights
          Agreement is qualified in its entirety by reference to such exhibit.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">The Rights</font>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that
          represent our common shares. New Rights will accompany any new of our common shares issued after October 5, 2016 until the Distribution Date described below.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price</font>. Each Right allows its holder to purchase from us one one-thousandth of a share of Series A Participating Preferred
          Stock, or a Series A Preferred Share, for $50.00, or the Exercise Price, once the Rights become exercisable. This portion of a Series A Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as
          would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability</font>. The Rights are not exercisable until ten days after the public announcement that a person or group has become an
          &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership of the underlying common shares or are
          reportable for purposes of Regulation 13D of the Exchange Act&#8212;are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the derivative position, to the extent our actual common shares
          are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial ownership.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding common shares, the Rights Agreement
          &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share certificates (or, in the case of uncertificated shares, by notations
          in the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our common shares and will be evidenced by book-entry
          credits or by Rights certificates that we will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; text-align: left;"><u>Series A Preferred Share Provisions</u></div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>
        <div style="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;">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; text-align: left;"><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;">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 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 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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Expiration</font>.&#160;The Rights expire on the earliest of (i) September 22, 2026; or (ii) the redemption or exchange of the Rights as
          described above.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Anti-Dilution Provisions</font>. The Board may adjust the purchase price of the Series A Preferred Shares, the number of Series A Preferred
          Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Series A Preferred Shares or our common shares. No adjustments to the Exercise Price of
          less than 1% will be made.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Amendments</font>.&#160;The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the
          Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or
          supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not
          adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Taxes.</font>&#160;The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the
          Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">2014 Warrants</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our 2014 Warrants contained certain anti-dilution provisions, which were triggered as a result of the reverse stock split, Series B Transaction, the Equity Line Offering,
          Series C Transaction, First Purchase Agreement, Second Purchase Agreement and Amended Family Trading Credit Facility. As of the date of this prospectus, all 2014 Warrants have expired. As of the date of this prospectus, an aggregate 4,621,611 of
          the 2014 Warrants have been exercised for a total issuance of 347,997 common shares and all the 2014 Warrants have expired.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">2018 Warrants</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On October 26, 2018, the Company priced a public offering of 100,000 common shares, and warrants to purchase 175,000 common shares (the &#8220;2018 Warrants&#8221;), at $30.00 per common
          share and $0.0002 per warrant. The 2018 Warrants had an exercise price of $30.00 per share and expired four months from the date of issuance. Each warrant granted the warrant holder the option to purchase one common share of the Company at any
          time within the abovementioned term. By February 25, 2019, all of the 2018 Warrants were exercised 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 id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
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        </div>
        <div style="margin-bottom: 12pt; 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;">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;">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; text-align: left;">General</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;"><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;">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 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;">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 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;">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;">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-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;">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: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Subordinated Debt</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;">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: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Covenants</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; text-indent: 40.5pt; margin-bottom: 12pt; color: #000000;">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 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; text-align: left;">Modification of the Indentures</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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; text-align: left;">Events of Default</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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;">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;">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;">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;">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;">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; text-align: left;">Defeasance and Discharge</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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; text-align: left;">Defeasance of Certain Covenants</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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; text-align: left;">Global Securities</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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 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-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF PURCHASE CONTRACTS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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;">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 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="margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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;">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 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="margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF UNITS</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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="margin-bottom: 12pt; 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;">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;">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 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>
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        <div style="margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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>
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            <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-size: 7.5pt;"> </font><br>
        </div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman Bold', serif; font-weight: bold;">LEGAL MATTERS</div>
        <div style="text-align: left; 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="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;">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="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;">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="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;">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>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">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><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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; text-align: left;">Information Incorporated by Reference</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 style="background-color: #FFFFFF;">We incorporate by reference in this prospectus the documents listed below which have been filed with the Commission:</font></div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zbdc65b0d307e47c0a090f0c20cc65735" 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;">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>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z5459cb413dcc4a1fbe36f819f8dde29f" 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;">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;">

                <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;">Report on Form 20-F for the year ended December 31, 2018, filed with the Commission on March 28, 2019, which contains our audited consolidated financial statements for the most recent
                      fiscal year for which those statements have been filed.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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;">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;">
          <div id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;"><br>
        </div>
        <div style="text-align: left; 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>Top Ships Inc.</div>
        <div>1 Vas. Sofias and Meg. Alexandrou Str,</div>
        <div>15124 Maroussi, Greece</div>
        <div style="margin-bottom: 12pt;">(011) 30 210 812-8180 (telephone number)</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Information Provided by the Company</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We will furnish holders of our common shares with Annual Reports containing audited financial statements and a report by our independent registered public accounting firm.
          The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy
          statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq Capital Market, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Exchange Act.
          In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
        <div style="background-color: #FFFFFF;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold; text-align: left;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div><br>
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          <div style="text-align: justify; text-indent: 36pt; color: #000000;">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>
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      <div style="text-align: center; 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; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#160;</div>
      <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;<img width="280" height="182" src="image0.jpg"></div>
      <div style="text-align: center; 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; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><img width="376" height="2" src="image1.jpg"></div>
      <div style="text-align: center; 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; margin-top: 3pt; margin-bottom: 3pt;"><img width="376" height="2" src="image1.jpg"></div>
      <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
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      <div style="text-align: center; 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; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
      <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      </div>
      <div style="text-align: center; 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; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 20pt;">&#160;</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">March 11, 2020</div>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image1.jpg
<TEXT>
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