<SEC-DOCUMENT>0001104659-20-073254.txt : 20200615
<SEC-HEADER>0001104659-20-073254.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615103528
ACCESSION NUMBER:		0001104659-20-073254
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBUS MARITIME LTD
		CENTRAL INDEX KEY:			0001499780
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238119
		FILM NUMBER:		20962180

	BUSINESS ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 960 8300

	MAIL ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>tm2022605d1_f1a.htm
<DESCRIPTION>F-1/A
<TEXT>
<html><head><title></title></head><body><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"> <b>As
                                        filed with the Securities and Exchange Commission on June 15, 2020 </b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>Registration No.&nbsp;333-238119</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-bottom: 3pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>UNITED STATES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Washington, D.C. 20549</b><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>AMENDMENT NO. 1 TO</b> </p>

<div style="border-bottom: black 1pt none; border-top-style: none; border-right-style: none; padding: 0pt; border-left-style: none; border-bottom-style: solid"></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>FORM F-1</b><font style="font-size: 10pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>REGISTRATION STATEMENT</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><i><b>UNDER</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><i><b>THE SECURITIES ACT OF 1933 </b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="font-size: 18pt"><b>Globus Maritime Limited</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="font-size: 8pt"><b>(Exact name of registrant as specified in its charter)</b></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" align="center" style="border-collapse: collapse; width: 100%">

<tr>
<td style="padding: 0pt; width: 34%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 32%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="padding: 0pt; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 32%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Republic of the Marshall Islands</b></p>
</td>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>4412</b></p>
</td>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>66-0757368</b></p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(State or other jurisdiction of corporation or organization)</b></p>
</td>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(Primary Standard Industrial Classification Code Number)</b></p>
</td>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(I.R.S. Employer Identification No.)</b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Globus Maritime Limited</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>128 Vouliagmenis Avenue, 3rd Floor</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>166 74 Glyfada, Attica, Greece</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Tel: +30 210 960 8300</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(Address and telephone number of Registrant&#x2019;s principal executive offices)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><i>With copy to:</i></b>&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>
<div align="center">
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%">

<tr>
<td valign="top" width="50%" style="padding: 0in; width: 50%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Steven J. Hollander, Esq.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Will Vogel, Esq. <br></b><b>Watson Farley &amp; Williams LLP <br>250 West 55<sup>th</sup> Street <br>New York, New York 10019 <br>(212) 922-2200 (telephone number) <br>(212) 922-1512 (facsimile number)</b></p>
</td>
<td valign="top" width="1%" style="padding: 0in; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="top" width="48%" style="padding: 0in; width: 48%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Mitchell Nussbaum, Esq.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Angela Dowd, Esq.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Loeb &amp; Loeb LLP <br>345 Park Avenue<br>New York, New York 10154<br>(212) 407-4000 (telephone number) <br>(212) 407-4990 (facsimile number)]</b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</div>
<table border="0" width="100%" cellspacing="0" cellpadding="0" align="center" style="border-collapse: collapse; width: 100%">

<tr>
<td valign="top" style="padding: 0pt; background-color: #ffffff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>&nbsp;</b><b style="font-size: 10pt">Watson Farley &amp; Williams LLP</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Attn: Steven J. Hollander, Esq. <br>250 West 55<sup>th</sup> Street <br>New York, New York 10019 <br>(212) 922-2200</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>&nbsp;(Name, Address and telephone number of agent for service)</b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective. </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, please check the following box. &#9746;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Emerging growth company &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#134; provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act. &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%">

<tr>
<td valign="top" style="padding: 0pt; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#134;</p>
</td>
<td valign="top" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The term &#x0093;new or revised financial accounting standard&#x0094; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b></b></p>

<!-- Field: Rule-Page --><div align="left" style="margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>CALCULATION OF REGISTRATION FEE</b></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> &nbsp; </td><td style="font: 10pt Times New Roman, Times, Serif"> &nbsp; </td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> &nbsp; </td><td style="font: 10pt Times New Roman, Times, Serif"> &nbsp; </td><td style="font: 10pt Times New Roman, Times, Serif"> &nbsp; </td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"> &nbsp; </td><td style="font: 10pt Times New Roman, Times, Serif"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Title
    of Each Class&nbsp;of Securities to be Registered </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Proposed
    <br>
    Maximum <br>
    Aggregate <br>
    Offering Price(1)(2) </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Amount
    of <br>
    Registration Fee </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 5.75pt"> Units
    consisting of: </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; padding-bottom: 1pt; padding-left: 0.25in"> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
    shares, par value $0.004 per share </td><td style="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </td><td style="border-bottom: Black 1pt solid; width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 11,500,000 </p></td><td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </td><td style="border-bottom: Black 1pt solid; width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.25in"> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class
    A Warrants to purchase common Shares(3) </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &mdash; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"> Pre-funded
    warrants to purchase common shares (3)(4)(5) </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> &mdash; </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"> Common
    shares, par value $0.004 per share, underlying Class A Warrants (6) </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 12,650,000 </p></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 5.75pt"> Common
    shares, par value $0.004 per share, underlying pre-funded warrants (4)(5) </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"> &mdash; </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> &nbsp; </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> <b>Total</b> </p></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 24,150,000 </p></td><td style="border-bottom: Black 1pt solid; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 3,135* </p></td><td style="border-bottom: Black 1pt solid; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </td></tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" style="border-style: none; margin: 0px; width: 100%; border-collapse: collapse">
<tr>
<td style="padding-top: 0pt; padding-bottom: 0pt; width: 5%; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td>
<td style="padding-top: 0pt; padding-bottom: 0pt; width: 95%; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) of the Securities Act of 1933, as amended. </font></td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font> </td>
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">Includes
the offering price of common shares, Class A Warrants, and pre-funded warrants the underwriter has the option to purchase to cover
over-allotments, if any.</font> </td></tr>
<tr>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif; color: black; background-color: white">In accordance with Rule 457(i) under the Securities Act, no separate registration fee is required with respect to the pre-funded warrants registered hereby.</font></td></tr>
<tr>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font> </td>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proposed maximum aggregate offering price of the common shares proposed to be sold in the offering will be reduced on a dollar-for-dollar
basis based on the offering price of any pre-funded warrants offered and sold in the offering, and as such the proposed maximum
offering price of the common shares and pre-funded warrants (including the common shares issuable upon exercise of the pre-funded
warrants) if any, is $11,500,000.&nbsp;</font> </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">(5)</font> </td>
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">The registrant
may issue pre-funded warrants to purchase common shares in the offering. The purchase price of each pre-funded warrant will equal
the price per share at which shares of common shares are being sold to the public in this offering, minus $0.01, which constitutes
the pre-funded portion of the exercise price, and the remaining unpaid exercise price of the pre-funded warrant will equal $0.01
per share (subject to adjustment as provided for therein).</font> </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">(6)</font> </td>
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">Based
on a per-share exercise price for the Class A Warrants of 110% of the public offering price per Unit in this offering.</font> </td></tr>
<tr>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
<td style="padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">*</font> </td>
<td style="font-size: 10pt; padding-top: 0pt; padding-bottom: 0pt; vertical-align: top"> <font style="font-size: 10pt">$746
of this amount was previously paid</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 12.25pt"><b>The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-size: 8pt"><b><font style="color: red"><font style="color: red">The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. </font></font></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 8pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="font-size: 10pt; color: red"><b>SUBJECT
TO COMPLETION, DATED <font style="text-transform: uppercase">June</font> 15, 2020 </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>PRELIMINARY PROSPECTUS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>12,500,000&nbsp;Units consisting
of</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"> <font style="font-size: 18pt"><b>Common
Shares or Pre-Funded Warrants to Purchase Common Shares</b></font> </p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"> <b>and </b> </p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>Class A Warrants to Purchase Common
Shares</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="tm2022605d1_f1-001.jpg" alt="image"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We are offering
12,500,000 Units consisting of one common share and one Class A Warrant to purchase one common share. Each Class A Warrant will
be immediately exercisable for &nbsp;one common share at an exercise price of $<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>per
share (not less than 100% of the public offering price of each unit sold in this offering) and expire five years after the issuance
date. We are also offering to each purchaser of Units that would otherwise result in such purchaser&rsquo;s beneficial ownership
exceeding 4.99% of our outstanding common shares immediately following the consummation of this offering, the opportunity to purchase
Units consisting of one&nbsp;pre-funded&nbsp;warrant (in lieu of one common share) and one Class A Warrant. Subject to limited
exceptions, a holder of&nbsp;pre-funded&nbsp;warrants will not have the right to exercise any portion of its&nbsp;pre-funded&nbsp;warrants
if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such
limit may be increased to up to 9.99%) of the number of common shares outstanding immediately after giving effect to such exercise.
Each&nbsp;pre-funded&nbsp;warrant will be exercisable for one common share. The purchase price of each Unit including a&nbsp;pre-funded&nbsp;warrant
will be equal to the price per Unit including one common share, minus $0.01, and the remaining exercise price of each&nbsp;pre-funded&nbsp;warrant
will equal $0.01 per share. The&nbsp;pre-funded&nbsp;warrants will be immediately exercisable and may be exercised at any time
until all of the&nbsp;pre-funded&nbsp;warrants are exercised in full. For each Unit including a&nbsp;pre-funded&nbsp;warrant we
sell (without regard to any limitation on exercise set forth therein), the number of Units including a common share we are offering
will be decreased on a&nbsp;one-for-one&nbsp;basis. The common shares and&nbsp;pre-funded&nbsp;warrants, if any, can each be purchased
in this offering only with the accompanying Class&nbsp;A Warrant (other than pursuant to the option of the representative of the
underwriters to purchase additional common shares and/or pre-funded warrants and/or Class A Warrants) as part of a Unit, but the
components of the Units will immediately separate upon issuance. See &ldquo;Description of Capital Stock and Securities We Are
Offering&rdquo; in this prospectus for more information. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> Our
common shares are listed on the Nasdaq Capital Market under the symbol &ldquo;GLBS&rdquo;. On June 12, 2020, the last reported
sale price of our common shares on the Nasdaq Capital Market was $0.81 per share. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> There is currently
no established trading market for the pre-funded warrants, or Class A Warrants, and we do not expect one to develop. We do not
intend to list the pre-funded warrants or the Class A Warrants on any securities exchange or other trading market. Without an
active trading market, the liquidity of these securities will be limited. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Investing in our securities involves a high degree of risk. See &#x0093;Risk Factors&#x0094; beginning on page 15 of this prospectus for information that should be considered in connection with an investment in our securities. </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; text-align: justify"> &nbsp; </td>
    <td colspan="2" style="vertical-align: bottom; text-align: center"> <b>Per&nbsp;Unit</b> </td>
    <td style="vertical-align: top; text-align: center"> <b>Per Pre-Funded Unit</b> </td>
    <td style="vertical-align: bottom; text-align: center"> <b>Total</b> </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; width: 63%; padding-left: 12pt; text-align: justify; text-indent: -12pt"> Public offering
    price </td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"> &nbsp; </td>
    <td style="vertical-align: top; width: 12%; text-align: left"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"> &nbsp; </td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; text-align: justify; text-indent: -12pt"> Underwriters fees and commissions<sup>(1)</sup> </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> &nbsp; </td>
    <td style="vertical-align: top; text-align: left"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-left: 12pt; text-align: justify; text-indent: -12pt"> Proceeds to the Company, before
    expenses </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> &nbsp; </td>
    <td style="vertical-align: top; text-align: left"> $ </td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px">&nbsp;</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="border-top: black 1pt solid; width: 18pt"></td>
<td valign="top" style="border-top: black 1pt solid; width: 18pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">(1)</font></p>
</td>
<td valign="top" style="border-top: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">See &#x0093;Underwriting&#x0094; for a description of the compensation payable to the underwriters; including reimbursable expenses.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have granted the representative
of the underwriters an option for a period of 45 days to purchase up to an additional 1,875,000 common shares and/or pre-funded
warrants and/or up to an additional 1,875,000 Class A Warrants. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Neither the 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. </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Delivery of the Units, if any, to purchasers
in the offering is expected to be made on or about&#9;, 2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><i>Sole Book-Running Manager</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="font-size: 16pt"><b>Maxim
Group LLC</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020. </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>



<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a001"> ABOUT THIS PROSPECTUS </a></td>
    <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a001"> ii </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a002"> CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
    STATEMENTS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a002"> iii </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a003"> ENFORCEABILITY OF CIVIL LIABILITIES </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a003"> v </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a004"> PROSPECTUS SUMMARY </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a004"> 1 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a005"> THE OFFERING </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a005"> 6 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a006"> SUMMARY HISTORICAL CONSOLIDATED
    FINANCIAL DATA </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a006"> 8 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a007"> RISK FACTORS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a007"> 15 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a008"> USE OF PROCEEDS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a008"> 52 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a009"> DIVIDEND POLICY </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a009"> 53 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a010"> CAPITALIZATION </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a010"> 54 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#d_001"> DILUTION </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#d_001"> 55 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a012"> BUSINESS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a012"> 56 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a013"> MANAGEMENT </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a013"> 64 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a014"> EXECUTIVE COMPENSATION </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a014"> 67 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a015"> SHARE OWNERSHIP OF CERTAIN BENEFICIAL
    OWNERS AND MANAGEMENT </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a015"> 68 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a016"> CERTAIN RELATIONSHIPS AND RELATED
    PARTY TRANSACTIONS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a016"> 69 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a017"> DESCRIPTION OF CAPITAL STOCK AND
    SECURITIES WE ARE OFFERING </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a017"> 72 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a018"> CERTAIN MARSHALL ISLANDS COMPANY
    CONSIDERATIONS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a018"> 81 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a019"> TAX CONSIDERATIONS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a019"> 84 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a020"> UNDERWRITING </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a020"> 90 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a021"> EXPENSES RELATING TO THIS OFFERING </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a021"> 96 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a022"> LEGAL MATTERS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a022"> 97 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a023"> EXPERTS </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a023"> 98 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a024"> WHERE YOU CAN FIND MORE INFORMATION </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a024"> 99 </a></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><a href="#a025"> DOCUMENTS INCORPORATED BY REFERENCE </a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><a href="#a025"> 100 </a></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>A<a name="a001"></a>BOUT THIS PROSPECTUS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">You should rely only on the information contained and incorporated by reference into this prospectus and in any free writing prospectus that we authorize to be distributed to you. We have not, and the underwriters have not, authorized anyone to provide you with additional or different information or to make representations other than those contained in this prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This document may only be used where it is legal to sell these securities. You should assume that the information contained in this prospectus is accurate only as of the date of this prospectus. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer is not permitted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We obtained certain statistical data, market data and other industry data and forecasts used or incorporated by reference into this prospectus from publicly available information. While we believe that the statistical data, industry data, forecasts and market research are reliable, we have not independently verified the data, and we do not make any representation as to the accuracy of the information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>C<a name="a002"></a>AUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">This prospectus and the documents incorporated by reference into this prospectus contain certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management&#x2019;s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &#x0093;anticipate&#x0094;, &#x0093;approximately&#x0094;, &#x0093;believe&#x0094;, &#x0093;continue&#x0094;, &#x0093;could&#x0094;, &#x0093;estimate&#x0094;, &#x0093;expect&#x0094;, &#x0093;forecast&#x0094;, &#x0093;intend&#x0094;, &#x0093;may&#x0094;, &#x0093;might&#x0094;, &#x0093;pending&#x0094;, &#x0093;perceive&#x0094;, &#x0093;plan&#x0094;, &#x0093;possible&#x0094;, &#x0093;potential&#x0094;, &#x0093;predict&#x0094;, &#x0093;project&#x0094;, &#x0093;seek&#x0094;, &#x0093;should&#x0094;, &#x0093;would&#x0094;, &#x0093;view&#x0094; and similar expressions or the negatives of those words or phrases, or statements that events, conditions or results &#x0093;can,&#x0094; &#x0093;will,&#x0094; &#x0093;may,&#x0094; &#x0093;must,&#x0094; &#x0093;would,&#x0094; &#x0093;could&#x0094; or &#x0093;should&#x0094; occur or be achieved and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">The forward-looking statements in this prospectus and the documents incorporated by reference into this prospectus are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management&#x2019;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. As a result, you are cautioned not to rely on any forward-looking statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully in the section herein entitled &#x0093;Risk Factors&#x0094;. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors 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, among other things:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in seaborne and other transportation patterns; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular
regions; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in the number of newbuildings under construction in the dry bulk shipping industry; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in the useful lives and the value of our vessels and the related impact on our compliance with loan covenants; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> the
aging of our fleet and increases in operating costs; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in our ability to complete future, pending or recent acquisitions or dispositions; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> our
ability to achieve successful utilization of our expanded fleet; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to
fund capital expenditures, acquisitions and other general corporate activities; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
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<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> risks
related to our business strategy, areas of possible expansion or expected capital spending or operating expenses; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in our ability to leverage our relationships and reputation in the dry bulk shipping industry; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in
our fleet; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with
their agreements with us; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> loss
of our customers, charters or vessels; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> damage
to our vessels; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> potential
liability from future litigation and incidents involving our vessels; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> our
future operating or financial results; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> acts of terrorism,
other hostilities, pandemics or other calamities ; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> the effects of
outbreaks of pandemic or contagious diseases, including the length and severity of the recent worldwide outbreak of Coronavirus,
now named as COVID-19, including its impact on our business; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes in global
and regional economic and political conditions; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> changes
in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the dry bulk shipping
industry; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> our
ability to continue as a going concern; and </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width: 36pt"></td>
<td valign="top" style="width: 36pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> &#x25cf; </p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> other
factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to
the U.S. Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F, which is
incorporated by reference into this prospectus. </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>E<a name="a003"></a>NFORCEABILITY OF CIVIL LIABILITIES </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We are incorporated under the laws of the Republic of the Marshall Islands and our principal executive offices are located outside the United States. Certain of our directors and all of our officers reside outside the United States. In addition, substantially all of our assets and the assets of certain of our directors and all of our officers are located outside the United States. As a result, it may not be possible for you to serve legal process within the United States upon us or any of these persons. It may also not be possible for you to enforce, 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 U.S. federal or state securities laws.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Furthermore, there is substantial doubt that courts in jurisdictions outside of the U.S. (i)&nbsp;would enforce judgments of U.S. courts obtained in actions against us or our directors or officers based upon the civil liability provisions of applicable U.S. federal and state securities laws or (ii)&nbsp;would enforce, in original actions, liabilities against us or our directors or officers based on those laws.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>P<a name="a004"></a>ROSPECTUS SUMMARY </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.5pt"><i>This summary highlights certain information that appears elsewhere in this prospectus or in documents incorporated by reference herein, and this summary is qualified in its entirety by that more detailed information. This summary may not contain all of the information that may be important to you. We urge you to carefully read this entire prospectus and the documents incorporated by reference herein. As an investor or prospective investor, you should also review carefully the sections entitled &#x0093;Cautionary Statement Regarding Forward-Looking Statements&#x0094; and &#x0093;Risk Factors&#x0094; in this prospectus and in our annual report on Form 20-F for the year ended December&nbsp;31, 2019.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.5pt"><i>Unless the context otherwise requires, as used in this prospectus, the terms &#x0093;Company&#x0094;, &#x0093;Globus&#x0094;, &#x0093;we&#x0094;, &#x0093;us&#x0094; and &#x0093;our&#x0094; refer to Globus Maritime Limited and all of its subsidiaries, and &#x0093;Globus Maritime Limited&#x0094; refers only to Globus Maritime Limited and not to its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of our vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references in this prospectus to &#x0093;$&#x0094; or &#x0093;dollars&#x0094; are to U.S. dollars, and financial information presented in this prospectus is derived from the financial statements incorporated by reference in this prospectus that were prepared in accordance with International Financial Reporting Standards, or </i><font style="color: black"><i>IFRS</i></font><i>. Certain financial information has been rounded, and, as a result, certain totals shown in this prospectus may not equal the arithmetic sum of the figures that should otherwise aggregate to those totals.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Overview </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We are an integrated international owner and operator of dry bulk vessels, focusing on the Panamax and Supramax sectors, providing marine transportation services on a worldwide basis. We currently own 5 dry bulk vessels, 4 Supramaxes and 1 Panamax, with 300,571 dwt carrying capacity and an average age of 12.1 years as of March 31, 2020. We own each of our vessels through separate, wholly owned subsidiaries, four of which are incorporated in the Marshall Islands, and one of which is incorporated in Malta. All of our Supramax vessels are geared. Geared vessels can operate in ports with minimal shore-side infrastructure. Due to the ability to switch between various dry bulk cargo types and to service a wider variety of ports, the day rates for geared vessels tend to have a premium. Our vessels can carry the majority of dry bulk commodities such as, coal, finished steel products, as well as minerals such as, iron ore, chromium ore, and nickel ore. In addition, we are also engaged in the carriage of agribulks such as grains, soy bean, rice, and sugar. Our fleet operates on a worldwide basis with presence in both the Pacific and Atlantic oceans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our operations are managed by our Attica, Greece-based wholly owned subsidiary, Globus Shipmanagement Corp., which we refer to as our Manager, which provides in-house commercial and technical management for our vessels and provided consulting services for an affiliated ship-management company. Our Manager has entered into a ship management agreement with each of our wholly owned vessel-owning subsidiaries. Virtually all aspects of our vessels are managed in-house including managing day-to-day vessel operations, such as supervising the crewing, supplying, maintaining of vessels and other services. We believe that by having these critical management functions in-house provides efficiency, fast reaction times, good communication among departments and effective cost management.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We intend to grow our fleet through timely and selective acquisitions of modern vessels in a manner that we believe will provide an attractive return on equity and will be accretive to our earnings and cash flow based on anticipated market rates at the time of purchase. Additionally, we may target asset divestitures in line with our strategy as we look to grow and modernize our fleet. There is no guarantee however, that we will be able to find suitable vessels to purchase or that such vessels will provide an attractive return on equity or be accretive to our earnings and cash flow.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our company was incorporated in 2006 in Jersey, and in 2010 we redomiciled into the Republic of the Marshall Islands.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Fleet description</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 16%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Vessel</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 5%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Year Built</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 10%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Flag</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 15%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Direct Owner</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 12%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Shipyard</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 10%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Vessel Type</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 10%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Type of Employment</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 12%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Delivery Date</font></font></b></p>
</td>
<td style="border-bottom: black 1pt solid; padding: 3pt; width: 10%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Carrying Capacity (dwt)</font></font></b></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v River Globe</font></i></font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2007</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Devocean Maritime Ltd.</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Yangzhou Dayang</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">December 2007</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">53,627</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Sky Globe</font></i></font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2009</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Domina Maritime Ltd.</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Taizhou Kouan</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">May 2010</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">56,855</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Star Globe</font></i></font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2010</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Dulac Maritime S.A.</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Taizhou Kouan</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">May 2010</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">56,867</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Moon Globe</font></i></font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2005</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Artful Shipholding S.A.</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Hudong-Zhonghua</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Panamax</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">June 2011</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">74,432</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Sun Globe</font></i></font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2007</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Malta</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Longevity Maritime Limited</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Tsuneishi Cebu</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
<td style="padding: 0pt; background-color: #c2eaff">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
<td style="border-bottom: black 1pt solid; background-color: #c2eaff; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">September 2011</font></p>
</td>
<td style="border-bottom: black 1pt solid; background-color: #c2eaff; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">58,790</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">&nbsp;</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">&nbsp;</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Ave. Age:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">12.1*</font></p>
</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Total dwt: 300,571</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">*As of March 31, 2020</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our fleet is currently comprised of a total of five dry bulk vessels consisting of one Panamax and four Supramaxes. The weighted average age of the vessels we owned as of March 31, 2020 was 12.1 years, and their carrying capacity was 300,571 dwt.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> M/V Sky Globe, Star
Globe, River Globe, Sun Globe are Supramax vessels that primarily trade in the Far East, Indian Ocean, South America and
the Persian Gulf. The vessels are engaged in the coal, ore and agribulk trades. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> M/V Moon Globe
is a Panamax and trades primarily in the East Coast of South America, the Far East and the Mediterranean. The vessel is primarily
engaged in ore and agribulk trading. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">All the above mentioned vessels are operating in the spot market or on short period charters.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Employment &amp; Business Strategy</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our fleet operates all around the globe with a strong focus in South East Asia, the Indian Ocean, the west coast of South America, South Africa and the Mediterranean. We prefer to employ our vessels in the spot market or in short-term business. This allows us to be versatile enough to grasp opportunities in a rising market as well as to select and monitor the cargos we carry.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> We have developed
strong relationships with many operators, shippers, trading houses, grain houses, and class-A charterers. Some of our customers
repeatedly employ our vessels, which highlights the appreciation they have for our operations and the satisfaction of the services
we provide. We have built our relationships for many years and have provided our services to many international companies such
as Hyundai Glovis Co Ltd., Oldendorff GmbH &amp; Co KG, Dampskibsselskabet Norden A/S, Ausca Shipping HK Limited, Western Bulk
Pte. Ltd., Norvic Shipping North America Inc., Norvic Shipping International Ltd., Norvic Shipping Asia Pte Ltd., Propel Shipping
Pte Ltd., and Hong Glory International Shipping Company Limited, among others. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our focus is, and will remain, in the dry-bulk sector and in the Supramax and Panamax asset classes, although we are not bound by those asset classes. We continuously monitor and gauge the market for lucrative second-hand acquisitions, as well as well-timed new building projects. We focus on these two asset classes because we strongly appreciate the versatility of the Supramax asset class as well as the versatility and enhanced commercial viability of the Panamax asset class. Supramaxes are engaged in the trade of all dry bulk commodities and are also equipped with cranes, which allows them to service more trading lines and ports that do not have shore crane capabilities. The on-board crane capabilities can also help with partial cargo spread around the cargo holds. Panamaxes, the so-called work horses of the industry, are very efficiently utilized in the ore, grain, and coal trades and can serve the majority of shipping ports. While we focus on the Supramax and Panamax asset classes, we may determine that it makes sense for our business to acquire a vessel in a different class.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Fleet Composition/Strategy</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"><b><i><b>Focus on Supramax and Panamax vessels.</b></i></b> We have a strong focus on Supramax and Panamax vessels. Supramax vessels are vessels between 50,000 to 59,999 DWT; they usually have cranes onboard and thus possess self-loading and unloading capabilities. Supramax vessels usually have five cargo holds, and five hatches. The existence of onboard cranes can help to serve more ports and locations that may not have shore cranes or other shore means of loading and unloading such vessel. The Supramax vessels are very versatile and can carry most dry bulk commodities. Panamax vessels range from 60,000 to 79,999 DWT; they usually have seven cargo holds and hatches and usually do not have cranes on board. They are considered the workhorse of the industry and provide relevant efficiencies when it comes to carrying capacity, fuel consumption and potential ports to be served.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"><b><i><b>Expanding our fleet through Opportunistic Acquisitions and Disposals. </b></i></b>We continuously evaluate the sale and purchase market for Supramax and Panamax vessels. We believe that this asset class provides a good risk return ratio. Supramax and Panamax vessels are right in the middle range of dry bulk vessel size, they can potentially carry a larger variety of commodities than bigger Capesize (110,000-199,999 DWT) vessels and by extent not be tied to the iron ore or coal market dynamics that bigger vessels are exposed to. We tend to prefer to evaluate off market opportunities when possible. We try to monitor the current market conditions, the futures freights agreement (FFA) market, disposal and scrap values in order to evaluate when the right time is to access the sale and purchase market.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Spot chartering exposure
enables access to rate volatility. </i></b>Our fleet operates worldwide and we prefer spot or short term contracts in order to
be versatile and be able to move quickly to capture a market upswing. Long term charters can provide some cash flow stability
but a vessel can potentially miss any upside. We tend to avoid vessel pool operations as we feel the cost of participation can
be too high for us.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif"><b><i>Strong
relationship with charterers. </i></b></font>Throughout the years, we have developed positive relationships with many international
charterers and have enjoyed repeat business and chartering of our vessels to them. We believe this repeat business highlights
the confidence our repeat customers have for our operations and the satisfaction of the services we provide. We have built our
relationships for many years and have provided our services to many international companies such as Hyundai Glovis Co Ltd., Oldendorff
GmbH &amp; Co KG, Dampskibsselskabet Norden A/S, Ausca Shipping HK Limited, Western Bulk Pte. Ltd., Norvic Shipping North America
Inc., Norvic Shipping International Ltd., Norvic Shipping Asia Pte Ltd., Propel Shipping Pte Ltd., and Hong Glory International
Shipping Company Limited, among others. Since our vessels operate on all seas, at safe ports and carry all legal dry bulk cargoes
as per the relevant codes and safety standards, we believe these factors also help solidify our relationship with charterers. </p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Competitive Strengths</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>&nbsp;</b></p>


<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Experienced management.</i></b>
Our in-house management personnel have a long track record in the industry, both as seafarers as well as with on onshore positions.
The majority of our technical department personnel have served on board vessels in various positions and are very familiar with
technical aspects as well as life at sea. Our senior management and board of directors consist of seasoned professionals that have
served in various aspects of the shipping industry as well as other industries such as banking and trading.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Versatile fleet.</i></b>
Our fleet consists of highly versatile vessels, the majority of which have on board cranes. Our vessels can serve most ports and
trading routes, always taking into account safety, the wellbeing of our crews and legislative considerations. Our vessels operate
on all seas, at safe ports and carry all legal dry bulk cargoes as per the applicable codes and safety standards.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"><b><i><b>In-house management.</b></i></b> We believe that having all aspects of our vessels management in-house provides efficiency, fast reaction times, good communication among departments and cost-effective management. Opportunities or problems are presented and evaluated quickly among the input of all relevant departments, bringing together the combined experience of personal from different backgrounds and positions. We believe that the pooled information allows us to better evaluate, appreciate and decide on everyday challenges such as technical, crewing, provisions, operational and commercial matters. We believe that by having an in-house management we can better communicate among the team and better manage our costs with real time communication among departments and senior management.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Management Structure &amp; Management of Our Fleet</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Globus Maritime wholly owns
its ship-owning subsidiaries as well as its ship management arm. Virtually all aspects related to ship management, legal, accounting,
finance, and corporate decision making are handled internally. By having virtually all ship management aspects in-house, costs
are more streamlined and controlled and we avoid certain extra fees and commissions that we might have to pay otherwise.&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Technical and commercial management
of our fleet is done in-house by our wholly owned subsidiary, Globus Shipmanagement Corp. We believe that this integrated approach
promotes cost efficiency, fluidity of information, reaction speed and safety. Our in-house technical management monitors the status,
efficiency and utilization of our fleet, promptly addressing any technical issue to ensure the smooth trading of the vessels. Our
technical department ensures on the timely and cost-efficient delivery of spare parts and service engineers on board our vessels.
Moreover, key performance indicators and data are collected and analyzed in-house with the help of our experienced crews on board.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our in-house commercial management gives us a continuous real-time view of the market and lets us negotiate directly on potential charter opportunities. By having in-house commercial management this enables us to better negotiate our charter agreements to best fit our vessels trading patterns and in order to achieve high commercial utilization rates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Our technical and commercial departments are strongly supported by our supplies and provisions department and they work together to service the need of every vessel based on its trading pattern in cost-efficient ways. All additional services, including accounting, finance, insurance or legal, are also handled in-house by an experienced and well-focused staff.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We feel that keeping virtually
all aspects and departments of management in-house allows for better communication and synergy among departments. This leads to
faster to decision making and reaction times, which is very important for our industry. Our management departments are available
around the clock to meet the needs of our fleet and our customers. A majority of our technical and commercial personal have served
on vessels and by extension, have firsthand experience of the needs of the business and the importance of reaction times.&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Our Borrowing Activities </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">We currently have one senior secured loan facility with <font style="color: black">EnTrust Global&#x2019;s Blue Ocean Fund </font>with an aggregate outstanding balance as of the date of this prospectus of $37,000,000; a credit facility with <font style="color: black">Firment Shipping Inc., our largest shareholder and a related party to us, </font>with an aggregate outstanding balance as of the date of this prospectus of $800,000; and a Convertible Note outstanding with an unrelated party with an aggregate outstanding balance as of the date of this prospectus of $2,240,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">On April 21, 2020, the loan facility with <font style="color: black">EnTrust Global&#x2019;s Blue Ocean Fund was amended to provide for, among other things, the deferral at the borrowers&#x2019; option of 50% of the amount of interest that accrued on the loan during the interest period that ended on March 31, 2020 and increased the deferred fee from 1.50 percent to 1.60 percent, among other matters. The deferred interest that remains outstanding will accrue interest at the same rate and on the same repayment terms as interest on the loan. The deferred interest must be paid on September 30, 2020 and may be paid at the borrowers&#x2019; option on June 30, 2020. In May of 2020 the lenders agreed to increase the maximum amount of trade debt permitted to be incurred in respect of the vessels financed under the loan agreement from $400,000 to $600,000 per ship. In addition, the covenant that the market value of our ships plus net realizable value of additional security granted plus the amount s</font>tanding to credit of the Liquidity Account and the Reserve Account must remain above 125% for the first two years of the loan and then 135% thereafter, was waived by the lenders until September 30, 2020. Our minimum liquidity per ship of $250,000 and group liquidity, on a consolidated basis, at the end of each calendar quarter of liquid funds in an amount, in aggregate, of not less than 5% of the consolidated financial indebtedness was also waived until September 30, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">On May 8, 2020, the credit
facility with Firment Shipping Inc. was amended and restated. This amended facility is unsecured and remains available until its
final maturity on October 31, 2021. We have the right to drawdown any amount up to $15 million (with $14.2 million remaining)
or prepay any amount in multiples of $100,000. Any prepaid amount cannot be re-borrowed. Interest on drawn and outstanding amounts
is charged at 3.5% per annum until December 31, 2020, and thereafter at 7% per annum. No commitment fee is charged on the amounts
remaining available and undrawn. Interest is payable the last day of a period of three months after the Drawdown Date, after this
period in case of failure to pay any sum due a default interest of 2% per annum above the regular interest is charged. We have
also the right, in our sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under this agreement into our common shares. The conversion price shall equal the higher of (i) the average of the daily
dollar volume-weighted average sale price for the common shares on the principal market on any trading day during the period beginning
at 9.30 a.m. New York City time and ending at 4.00 p.m. over the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo;
equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or (ii) $2.80
(subject to proportional adjustment for share splits, share combinations, share dividends and similar events). The Firment Shipping
Credit Facility requires that Athanasios Feidakis remain our Chief Executive Officer and that, unless approved by Firment Shipping,
Firment Shipping maintains at least a 40% shareholding in us, other than due to actions taken by Firment Shipping, such as sales
of shares.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On May 8, 2020, the holder
of our Convertible Note waived (the &ldquo;May 8, 2020 Waiver&rdquo;) its right to participate in (a) public offerings which close
before August 31, 2020, and (b) issuances of shares and other securities (including common shares, Class B common shares, and
new or existing series of preferred shares, such as our Series B preferred shares) to directors, officers, their respective affiliates,
and to affiliates of the Company. The holder of our Convertible Note also consented to the amendment and restatement of the Firment
Shipping Credit Facility and waived (a) without the Company having admitted fault, certain potential prior technical breaches
of the Convertible Note; (b) the holder&rsquo;s right to require the redemption of the Convertible Note upon a change of control
(as such term is used within the Convertible Note), but only if such change of control results from certain underwritten offering
or issuances of our securities to directors, officers, their respective affiliates, and to affiliates of the Company; (c) temporarily
reduced, until August 31, 2020, the amount the noteholder will receive upon a redemption of the Convertible Note at the Company&rsquo;s
option, such that the Convertible Note can be redeemed at the Company&rsquo;s option by paying the greater of (i) the aggregate
amounts then outstanding pursuant to the Convertible Note (rather than 120% of such amounts) and (ii) the product of (x) the number
of shares issuable upon a conversion of the Convertible Note (with respect to the amount being redeemed at the time) multiplied
by (y) the greatest closing sale price of the Company&rsquo;s common shares on any trading day between the date immediately preceding
the first such redemption at the Company&rsquo;s option and the trading day immediately prior to the final Company payment under
the Convertible Note. All of the foregoing is subject to the Company&rsquo;s redemption of all or part of the Convertible Note
in cash with an amount equal to the lesser of (a) the aggregate amounts then outstanding pursuant to the Convertible Note and
(b) 25% of the net proceeds of any public offering of its securities that closes before August 31, 2020. </p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For more information regarding
our current loan facilities and our Convertible Note, please see &#x0093;Operating and Financial Review and Prospects- Liquidity
and Capital Resources &#x2013; Indebtedness&#x0094; in our annual report and the descriptions thereof in this registration statement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Recent Developments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On June 12, 2020,
we issued 5,000 of our newly-designated Series B Preferred Shares, par value $0.001 per share, to Goldenmare Limited, a company
controlled by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which amount was paid by reducing, on
a dollar for dollar basis, the amount payable as executive compensation by the Company to Goldenmare Limited pursuant to a consultancy
agreement. Each Series B preferred share has 25,000 votes per share; however, the voting power of the Series B preferred shares
is limited such that no holder of Series B preferred shares may exercise voting rights pursuant to any Series B preferred shares
that would result in the total number of votes a holder is entitled to vote on any matter submitted to a vote of shareholders
of the Company to exceed 49.0% of the total number of votes eligible to be cast on such matter. As of the date of this prospectus
and until and unless we issue a significant number of securities, Goldenmare Limited, a company affiliated with our Chief Executive
Officer, can therefore control 49.0% of the voting power of our outstanding capital stock and will have substantial control and
influence over our management and affairs and over matters requiring shareholder approval, including the election of directors
and significant corporate transactions, even though Goldenmare Limited owns significantly less than 50% of the Company economically.
See &ldquo;Description of Capital Stock and Securities We are Offering&mdash;Share History&rdquo; for details. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">There have been some recent developments with regard to our financing&#x2014;see &#x0093;Our Borrowing Activities&#x0094; above.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Going Concern </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> Our consolidated
financial statements as of and for the year ended December 31, 2019 and our unaudited interim consolidated financial
statements for the three months ended March 31, 2020 were prepared assuming that we will continue as a going concern and do
not include any adjustments that might be necessary if we are unable to continue as a going concern. However, there are
substantial doubts about our ability to continue as a going concern. We acknowledge that uncertainty remains over our ability
to meet our liabilities as they fall due. We may be unable to realize assets at their recognized values and to extinguish
liabilities in the normal course of business at the amounts stated in these consolidated financial statements. If we cannot
secure the financing needed to continue as a viable business, our shareholders may lose some or all of their investment in
us. Our independent registered public accounting firm, Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., or EY,
has issued their opinion with an explanatory paragraph in connection with the consolidated financial statements for the year
ended December 31, 2019 included in our annual report that expresses substantial doubt about our ability to continue as a
going concern. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Corporate Information </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: white">We
originally incorporated as Globus Maritime Limited on July 26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended) and
re-domiciled into the Marshall Islands on November 24, 2010. Our registered office is located at Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH 96960. Our reg<font style="background-color: white">istered agent in the Republic of the Marshall
Islands is The Trust Company of the Marshall Islands, Inc., Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH 96960. </font>Our principal executive office is located at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica,
Greece. Our telephone number is +30 210 960 8300. Our corporate website address is <u>http://www.globusmaritime.gr</u>. The information
contained on or accessed through our website does not constitute part of, and is not incorporated into, this prospectus. The SEC
maintains a website that contains reports, proxy and information statements, and other information that we file electronically
at <u>http://www.sec.gov</u>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>THE OF<a name="a005"></a>FERING </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt; width: 45%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Securities offered by us </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt; width: 55%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> We
are offering 12,500,000 Units. Each Unit consists of one common share and one Class A Warrant (together with the common shares
underlying the Class A Warrants). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> We are also offering to each purchaser,
with respect to the purchase of Units that would otherwise result in the purchaser&#x2019;s beneficial ownership exceeding 4.99%
of our outstanding common shares immediately following the consummation of this offering, the opportunity to purchase one pre-funded
warrant in lieu of one common share. Subject to limited exceptions, a holder of pre-funded warrants will not have the right to
exercise any portion of its pre-funded warrant if the holder, together with its affiliates, would beneficially own in excess of
4.99% (or, at the election of the holder, such limit may be increased to up to 9.99%) of the number of common shares outstanding
immediately after giving effect to such exercise. Each pre-funded warrant will be exercisable for one common share. This prospectus
also relates to the offering of the common shares issuable upon exercise of the pre-funded warrants. The purchase price per pre-funded
warrant will be equal to the price per common share, minus $0.01, and the exercise price of each pre-funded warrant will equal
$0.01 per share. The pre-funded warrants will be immediately exercisable and may be exercised at any time in perpetuity until
all of the pre-funded warrants are exercised in full. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Units will not be certificated
or issued in stand- alone form. The common shares and/or pre-funded warrants and the Class A Warrants comprising the Units are
immediately separable upon issuance and will be issued separately in this offering. </p>

</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
of the Class A Warrants</font> </td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Each
                                         Class A Warrant will have an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share (not
                                         less than 100% of the public offering price of each unit sold in this offering), will
                                         be exercisable upon issuance and will expire five years from issuance. Each Class A Warrant
                                         is exercisable for one share of common stock, subject to adjustment in the event of stock
                                         dividends, stock splits, stock combinations, reclassifications, reorganizations or similar
                                         events affecting our common stock as described herein. The terms of the Class A Warrants
                                         will be governed by a Warrant Agency Agreement, dated as of the effective date of this
                                         offering, that we expect to be entered into between us and Computershare Investor Services
                                         or its affiliate (the &ldquo;Warrant Agent&rdquo;). This prospectus also relates to the
                                         offering of the common shares issuable upon exercise of the Class A Warrants. For more
                                         information regarding the Class A Warrants, you should carefully read the section titled
                                         &ldquo;Description of Capital Stock and Securities We Are Offering&ndash; Class A Warrants&rdquo;
                                         in this prospectus. </p>
</td></tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> &nbsp; </td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> &nbsp; </td></tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
shares presently outstanding</font> </td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,416,666
common shares (1)</font> </td></tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> &nbsp; </td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"> &nbsp; </td></tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Common shares to be outstanding immediately after this offering </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> 18,916,666 common shares (20,791,666
common shares if the representative exercises its option to purchase additional securities in full), assuming no issuance of pre-funded
warrants and no exercise of the Class A Warrants issued in this offering. (1) </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Over-Allotment Option </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> We have granted the representative of
the underwriters an option for a period of 45 days to purchase up to an additional 1,875,000 common shares and/or pre-funded warrants
and/or up to an additional 1,875,000 Class A Warrants. </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Use of proceeds </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> We estimate
that we will receive net proceeds of approximately $ million, and approximately $ million
if the representative exercises its over-allotment option in full, after deducting underwriting discounts and commissions and
estimated expenses payable by us, and assuming no sale of pre-funded warrants in this offering and no exercise of the Class A
Warrants sold in this offering. </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> &nbsp; </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> We intend
                                                            to use all of the net proceeds of this offering for general corporate purposes, which may include, among other things,
                                                            prepaying our Convertible Note or partially funding the acquisition of vessels in accordance with our growth strategy.
                                                            However we have not identified any potential acquisitions, and we can provide no assurance that we will be able to
                                                            complete any debt prepayment or the acquisition of any vessel that we are able to identify. We will not repay any related
                                                            party debt using the net proceeds from this offering. We will redeem all or part of the Convertible Note in cash with an
                                                            amount equal to the lesser of (i) 25% of the net proceeds of this public offering or (ii) the outstanding amount of the
                                                            Convertible Note, assuming the offering closes before August 31, 2020. </p>
</td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: top; padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt; width: 45%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Risk factors </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt; width: 55%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Investing in our securities involves
a high degree of risk. See &#x0093;Risk Factors&#x0094; below, beginning on page 15, and in our annual report on Form 20-F for
the year ended December 31, 2019, which is incorporated by reference herein, to read about the risks you should consider before
investing in our securities. </p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Listing </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Our common shares are listed on the Nasdaq
Capital Market under the symbols &#x0093;GLBS&#x0094;. We will not apply to <font style="background-color: white">list the Class
A Warrants or  pre-funded warrants offered hereunder on any stock exchange.</font> </p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Lock-up agreements </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Subject to certain exceptions, we, all
of our executive officers and directors, and certain affiliates that are beneficial owners of 5% or more of our outstanding common
shares as of the effective date of the registration statement have agreed not to offer, issue, sell, contract to sell, encumber,
grant any option for the sale of or otherwise dispose of any of our common shares or other securities convertible into or exercisable
or exchangeable for shares of our common shares for a period of 120 days after this offering is completed without the prior written
consent of the representative of the underwriters. </p>
</td>
</tr>
<tr>
<td style="padding: 0pt 5.4pt 0pt 0pt; vertical-align: top"> &nbsp; </td>
<td style="padding: 0pt 5.4pt 0pt 0pt; vertical-align: top"> &nbsp; </td></tr>
<tr>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> Transfer
                                         Agent </p>
</td>
<td valign="top" style="padding: 0pt 5.4pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> The
                                         registrar and transfer agent for our common shares is Computershare Inc. Its address
                                         is <font style="color: black">Computershare Investor Services, 462 South 4th Street,
                                         Suite 1600, Louisville, KY, 40202</font>, and its telephone number is <font style="color: black">+1
                                         (781) 575 4223 or +1 (800) 368 5948</font>. </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> 100,000
                                         common shares available for issuance under our 2012 Equity Incentive Plan; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         issuance of $20,000 worth of common shares to each of our two independent directors per
                                         year, which issuances are made in equal quarterly installments independently of our 2012
                                         Equity Incentive Plan; for the avoidance of doubt, these figures include the issuance
                                         of 21,740 common shares to our independent directors, which issuances were made during
                                         the quarter ended March 31, 2020; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> Up
                                         to 2,475,660 common shares issuable upon conversion of the Convertible Note, based on
                                         $2,475,660 of principal and interest outstanding on March 31, 2020 and assuming full
                                         conversion of such amount at the floor price of the Convertible Note, it being noted
                                         that approximately $2.5 million of principal and interest remain outstanding on the date
                                         of this prospectus; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> Up
                                         to 303,964 common shares issuable at our option to repay the Firment Shipping Credit
                                         Facility, based on approximately $851,100 of principal and interest outstanding on March
                                         31, 2020 and assuming full repayment of such amount at a conversion price of $2.80 per
                                         share; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> The&nbsp;12,500,000 common shares issuable upon the exercise
of Class A Warrants to be issued with the Units in this offering (and an additional 1,875,000 common shares if the underwriters
exercise their over-allotment option in full). </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">See &#x0093;Business&#x0094; and &#x0093;Certain Relationships and Related Party Transactions&#x2014;Firment Shipping Credit Facility&#x0094; for a description of the terms of the Convertible Note and Firment Shipping Credit Facility. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Except as otherwise noted, all information
in this prospectus reflects and (a) assumes (i) no sale of pre-funded warrants in this offering, which, if sold, would reduce
the number of common shares that we are offering on a one-for-one basis, and (ii) no exercise of the underwriter&#x2019;s over-allotment
option, and (b) no exercise of any Class A Warrants sold in this offering. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>SUMMARY HIST<a name="a006"></a>ORICAL CONSOLIDATED FINANCIAL DATA </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">The information set forth below should be read in conjunction with &#x0093;Capitalization&#x0094; and our audited consolidated financial statements and related notes incorporated by reference herein.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> We derived the following
consolidated financial data for the years ended as of December 31, 2019 and 2018 and the three years then ended from our audited
consolidated financial statements, as presented in our most recent annual report on Form 20-F, which is incorporated by reference
in this prospectus. <font style="background-color: white">We have derived the following consolidated financial data for the three
months ended March 31, 2020 and 2019 and as of March 31, 2020 from our unaudited interim consolidated financial statements that
are incorporated by reference in this prospectus. Operating results for the three months ended March 31, 2020 are not necessarily
indicative of the results that may be expected for the entire year ending December 31, 2020. </font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"><font style="background-color: white">On October 20, 2016, we effected a four-for-one reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional shares). On October 15, 2018, we effected a ten-for-one reverse stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made based on fractional shares). As a result of these reverse stock splits, there was no change in the number of authorized shares or the par value of our common shares. All share and per share amounts disclosed herein give effect to these reverse stock splits retroactively, for all periods presented, unless otherwise noted.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Based on our audited consolidated financial statements:</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px"><b>&nbsp;</b></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="18" style="border-bottom: Black 1pt solid; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: center; text-indent: 0px"><b>Year Ended December 31,</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="18" style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: center; text-indent: 0px"><b>(Expressed in Thousands of U.S. Dollars, except per share data)</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="border-style: none; font: 10pt Times New Roman, Times, serif; margin: 0pt; padding: 0pt; text-align: right; text-indent: 0px"><b>2019</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="border-style: none; font: 10pt Times New Roman, Times, serif; margin: 0pt; padding: 0pt; text-align: right; text-indent: 0px"><b>2018</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="border-style: none; font: 10pt Times New Roman, Times, serif; margin: 0pt; padding: 0pt; text-align: right; text-indent: 0px"><b>2017</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="border-style: none; font: 10pt Times New Roman, Times, serif; margin: 0pt; padding: 0pt; text-align: right; text-indent: 0px"><b>2016</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left; text-indent: 0px">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-indent: 0px">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: top; border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="border-style: none; font: 10pt Times New Roman, Times, serif; margin: 0pt; padding: 0pt; text-align: right; text-indent: 0px"><b>2015</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top; width: 35%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Consolidated Statement of comprehensive loss</b></p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Voyage revenues<i>(1)</i></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">15,623</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">17,354</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">13,852</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">8,423</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">12,252</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Management fee income</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">31</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">278</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Total Revenues</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">15,623</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">17,354</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">13,883</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">8,701</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">12,252</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Voyage expenses<i>(1)</i></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,098</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,188</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,352</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(954</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,921</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Vessel operating expenses</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(8,882</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(9,925</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(9,135</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(8,688</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(10,321</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Depreciation</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(4,721</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(4,601</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(4,854</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(5,014</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(6,085</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Depreciation of drydocking costs</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,704</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,166</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(862</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,005</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,062</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Amortization of fair value of time charter attached to vessels</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(41</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Administrative expenses</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,583</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,356</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,224</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,094</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,751</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Administrative expenses payable to related parties</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(371</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(528</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(514</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(351</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(465</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Share-based payments</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(40</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(40</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(40</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(50</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(60</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Impairment loss</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(29,902</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(20,144</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Gain from sale of subsidiary</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,257</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Other (expenses)/income, net</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">29</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">83</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(30</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(110</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Operating (loss)/profit before financing activities</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(33,649</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,448</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(4,015</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(7,228</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(29,708</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Interest income</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">47</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">3</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">8</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Interest expense and finance costs</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(4,703</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,056</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,221</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,676</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,783</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Gain/(Loss) on derivative financial instruments</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,950</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(131</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Foreign exchange gains/(losses), net</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">67</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(242</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">74</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">87</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Total comprehensive loss for the year</b></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>(36,351</b>)</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>(3,568</b>)</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>(6,475</b>)</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>(9,825</b>)</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>(32,396</b>)</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Basic (loss) per share for the year</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(8.73</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1.11</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2.51</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(37.73</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(126.22</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Diluted (loss) per share for the year</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(8.73</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1.11</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2.51</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(37.73</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(126.22</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Weighted average number of common shares, basic</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,165,919</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">3,200,927</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,574,995</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">260,384</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">256,667</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Weighted average number of common shares, diluted</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,165,919</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">3,200,927</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,574,995</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">260,384</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">256,667</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Dividends declared per common share</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Dividends declared per Series A Preferred Share</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">174.65</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">EBITDA <i>(2)</i> (unaudited)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(25,270</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,255</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,459</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(1,135</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(22,433</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Adjusted EBITDA <i>(2)</i> (unaudited)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,678</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,319</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,701</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(3,466</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">(2,376</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">)</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black"><i><font style="color: black">(1) In respect of the election to apply IFRS 15 fully retrospectively, prior year figures have been adjusted in order to present Voyage revenues net of address commissions. Address commissions prior to the adoption of IFRS 15 were included in Voyage expenses.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="color: black"><i>(2) Earnings
before interest, taxes, depreciation and amortization, or &#x0093;EBITDA&#x0094;, represents the sum of net income/(loss), interest
and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents
net earnings before interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments,
foreign exchange gains or losses, income taxes, depreciation, depreciation of drydocking costs, amortization of fair value of
time charter attached to vessels, impairment and gains or losses from sale of vessels. EBITDA and Adjusted EBITDA do not represent
and should not be considered as alternatives to total comprehensive income/(loss) or cash generated from operations, as determined
by IFRS, and our calculations of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. Each of
EBITDA and Adjusted EBITDA is not a recognized measurement under IFRS.</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="color: black"><i>EBITDA
and Adjusted EBITDA are included herein because they are a basis upon which we assess our financial performance and because we
believe that each presents useful information to investors regarding a company&#x2019;s ability to service and/or incur indebtedness
and each is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our
industry.</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> <font style="color: black"><i>EBITDA and Adjusted EBITDA each
has limitations as an analytical tool, and you should not consider either of them in isolation, or as a substitute for analysis
of our results as reported under IFRS. Some of these limitations are:</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> <font style="color: black"><i>&raquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of EBITDA and Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual
commitments;</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> <font style="color: black"><i>&raquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of EBITDA and Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest
or principal payments on our debt;</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> <font style="color: black"><i>&raquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of &nbsp;EBITDA and Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> <font style="color: black"><i>&raquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting each one&rsquo;s usefulness
as a comparative measure.</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">Because of these limitations, </font></i></font><font style="color: black"><i><font style="color: black">EBITDA and </font></i></font><font style="color: black"><i><font style="color: black">Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the growth of our business.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p><font style="font: 10pt Times New Roman, Times, serif"><font style="color: black">The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA (unaudited) to total comprehensive loss for the periods presented:</font></font></p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Year Ended December 31,</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(Expressed in Thousands of U.S. Dollars)</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2019</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2018</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="3" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2017</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2016</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2015</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 35%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Total comprehensive loss for the year</b></p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b><font style="color: black"><font style="color: black">(36,351</font></font></b>)</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b><font style="color: black"><font style="color: black">(3,568</font></font></b>)</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b><font style="color: black"><font style="color: black">(6,475</font></font></b>)</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b><font style="color: black"><font style="color: black">(9,825</font></font></b>)</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b><font style="color: black"><font style="color: black">(32,396</font></font></b>)</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Interest and finance costs, net</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,656</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,056</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,218</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,671</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,775</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Depreciation</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,721</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,601</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,854</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5,014</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">6,085</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Depreciation of drydocking costs</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,704</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,166</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">862</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,005</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,062</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Amortization of fair value of time charter attached to vessels</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">41</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">EBITDA (unaudited)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(25,270</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,255</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,459</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(1,135</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(22,433</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">(Gain)/loss on derivative financial instruments</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(1,950</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">131</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Foreign exchange (gains)/losses, net</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(4</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(67</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">242</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(74</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(87</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Impairment loss</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">29,902</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">20,144</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Gain from sale of subsidiary</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(2,257</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Adjusted EBITDA (unaudited)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,678</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,319</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,701</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(3,466</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; white-space: nowrap; border-top: black 1pt solid; border-bottom: black 4px double">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="color: black">(2,376</font></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">)</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>As of December 31,</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(Expressed in Thousands of U.S. Dollars)</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2019</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2018</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2017</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2016</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2015</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; width: 35%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Statements of financial position data</b></p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total non-current assets</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">50,167</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">83,880</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">87,373</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">91,847</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">110,140</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total current assets (including &#x0093;Non-current assets classified as held for sale&#x0094;)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5,489</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,794</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,230</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,149</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,697</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total assets</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">55,656</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">86,674</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">91,603</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">93,996</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">114,837</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total equity</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">9,879</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">41,050</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">43,968</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">20,760</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">30,535</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total non-current liabilities</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">37,046</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,418</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">82</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">42,100</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">14,673</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total current liabilities</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">8,731</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">43,206</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">47,553</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">31,136</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">69,629</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Total equity and liabilities</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">55,656</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">86,674</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">91,603</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">93,996</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">114,837</p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 95%; border-collapse: collapse">

<tr>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="18" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"> <b>Year Ended December 31,</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>2019</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>2018</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>2017</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>2016</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> <b>2015</b> </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="width: 35%; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <b>Consolidated statements of cash flows
data</b> </p>
</td>
<td style="width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> &nbsp; </p>
</td>
<td style="vertical-align: bottom; width: 1%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Net cash generated from/(used in) operating
activities </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> $ </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 213 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> $ </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 3,851 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> $ </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 631 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> $ </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (3,600 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> $ </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (60 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Net cash (used in)/generated from investing
activities </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (20 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (126 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (263 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 362 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 5,351 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
</tr>
<tr style="background-color: White">
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Net cash (used in)/provided by financing
activities </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 2,127 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (6,435 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 2,225 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> 1,396 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"> (8,369 </p>
</td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ) </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 90%; border-collapse: collapse">

<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>&nbsp;</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Year Ended December 31,</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2019</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2018</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="3" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2017</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2016</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2015</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="padding: 0pt 0pt 0pt 9pt; width: 20%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Ownership days(1)</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 9%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,825</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 9%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,825</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 9%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,825</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 9%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,908</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="vertical-align: bottom; width: 9%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,380</p>
</td>
<td style="vertical-align: bottom; width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Available days(2)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,788</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,755</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,787</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,885</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,336</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Operating days(3)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,756</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,723</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,745</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,830</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,252</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Bareboat charter days(4)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">22</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Fleet utilization(5)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">98.2</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">%</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">98.2</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">%</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">97.6</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">%</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">97.1</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">%</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">96.4</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">%</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Average number of vessels(6)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5.0</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5.0</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5.0</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5.2</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">6.5</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Daily time charter equivalent (TCE) rate(7)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">7,564</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">9,213</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">6,993</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">3,962</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,333</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 9pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -9pt">Daily operating expenses(8)</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,867</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5,438</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">5,005</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,553</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,337</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(1) Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(2) Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="color: black"><i>(3) Operating
days are the number of available days less the aggregate number of days that the vessels are off-hire due to any reason, including
unforeseen circumstances but excluding days during which vessels are seeking employment.</i></font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(4) Bareboat charter days are the aggregate number of days in a period during which the vessels in our fleet are subject to a bareboat charter.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(5) We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(6) Average number of vessels is measured by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(7) Time Charter Equivalent (TCE) rates are our revenue less net revenue from our bareboat charters less voyage expenses during a period divided by the number of our available days during the period excluding bareboat charter days. TCE is not a recognized measurement under IFRS or generally accepted accounted principles. Please read &#x0093;Operating and Financial Review and Prospects&#x0094; in our annual report.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">(8) We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant time period excluding bareboat charter days.</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The following table reflects the Voyage Revenues to Daily Time Charter Equivalent Reconciliation for the periods presented.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%; border-collapse: collapse">

<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Year Ended December 31,</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="18" valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>(Expressed in Thousands of U.S. Dollars, <br>except number of days and daily TCE rates)</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2019</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2018</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="3" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2017</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2016</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td colspan="2" valign="bottom" style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><b>2015</b></p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt; width: 35%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="width: 10%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;</p>
</td>
<td valign="bottom" style="width: 1%">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 0pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Voyage revenues</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">15,623</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">17,354</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">13,852</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">8,423</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">12,252</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Less: Voyage expenses</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,098</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,188</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,352</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">954</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,921</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 1pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Less: bareboat charter net revenue</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&#x2014;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom" style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; border-image: initial">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">304</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Net revenue excluding bareboat charter net revenue</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">13,525</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">16,166</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">12,500</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">7,469</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">10,027</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td valign="bottom" style="padding: 0pt 0pt 0pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Available days net of bareboat charter days</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,788</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,755</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,787</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">1,885</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2,314</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td valign="bottom" style="padding: 0pt 0pt 0pt 5.4pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Daily TCE rate*</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">7,564</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">9,213</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">6,993</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">3,962</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">$</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">4,333</p>
</td>
<td valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black">*The amounts are subject to rounding.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"> <i>Based on our
unaudited interim consolidated financial statements: </i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"> <i>&nbsp;</i> </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt"> &nbsp; </td><td style="padding-bottom: 1pt; font-size: 10pt"> &nbsp; </td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt"> Period Ended March 31, <br>
    (Expressed in Thousands of U.S. Dollars, except per share data) </td><td style="padding-bottom: 1pt; font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font-size: 10pt; padding-left: 5.4pt"> &nbsp; </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Consolidated Statement of comprehensive loss/income </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Voyage revenues<i>(1)</i> </td><td style="width: 2%; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 2,290 </td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 2%; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 3,543 </td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Total Revenues </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 2,290 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 3,543 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Voyage expenses<i>(1)</i> </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,395 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (512 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Vessel operating expenses </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (2,057 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (2,085 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Depreciation </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (633 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,167 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Depreciation of drydocking costs </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (491 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (454 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Administrative expenses </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (394 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (427 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Administrative expenses payable to related parties </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (92 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (128 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Share-based payments </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (10 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (10 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Impairment loss </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (4,615 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Other (expenses)/income, net </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (6 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 30 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Operating loss before financing activities </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (7,403 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,210 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Interest income </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 11 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Interest expense and finance costs </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,149 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (725 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Gain/(Loss) on derivative financial instruments </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (494 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 1,634 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Foreign exchange gains/(losses),
    net </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 33 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 33 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Total comprehensive
    loss for the year </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (9,002 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (268 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Basic (loss) per share for the year </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1.55 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (0.08 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Diluted (loss) per share for the year </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1.55 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (0.08 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Weighted average number of common shares, basic </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 5,816,904 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 3,209,604 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Weighted average number of common shares, diluted </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 5,816,904 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 3,209,604 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Dividends declared per common share </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Dividends declared per Series A Preferred Share </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> EBITDA <i>(2)</i> (unaudited) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (6,740 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 2,078 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Adjusted EBITDA <i>(2)</i> (unaudited) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,664 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 411 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"> <i>&nbsp;</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(1) In respect of the election to
apply IFRS 15 fully retrospectively, prior year figures have been adjusted in order to present Voyage revenues net of address
commissions. Address commissions prior to the adoption of IFRS 15 were included in Voyage expenses.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(2) Earnings before interest, taxes,
depreciation and amortization, or &ldquo;EBITDA&rdquo;, represents the sum of net income/(loss), interest and finance costs, interest
income, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents net earnings before
interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments, foreign exchange
gains or losses, income taxes, depreciation, depreciation of drydocking costs, amortization of fair value of time charter attached
to vessels, impairment and gains or losses from sale of vessels. EBITDA and Adjusted EBITDA does not represent and should not
be considered as an alternative to total comprehensive income/(loss) or cash generated from operations, as determined by IFRS,
and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. Each of EBITDA and
Adjusted EBITDA is not a recognized measurement under IFRS.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>EBITDA and Adjusted EBITDA are included
herein because they are a basis upon which we assess our financial performance and because we believe that each presents useful
information to investors regarding a company&rsquo;s ability to service and/or incur indebtedness and each is frequently used
by securities analysts, investors and other interested parties in the evaluation of companies in our industry.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>EBITDA and Adjusted EBITDA each
has limitations as an analytical tool, and you should not consider either of them in isolation, or as a substitute for analysis
of our results as reported under IFRS. Some of these limitations are:</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <i>&raquo;&#9;Each
of EBITDA and Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual
commitments;</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <i>&raquo;&#9;Each
of EBITDA and Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or
principal payments on our debt;</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <i>&raquo;&#9;Each
of EBITDA and Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <i>&raquo;&#9;other
companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting each one&rsquo;s usefulness
as a comparative measure.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <i>Because of these
limitations, EBITDA and Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in
the growth of our business.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; text-align: center"> Period Ended March 31, </td><td style="font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> (Expressed in Thousands of
    U.S. Dollars, except per share data) </td><td style="padding-bottom: 1pt; font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 5.4pt"> Total comprehensive
    loss for the year </td><td style="width: 2%; font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"> (9,002 </td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> ) </td><td style="width: 2%; font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"> (268 </td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Interest and finance costs, net </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 1,138 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 725 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Depreciation </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 633 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 1,167 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Depreciation of drydocking costs </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 491 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 454 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> EBITDA (unaudited) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (6,740 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 2,078 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> (Gain)/loss on derivative financial instruments </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 494 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (1,634 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Foreign exchange (gains)/losses, net </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (33 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (33 </td><td style="font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Impairment loss </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 4,615 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> - </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Adjusted EBITDA (unaudited) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (1,664 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 411 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <i>&nbsp;</i> </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> As of March
    31, </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> As of December
    31, </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center"> (Expressed in Thousands of U.S. Dollars) </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: justify"> Statements of financial position data </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Total non-current assets </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> 44,702 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> 50,167 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Total current assets (including &ldquo;Non-current
    assets classified as held for sale&rdquo;) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 4,379 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 5,489 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 5.4pt"> Total assets </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; text-align: right"> 49,081 </td><td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; text-align: right"> 55,656 </td><td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Total equity </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 1,702 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 9,879 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Total non-current liabilities </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 1,462 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 37,046 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Total current liabilities </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 45,917 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 8,731 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 5.4pt"> Total equity and liabilities </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; text-align: right"> 49,081 </td><td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; text-align: right"> 55,656 </td><td style="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <b>&nbsp;</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b></b></p>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Period Ended
    March 31, </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: justify"> Consolidated statements of cash flows data </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; text-align: right"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Net cash used in operating activities </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> (1,976 </td><td style="width: 1%; font-size: 10pt; text-align: left"> ) </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> (1,123 </td><td style="width: 1%; font-size: 10pt; text-align: left"> ) </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Net cash generated from investing activities </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 11 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> - </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Net cash (used in)/provided by financing activities </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> (106 </td><td style="font-size: 10pt; text-align: left"> ) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 4,034 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <b>&nbsp;</b> </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> Period Ended March 31, </td><td style="padding-bottom: 1pt; font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Ownership days(1) </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 10%; font-size: 10pt; text-align: right"> 455 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 10%; font-size: 10pt; text-align: right"> 450 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Available days(2) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 412 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 450 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Operating days(3) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 408 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 448 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Fleet utilization(4) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 99.1 </td><td style="font-size: 10pt; text-align: left"> % </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 99.6 </td><td style="font-size: 10pt; text-align: left"> % </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Average number of vessels(5) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 5.0 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 5.0 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Daily time charter equivalent (TCE) rate(6) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 2,173 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 6,376 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Daily operating expenses(7) </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 4,521 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 4,634 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <b>&nbsp;</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(1) Ownership days are the aggregate
number of days in a period during which each vessel in our fleet has been owned by us.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(2) Available days are the number
of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under
guarantee, vessel upgrades or special surveys.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(3) Operating days are the number
of available days less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances
but excluding days during which vessels are seeking employment.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(4) We calculate fleet utilization
by dividing the number of our operating days during a period by the number of our available days during the period.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(5) Average number of vessels is
measured by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of
calendar days in such period.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(6) Time Charter Equivalent (TCE)
rates are our revenue less net revenue from our bareboat charters less voyage expenses during a period divided by the number of
our available days during the period excluding bareboat charter days. TCE is not a recognized measurement under IFRS or generally
accepted accounted principles. Please read &ldquo;Operating and Financial Review and Prospects&rdquo; in our annual report.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(7) We calculate daily vessel operating
expenses by dividing vessel operating expenses by ownership days for the relevant time period excluding bareboat charter days.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table reflects the Voyage
Revenues to Daily Time Charter Equivalent Reconciliation for the periods presented. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Period Ended
    March 31, </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center"> (Expressed in Thousands of U.S. Dollars,
    except number of days and daily TCE rates) </td><td style="font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2020 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> 2019 </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td colspan="2" style="font-size: 10pt"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Voyage revenues </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> 2,290 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td><td style="width: 2%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 1%; font-size: 10pt; text-align: left"> $ </td><td style="width: 10%; font-size: 10pt; text-align: right"> 3,543 </td><td style="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> Less: Voyage expenses </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 1,395 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 512 </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Net revenue excluding bareboat charter net revenue </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 895 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 3,031 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Available days </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 412 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt; text-align: right"> 450 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: justify; padding-left: 5.4pt"> Daily TCE rate* </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 2,173 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td><td style="font-size: 10pt"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: left"> $ </td><td style="font-size: 10pt; text-align: right"> 6,736 </td><td style="font-size: 10pt; text-align: left"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <b>&nbsp;</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> *The amounts are subject to rounding. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><a name="a007"></a>RISK FACTORS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"><i>An investment in our securities involves a high degree of risk. Before deciding to invest in our securities, you should carefully consider the risks described below and all of the other information contained or incorporated by reference into this prospectus. These risks and uncertainties are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occurs, our business, financial condition, results of operations and future growth prospects could be materially adversely affected. In that case, you may lose all or part of your investment in the securities. </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><b>Risks Relating to Our Industry </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The international dry bulk shipping industry is cyclical and volatile.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The international seaborne transportation industry is cyclical and has high volatility in charter rates, vessel values and profitability. Fluctuations in charter rates result from changes in the supply and demand for vessel capacity and changes in the supply and demand for energy resources, commodities, semi-finished and finished consumer and industrial products internationally carried at sea. Since the early part of 2009, rates have been volatile and low, relative to previous years. In 2018 rates were relatively stable throughout the year. In 2019 although the rates reduced again at the beginning, they reached a peak during the third quarter, followed by a decreasing trend again. In the beginning of 2020 the rates continued to drop and have reached close to the all-time low. Currently all of our vessels are chartered on the spot market, and we are exposed therefore to changes in spot market and short-term charter rates for dry bulk vessels and such changes affect our earnings and the value of our dry bulk vessels at any given time. The supply of and demand for shipping capacity strongly influences freight rates. The factors affecting the supply and demand for vessels are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Factors that influence demand for vessel capacity include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 36pt"></td>
<td style="vertical-align: top; width: 36pt"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">port and canal congestion charges;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">general dry bulk shipping market conditions, including fluctuations
in charterhire rates and vessel values and demand for and production of dry bulk products;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">global and regional economic and political conditions, including
exchange rates, trade deals, and the rate and geographic distributions of economic growth;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">environmental and other regulatory developments;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the distance dry bulk cargoes are to be moved by sea;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">changes in seaborne and other transportation patterns; and</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">natural disasters and/or world pandemics such as the COVID-19
that has disrupted the markets worldwide.</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Factors that influence the supply of vessel capacity include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 36pt"></td>
<td style="vertical-align: top; width: 36pt"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the size of the newbuilding orderbook;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the price of steel and vessel equipment;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">technological advances in vessel design and capacity;</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 36pt"></td>
<td style="vertical-align: top; width: 36pt"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the number of newbuild deliveries, which among other factors
relates to the ability of shipyards to deliver newbuilds by contracted delivery dates and the ability of purchasers to finance
such newbuilds;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the scrapping rate of older vessels;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">port and canal congestion;</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">the number of vessels that are in or out of service, including
due to vessel casualties; and</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#x25cf;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">changes in environmental and other regulations that may limit
the useful lives of vessels.</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition to the prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance costs, insurance coverage costs, the efficiency and age profile of the existing dry bulk fleet in the market, and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations. These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We anticipate that the future demand for our dry bulk vessels and charter rates will be dependent upon continued economic growth in the world&#x2019;s economies, seasonal and regional changes in demand and changes to the capacity of the global dry bulk vessel fleet and the sources and supply of dry bulk cargo to be transported by sea. Adverse economic, political, social or other developments could negatively impact charter rates and therefore have a material adverse effect on our business, results of operations and ability to pay dividends. We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The international shipping industry and dry bulk market are highly competitive.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The shipping industry and dry bulk market are capital intensive and highly fragmented with many charterers, owners and operators of vessels and are characterized by intense competition. Competition arises primarily from other vessel owners, some of whom have substantially greater resources than we do. The trend towards consolidation in the industry is creating an increasing number of global enterprises capable of competing in multiple markets, which may result in a greater competitive threat to us. Our competitors may be better positioned to devote greater resources to the development, promotion and employment of their businesses than we are. Competition for the transportation of cargo by sea is intense and depends on customer relationships, operating expertise, professional reputation, price, location, size, age, environmental, social, and governance criteria, condition and the acceptability of the vessel and its operators to the charterers. Competition may increase in some or all of our principal markets, including with the entry of new competitors, who may operate larger fleets through consolidations or acquisitions and may be able to sustain lower charter rates and offer higher quality vessels than we are able to offer. We may not be able to continue to compete successfully or effectively with our competitors and our competitive position may be eroded in the future, which could have an adverse effect on our fleet utilization and, accordingly, business, financial condition, results of operations and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pandemics such as the novel
coronavirus (COVID-19) make it very difficult for us to operate in the short-term and have unpredictable long-term consequences,
all of which could decrease the supply of and demand for the raw materials we transport, the rates that we are paid to carry our
cargo, and our financial outlook. </p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 11, 2020, the World Health
Organization declared the spread of a novel coronavirus (COVID-19) to be a global pandemic. In the name of public health, governments
around the world have shuttered workplaces, restricted travel, and put in place other measures which have resulted in a dramatic
decrease of economic activity, including a reduction of goods imported and exported worldwide. While some economies have begun
re-opening in limited capacities, it is impossible to predict the course the virus will take, how governments would respond to
a second or third wave of the virus, whether an effective vaccine can be produced economically at scale, and how the behavior
of our clients will change, if at all, due to the coronavirus pandemic&rsquo;s economic shock. Some experts fear that the economic
consequences of COVID-19 could cause a recession that outlives the pandemic. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have thus far been affected by COVID-19
as follows: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> The
                                         pandemic has had a negative impact on our voyage revenues for the three-month period
                                         ended March 31, 2020, which reached $2.3 million, compared to $3.5 million to the same
                                         period in 2019. We attribute this 35% decrease to the low freight rates achieved in the
                                         first quarter of 2020, which we attribute mainly to the outbreak of the novel coronavirus. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> Based
                                         upon increased volatility in the charter market and its effect on the recoverability
                                         of the carrying amount for our vessels, we concluded that the pandemic may have trigged
                                         the impairment of our vessels. We performed an impairment assessment of our vessels by
                                         comparing the discounted projected net operating cash flows for each vessel to its carrying
                                         value. As of March 31, 2020, the Company concluded that the recoverable amounts of the
                                         vessels were lower than their carrying amounts and recorded an impairment loss of $4.6
                                         million. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> Our
                                         vessels have been subject to quarantine checks upon arriving at certain ports. This has
                                         functionally limited the amount of cargo that the Company (and its competitors) are able
                                         to move because countries worldwide have imposed quarantine checks on arriving vessels,
                                         which have caused delays in loading and delivery of cargoes. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> Due
                                         to quarantine restrictions placed on persons and additional procedures using commercial
                                         aviation and other forms of public transportation, our crew has had difficulty embarking
                                         and disembarking on our ships. This has not thus far functionally affected our ability
                                         to crew out vessels. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We expect that pandemics generally,
including the current novel coronavirus pandemic, could affect our business in the following ways, among others: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (1) </td><td style="text-align: justify"> Pandemics generally reduce
                                         the demand for goods worldwide without a commensurate corresponding change in the number
                                         of vessels worldwide, thereby increasing competition for cargo and decreasing the market
                                         price for transporting dry bulk products. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (2) </td><td style="text-align: justify"> Countries could impose quarantine
                                         checks and hygiene measures on arriving vessels, which functionally reduce the amount
                                         of cargo that we and our competitors are able to move by causing delays in loading and
                                         delivery of cargo. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (3) </td><td style="text-align: justify"> The process of buying, selling,
                                         and maintaining vessels is made more onerous and time-intensive. For instance, delays
                                         may be caused at shipyards for newbuildings, drydocks and other works, in vessel inspections
                                         and related certifications by class societies, customers or government agencies, as well
                                         as delays and shortages or a lack of access to required spare parts and lack of berths
                                         or shortages in labor, which may in turn delay any repairs to, scheduled or unscheduled
                                         maintenance or modifications, or drydocking of, our vessels. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (4) </td><td style="text-align: justify"> We have a decrease in productivity,
                                         generally, as people&mdash;including our office employees and crews, as well as our counterparties&mdash;get
                                         sick and take time off from work. We are particularly vulnerable to our crew members
                                         getting sick, as if even one of our crew members gets sick, local authorities could require
                                         us to detain and quarantine the ship and its crew for an unspecified amount of time,
                                         disinfect and fumigate the vessels, or take similar precautions, which would add costs,
                                         decrease our utilization, and substantially disrupt our cargo operations. If a vessel&rsquo;s
                                         entire crew fell seriously ill, we may have substantial difficulty operating its vessel
                                         and may necessitate extraordinary external aid. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (5) </td><td style="text-align: justify"> International transportation
                                         of personnel could be limited or otherwise disrupted. In particular, our crews generally
                                         work on a rotation basis, relying largely on international air transport for crew changes
                                         plan fulfillment. Any such disruptions could impact the cost of rotating our crew, and
                                         possibly impact our ability to maintain a full crew synthesis onboard all our vessels
                                         at any given time. It may also be difficult for our in-house technical teams to travel
                                         to ship yards to observe vessel maintenance, and we may need to hire local experts, which
                                         local experts may vary in skill and are difficult to supervise remotely, to conduct work
                                         we ordinarily address in-house. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (6) </td><td style="text-align: justify"> Governments impose new regulations,
                                         directives or practices, which we may be obligated to implement at our own expense. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (7) </td><td style="text-align: justify"> Any or all of the foregoing
                                         could lead our charterers to try to invoke force majeure clauses. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> (8) </td><td style="text-align: justify"> Credit tightening or declines
                                         in global financial markets, including to the prices of our publicly traded securities
                                         and the securities of our peers, could make it more difficult for us to access capital,
                                         including to finance our existing debt obligations. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Any of these public health threats
and related consequences could adversely affect our financial results. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> It is too early to assess the full
long-term impact of the ongoing novel coronavirus pandemic on global markets, and particularly on the shipping industry. It may
take some time to materialize and may not be fully reflected in the results for the year ending December 31, 2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>We are dependent on our charterers and other counterparties fulfilling their obligations under agreements with us, and their inability or unwillingness to honor these obligations could significantly reduce our revenues and cash flow.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Payments to us by our charterers under time charters are and will be our main source of operating cash flow. Weaknesses in demand for shipping services, increased operating costs due to changes in environmental or other regulations and the oversupply of ships would hurt our profitability. Any declines in demand could result in worsening financial challenges to our customers and may increase the likelihood of one or more of our customers being unable or unwilling to pay us contracted charter rates or going bankrupt.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If we lose a time charter because the charterer is unable to pay us or for any other reason, we may be unable to re-deploy the related vessel on similarly favorable terms or at all. Also, we will not receive any revenues from such a vessel while it is un-chartered, but we will be required to pay expenses necessary to maintain and insure the vessel and service any indebtedness on it. The combination of any surplus of capacity, the expected entry into service of new technologically advanced ships, and an increase in the size of the world fleet over the next few years may make it difficult to secure substitute employment for any of our ships if our counterparties fail to perform their obligations under the time charters, and any new charter arrangements we are able to secure may be at lower rates. Furthermore, the surplus of ships available at lower charter rates and lack of demand for our customers&#x2019; services could negatively affect our charterers&#x2019; willingness to perform their obligations under our time charters, particularly if the charter rates in such time charters are significantly above the prevailing market rates. Accordingly we may have to grant concessions to our charterers in the form of lower charter rates for the remaining duration of the relevant charter or part thereof, or to agree to re-charter vessels coming off charter at reduced rates compared to the charter then ended. Because we enter into short-term and medium-term time charters from time-to-time, we may need to re-charter vessels coming off charter more frequently than some of our competitors, which may have a material adverse effect on business, results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The loss of any of our charterers, time charters or vessels, or a decline in payments under our time charters, could have a material adverse effect on our business, results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition to charter parties, we may, among other things, enter into contracts for the sale or purchase of secondhand ships or, in the future, shipbuilding contracts for newbuildings, provide performance guarantees relating to shipbuilding contracts to sale and purchase contracts or to charters, enter into credit facilities or other financing arrangements, accept commitment letters from banks, or enter into insurance contracts and interest or exchange rate swaps or enter into joint ventures. Such agreements expose us to counterparty credit risk. The ability and willingness of each of our counterparties to perform its obligations under a contract with us will depend upon a number of factors that are beyond our control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses, which in turn could have a material adverse effect on our business, results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>An over-supply of dry bulk carrier capacity may depress charter rates.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The market supply of dry bulk vessels has been increasing as a result of the delivery of numerous newbuilding orders over the last few years. Newbuildings were delivered in significant numbers starting at the beginning of 2006 and continued to be delivered through 2019, even though the fleet growth percentage has substantially reduced in recent years. An oversupply of dry bulk vessel capacity, particularly during a period of economic recession, may result in a reduction of charter hire rates. If we cannot enter into charters on acceptable terms, we may have to secure charters on the spot market, where charter rates are more volatile and revenues are, therefore, less predictable, or we may not be able to charter our vessels at all. In addition, a material increase in the net supply of dry bulk vessel capacity without corresponding growth in dry bulk vessel demand could have a material adverse effect on our fleet utilization (including ballast days) and our charter rates generally, and could, accordingly, materially adversely affect our business, financial condition, results of operations and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <b><i>If economic conditions throughout
the world decline, it will negatively impact our results of operations, financial condition and cash flows, and could cause the
market price of our securities to decline.</i></b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The world economy is facing a number of actual and potential challenges, including current trade tension between the United States and China, 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, protests in Hong Kong, terrorist or other attacks, war (or threatened war) or international hostilities, such as those between the United States and North Korea or Iran. Such events may contribute to economic instability in global financial markets or cause a decrease in worldwide demand for certain goods and, thus, shipping.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The above was true even before the
worldwide and unprecedented work stoppages associated with the global COVID-19 pandemic. See &ldquo;Risk Factors - Pandemics such
as the novel coronavirus (COVID-19) make it very difficult for us to operate in the short-term and have unpredictable long-term
consequences, all of which could decrease the supply of and demand for the raw materials we transport, the rates that we are paid
to carry our cargo, and our financial outlook&rdquo; for more information about how we have been affected by the global COVID-19
pandemic. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> It will take months at a minimum to discern
the full long-term political, economic, and public health implications of the COVID-19 epidemic, and how this will affect our
customers and the demand for the products that we transport. The European Union, or EU, and other parts of the world may currently
be in a recession or the beginning stages of a depression and uncertainty surrounds the potential for economic growth. Even before
the need for COVID-related economic stimulus, there was uncertainty related to certain European member countries&#x2019; ability
to refinance their sovereign debt, including Greece, despite the country&#x2019;s return to the sovereign debt markets in 2019.
As a result, the credit markets in the United States and Europe have experienced significant contraction, deleveraging and reduced
liquidity, and the U.S. federal and state governments and European authorities have implemented a broad variety of governmental
action and new regulation of the financial markets and may implement additional regulations in the future. As a result, global
economic conditions and global financial markets have been, and continue to be, particularly volatile. Further, credit markets
and the debt and equity capital markets have been distressed and the uncertainty surrounding the future of the global credit markets
has resulted in reduced access to credit worldwide. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Furthermore, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular, as indicated, the United States is seeking to implement more protective trade measures. The current U.S. President was elected on a platform promoting trade protectionism. The outcome of the 2016 presidential election has, thus, created significant uncertainty about the future relationship between the United States and China and other exporting countries with respect to trade policies, treaties, government regulations and tariffs. In January 2017, the U.S. President signed an executive order withdrawing the United States from the Trans-Pacific Partnership, a global trade agreement intended to include the United States, Canada, Mexico, Peru and a number of Asian countries. In March 2018, the U.S. President announced tariffs on imported steel and aluminum into the United States, which were in January 2020 expanded to include certain products made of steel and aluminum, that could have a negative impact on international trade generally. In addition, beginning in 2019, the United States imposed sanctions against the Government of Venezuela and its state-owned oil subsidiary, which had an effect on Venezuela&#x2019;s oil output and in turn affected global oil supply. 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 (i) the cost of goods exported from regions globally, particularly the Asia Pacific region, (ii) the length of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce 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&#x2019; 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 cash flows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We face risks attendant to the trends
in the global economy, such as changes in interest rates, instability in the banking and securities markets around the world,
the risk of sovereign defaults, reduced levels of growth, and trade protectionism, among other factors. Major market disruptions
and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business or impair
our ability to borrow under our loan agreements or any future financial arrangements. We cannot predict how long the current market
conditions will last. However, these recent and developing economic and governmental factors, together with depressed charter
rates and vessel values, may have a material adverse effect on our results of operations, financial condition or cash flows and
the trading price of our securities. In the absence of available financing, we may also be unable to complete vessel acquisitions,
take advantage of business opportunities or respond to competitive pressures. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Disruptions in global financial markets from terrorist attacks, regional armed conflicts, general political unrest, the emergence of a pandemic or epidemic crisis and the resulting governmental action could have a material adverse impact on our results of operations, financial condition and cash flows.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Terrorist attacks in certain parts of the world and the continuing response of the United States and other countries to these attacks, as well as the threat of future terrorist attacks, continue to cause uncertainty and volatility in the world financial markets and may affect our business, results of operations and financial condition. The continuing refugee resettlement crisis in the European Union, the continuing war in Syria and the presence of terrorist organizations in the Middle East, conflicts and turmoil in Yemen, Iraq, Afghanistan and Iran, general political unrest in Ukraine, political tension, continuing concerns relating to Brexit (as defined herein), concerns regarding the recent emergence of COVID19, and its spread throughout the world, and other viral outbreaks or conflicts in the Asia Pacific Region such as in the South China Sea, mainland China and North Korea have led to increased volatility in global credit and equity markets. Further, the operations of our Manager may be subjected to new regulations and potential shift in government policies that may require us to incur new or additional compliance or other administrative costs and may require the payment of new taxes or other fees. We also face the risk that strikes, work stoppages, civil unrest and violence within Greece may disrupt the shoreside operations of our Manager.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, global financial markets and economic conditions have been severely disrupted and volatile in recent years and remain subject to significant vulnerabilities, such as the deterioration of fiscal balances and the rapid accumulation of public debt, continued deleveraging in the banking sector and a limited supply of credit. Credit markets as well as the debt and equity capital markets were exceedingly distressed during 2008 and 2009 and have been volatile since that time. The resulting uncertainty and volatility in the global financial markets may accordingly affect our business, results of operations and financial condition. These uncertainties, as well as future hostilities or other political instability in regions where our vessels trade, could also affect trade volumes and patterns and adversely affect our operations, and otherwise have a material adverse effect on our business, results of operations and financial condition, as well as our cash flows and cash available for distributions to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Specifically, these issues, along with the re-pricing of credit risk and the difficulties currently experienced by financial institutions, have made, and will likely continue to make it difficult to obtain financing. As a result of the disruptions in the credit markets and higher capital requirements, many lenders have increased margins on lending rates, enacted tighter lending standards, required more restrictive terms (including higher collateral ratios for advances, shorter maturities and smaller loan amounts), or have refused to refinance existing debt at all. Furthermore, certain banks that have historically been significant lenders to the shipping industry have reduced or ceased lending activities in the shipping industry. Additional tightening of capital requirements and the resulting policies adopted by lenders, could further reduce lending activities. We may experience difficulties obtaining financing commitments or be unable to fully draw on the capacity under our committed term loans in the future if our lenders are unwilling to extend financing to us or unable to meet their funding obligations due to their own liquidity, capital or solvency issues. We cannot be certain that financing will be available on acceptable terms or at all. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our future obligations as they come due. Our failure to obtain such funds could have a material adverse effect on our business, results of operations and financial condition, as well as our cash flows, including cash available for distributions to our shareholders. In the absence of available financing, we also may be unable to take advantage of business opportunities or respond to competitive pressures.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We depend on spot charters in volatile shipping markets.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We currently charter all five vessels we own on the spot charter market. The spot charter market is highly competitive and spot charter rates may fluctuate significantly based upon available charters and the supply of and demand for seaborne shipping capacity. While our focus on the spot market may enable us to benefit if industry conditions strengthen, we must consistently procure spot charter business. Conversely, such dependence makes us vulnerable to declining market rates for spot charters and to the off-hire periods including ballast passages. Rates within the spot charter market are subject to volatile fluctuations while longer-term time charters provide income at pre-determined rates over more extended periods of time. There can be no assurance that we will be successful in keeping our vessels fully employed in these short-term markets or that future spot rates will be sufficient to enable the vessels to be operated profitably. At current spot charter rates, we don&#x2019;t believe that we will be operating profitably. A significant decrease in charter rates would affect value and further adversely affect our profitability, cash flows and ability to pay dividends. We cannot give assurances that future available spot charters will enable us to operate our vessels profitably.&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The market values of our vessels have declined, and may decline further and may trigger certain financial covenants under our existing and potentially future loan and credit facilities.</b></font></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>&nbsp;</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The market value of dry bulk vessels
has generally experienced high volatility, and is currently at a low value. The market prices for secondhand and newbuilding dry
bulk vessels in the recent past have declined from historically high levels to low levels within a short period of time. The fair
market values of our vessels are related to prevailing freight charter rates. While the fair market value of vessels and the freight
charter market have a very close relationship as the charter market moves from trough to peak, the time lag between the effect
of charter rates on market values of ships can vary. A decrease in the market value of our vessels could require us to raise additional
capital in order to remain compliant with our loan covenants and could result in the loss of our vessels (including, through foreclosure
by our lenders) and adversely affect our earnings and financial condition. As of March 31, 2020, the Company concluded that the
recoverable amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of approximately $4.6
million. The market value of our vessels may increase and decrease depending on a number of factors including: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
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<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0pt; text-align: justify"> prevailing level of charter
rates;<font style="font-size: 10pt">&nbsp;</font> </p>
</td>
</tr>

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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> age of vessels; </p>
</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> the environmental friendliness of our
vessels; </p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> general economic and market conditions
affecting the shipping industry; </p>
</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> competition from other shipping companies; </p>
</td>
</tr>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> configurations, sizes and ages of vessels; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> supply and demand for vessels,
including the number of newbuildings and the number of vessels scrapped or otherwise removed from the world fleet list; </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> other modes of transportation; </p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> cost of newbuildings; </p>
</td>
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<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
</tr>
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<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> the cost of retrofitting or modifying
existing ships to respond to technological advances in vessel design or equipment, changes in applicable environmental or other
regulations or standards, or otherwise. </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%">

<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> governmental or other regulations; and </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%">

<tr>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &nbsp; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> &raquo; </p>
</td>
<td valign="top" style="padding: 0pt 0.8pt 0pt 0pt; width: 111%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> technological advances. </p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In addition, as vessels grow older, they generally decline in value. If the fair market value of our vessels declines, we may not be in compliance with certain covenants in our loan agreements, and our lenders could accelerate our indebtedness or require us to pay down our indebtedness to a level where we are again in compliance with our loan covenants. Loan agreements and notes typically also have cross default provisions. If any of our loans are accelerated, we may not be able to refinance our debt or obtain additional funding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our loan agreement with EnTrust Global&#x2019;s Blue Ocean Fund (&#x0093;EnTrust Loan Facility&#x0094;) is secured by mortgages on our vessels, and requires us to maintain to satisfy financial covenants, including </font>based on the market value of our vessels and <font style="color: black">our liquidity. Our previous loan facilities had similar requirements, and we expect any future loan agreements to have similar collateral requirements and provisions. Since the middle of 2008, the prevailing conditions in the dry bulk charter market coupled with the general difficulty in obtaining financing for vessel purchases have led to a significant decline in the market values of our vessels. Furthermore, such loan agreement contains a cross-default provision that may be triggered by a default under any other financial indebtedness we may incur in an aggregate amount greater than $1,000,000. Our Convertible Note also contains a cross-default provision that is triggered upon a material default or an event of default under our existing agreements which would or is likely to have a material adverse effect on the Company or any of its subsidiaries, individually or in the aggregate.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of March 31, 2020, the Company was
not in compliance with all of the covenants included in the loan agreement with EnTrust. But on May 5, 2020, the Company obtained
waivers and relaxations of the breached covenants for the period commencing on March 31, 2020, and ending September 30, 2020.
For a more detailed discussion see &ldquo;Operating and Financial Review and Prospects &ndash; Liquidity and Capital Resources&mdash;Indebtedness&rdquo;
and Note 11 in the Consolidated Financial Statements included in our annual report on Form 20-F, which is incorporated by reference
into this prospectus. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Further declines of market values of our vessels may affect our ability to comply with various covenants and could also limit the amount of funds we are permitted to borrow under our current or future loan arrangements. If we were to be in breach with the financial and other covenants under the EnTrust Loan Facility, our lenders could accelerate our indebtedness and foreclose on vessels in our fleet, which would significantly impair our ability to continue to conduct our business. If our indebtedness were accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels if our lenders foreclose upon their liens, which would adversely affect our business, financial condition, ability to continue our business and pay dividends.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If we sell any vessel at a time when vessel prices have fallen and before we have recorded an impairment adjustment to our consolidated financial statements, the sale price may be agreed at a value lower than the vessel&#x2019;s depreciated book value as in our consolidated financial statements at that time, resulting in a loss and a respective reduction in earnings. If the market values of our vessels decrease, such decrease and its effects could have a material adverse effect on our business, financial condition, results of operations and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If a determination is made that a vessel&#x2019;s future useful life is limited or its future earnings capacity is reduced, it could result in an impairment of its value on our consolidated financial statements that would result in a charge against our earnings and the reduction of our stockholders&#x2019; equity. These impairment costs could be very substantial.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The Euro may not be stable and countries may not be able to refinance their debts.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Despite efforts by European Council in
establishing the European Financial Stability Facility and the European Stability Mechanism, and the work of central bankers to
renegotiate sovereign debt, concerns persist regarding the debt burden of Eurozone countries, their ability to meet future financial
obligations, and the overall stability of the Euro. As we earn revenue in United States Dollars, the strengthening of the Euro
(with which we pay some of our expenses) as compared to the United States Dollar could increase our expenses. An extended period
of adverse development in the outlook for European countries could reduce the overall demand for dry bulk cargoes and for our
services. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><b><i><font style="color: black"><b>We are exposed to political, social and macroeconomic risks relating to the United Kingdom&#x2019;s exit from the European Union.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> In January 2020, the United Kingdom
withdrew from the European Union (commonly referred to as &ldquo;Brexit&rdquo;). Our operations have not been impacted by Brexit
and we do not presently anticipate that they will be directly materially impacted by Brexit in the long-term. But there are a
number of areas of macroeconomic uncertainty in connection with the future of the United Kingdom and its relationship with the
EU, which uncertainty may take years to fully resolve, that could indirectly impact our operations. It is not currently possible
to determine the impact that the United Kingdom&rsquo;s departure from the EU and/or any related matters may have on general economic
conditions in the United Kingdom or the EU. The exit of the United Kingdom (or any other country) from the EU or prolonged periods
of uncertainty relating to any of these possibilities could result in significant macroeconomic deterioration, including, but
not limited to, further decreases in global stock exchange indices, increased foreign exchange volatility, decreased GDP in the
European Union or other markets in which we operate, issues with cross-border trade, political and regulatory uncertainty and
further sovereign credit downgrades. In addition, there could be changes to tax regulation affecting the repatriation of dividends
from other countries, which may negatively affect us. Additionally, the impact of potential changes to the United Kingdom&rsquo;s
migration policy could adversely impact on cross-border labor.&nbsp;The potential loss of the EU &ldquo;passport&rdquo;, or any
other potential restrictions on free travel of UK citizens to Europe, and vice versa, could adversely impact the jobs market in
general and our operations in Europe. Finally, Brexit is likely to lead to legal uncertainty in areas such as data protection,
taxation, and potentially divergent national laws and regulations as the UK determines which EU laws to replace or replicate,
including the GDPR. Any of these effects of Brexit, and others we cannot anticipate, could adversely affect our business, results
of operations and financial condition. </p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our industry is subject to complex laws and regulations.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. These requirements include but are not limited to: U.S. Oil Pollution Act 1990, as amended, which we refer to as OPA; International Convention for the Safety of Life at Sea, 1974, as amended, which we refer to as SOLAS; International Convention on Load Lines, 1966; International Convention for the Prevention of Pollution from Ships, 1973, as amended by the 1978 Protocol, which we refer to as MARPOL; International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001, which we refer to as the Bunker Convention; International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 1996, as superseded by the 2010 Protocol, which we refer to as the HNS Convention; International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by the 1992 Protocol and further amended in 2000, which we refer to as the CLC; International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1971, as amended, which we refer to as the Fund Convention; and Marine Transportation Security Act of 2002.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Government regulation of vessels, particularly in the area of environmental requirements, can be expected to become more stringent in the future and could require us to incur significant capital expenditures on our vessels to keep them in compliance, or even to scrap or sell certain vessels altogether. Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and increased management costs and may affect the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, the management of ballast water, recycling of vessels, maintenance and inspection, elimination of tin-based paint, development and implementation of safety and emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. For instance, the International Maritime Organization global 0.5% sulphur cap on marine fuels came into force on January 1, 2020, as stipulated in 2008 amendments to Annex VI of MARPOL. Our vessels require pricier low-sulphur fuel, which may reduce the amount charterers are willing to pay to charter our vessels. These and other costs could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">These requirements can also affect the resale prices or useful lives of our vessels or require reductions in capacity, vessel modifications or operational changes or restrictions. Failure to comply with these requirements could lead to decreased availability of or more costly insurance coverage for environmental matters or result in the denial of access to certain jurisdictional waters or ports, or detention in certain ports. Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including cleanup obligations and claims for impairment of the environment, personal injury and property damages in the event that there is a release of petroleum or other hazardous materials from our vessels or otherwise in connection with our operations. Violations of, or liabilities under, environmental regulations can result in substantial penalties, fines and other sanctions, including, in certain instances, seizure or detention of our vessels. Events of this nature would have a material adverse effect on our business, financial condition and results of operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The operation of our vessels is affected by the requirements set forth in the International Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code. The ISM Code requires the party with operational control of the vessel to develop, implement and maintain an extensive &#x0093;Safety Management System&#x0094; that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe vessel operation and protection of the environment and describing procedures for dealing with emergencies. Further details in relation to the ISM Code are set out below in the section headed &#x0093;Environmental and Other Regulations&#x0094;. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, and, if the implementing legislation so provides, to criminal sanctions, may invalidate or result in the loss of existing insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports. In addition, if we fail to maintain ISM Code certification for our vessels, we may also breach covenants in certain of our credit and loan facilities that require that our vessels be ISM-Code certified. If we breach such covenants due to failure to maintain ISM Code certification and are unable to remedy the relevant breach, our lenders could accelerate our indebtedness and foreclose on the vessels in our fleet securing those credit and loan facilities. As of the date of our last annual report on Form 20-F, each of our vessels was ISM Code-certified.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On December 31, 2018, EU-flagged vessels became subject to Regulation (EU) No. 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling (the &#x0093;EU Ship Recycling Regulation&#x0094; or &#x0093;ESRR&#x0094;) and exempt from the Regulation (EC) No. 1013/2006 of the European Parliament and of the Council of 14 June 2006 on shipments of waste (the &#x0093;European Waste Shipment Regulation&#x0094; or &#x0093;EWSR&#x0094;), which had previously governed their disposal and recycling. The EWSR continues to be applicable to Non-European Union Member State-flagged (&#x0093;non-EU-flagged&#x0094;) vessels.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, the EWSR requires that non-EU-flagged ships departing from European Union ports be recycled only in Organisation for Economic Cooperation and Development (OECD) member countries. In March 2018, the Rotterdam District Court ruled that the sale of four recyclable vessels by third-party Dutch ship owner Seatrade to cash buyers, who then reflagged and resold the vessels to non-OECD country recycling yards, were effectively indirect sales to non-OECD country yards, in violation of the EWSR. If European Union Member State courts widely adopt this analysis, it may negatively impact revenue from the residual values of our vessels and we may be subject to a heightened risk of non-compliance, due diligence obligations and costs in instances where we sell older ships to cash buyers.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Climate change and greenhouse gas restrictions may be imposed.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Due to concern over the risk of climate change, a number of countries and the International Maritime Organization, or IMO, have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. For instance, the International Maritime Organization imposed a global 0.5% sulphur cap on marine fuels which came into force on January 1, 2020. Our vessels do not have scrubbers&#x2014;air filters that remove sulphur, once burned, from the exhaust emitted by lower-cost, high-sulphur fuel, which thereby allow ships to burn lower-cost, high-sulphur fuel despite the IMO&#x2019;s cap on sulphur in marine fuels&#x2014;and now require pricier low-sulphur fuel, which may reduce the amount charterers are willing to pay to charter our vessels. In addition, charterers may focus on how environmentally friendly our vessels are, generally, and our rates may be adjusted downwards accordingly.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We discuss this further in our annual report, which we incorporate h</font>erein by reference<font style="color: black">. See &#x0093;Business Overview&#x2014;Environmental and Other Regulations&#x2014;Regulations to Prevent Pollution from Ships&#x0094;.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, although the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change could increase our costs related to operating and maintaining our vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions, or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Sulphur regulations to reduce air pollution from ships may require retrofitting of vessels and may cause us to incur significant costs.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">January 1, 2020 was the implementation date for vessels to comply with the IMO&#x2019;s low sulphur fuel oil requirement, which cuts sulphur levels from 3.5% to 0.5%. The interpretation of &#x0093;fuel oil used on board&#x0094; includes use in main engine, auxiliary engines and boilers. Shipowners may comply with this regulation by (i) using 0.5% sulphur fuels on board, which costs more than higher sulphur fuel; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas, which may not be a viable option due to the lack of supply network and high costs involved in this process. Costs of compliance with these regulatory changes may be significant and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.&nbsp;We are using 0.5% sulphur fuels on board. It is unclear how the new emissions standard will affect the employment of our vessels, given that the cost of fuel is borne by our charterers when our vessels are on time charter employment. In particular, it is not known what the price differential between high sulphur content fuel and the more expensive low sulphur fuel will be or if low sulphur fuel will be available in the quantities needed at the areas where the vessels are trading. Over time, however, it is possible that ships without scrubbers or ships not retrofitted to comply with the new emissions standard may become less competitive (compared with ships equipped with exhaust gas scrubbers that can utilize less expensive high sulphur fuel), may have difficulty finding employment, may command lower charter hire and/or may need to be scrapped.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Capital expenditures and other costs necessary to operate and maintain our vessels may increase.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Changes in safety or other equipment standards, as well as compliance with standards imposed by maritime self-regulatory organizations and customer requirements or competition, may require us to make additional expenditures. In order to satisfy these requirements, we may, from time to time, be required to take our vessels out of service for extended periods of time, with corresponding losses of revenues. In the future, market conditions may not justify these expenditures or enable us to operate some or all of our vessels profitably during the remainder of their economic lives.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Our revenues are subject to seasonal fluctuations.</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter volatility in our operating results. The dry bulk shipping market is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel schedules and supplies of certain commodities. As a result, our revenues may be weaker during the fiscal quarters ending June 30 and September 30, and, conversely, our revenues may be stronger in fiscal quarters ending December 31 and March 31. This seasonality should not affect our operating results if our vessels are employed on period time charters, but because our vessels are employed in the spot market or on index-linked charters, seasonality may materially affect our operating results and our ability to pay dividends, if any, in the future. <font style="color: black">We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Environmental, social and governance matters may impact our business and reputation.</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In addition to the importance of their financial performance, companies are increasingly being judged by their performance on a variety of environmental, social and governance matters, or ESG, which are considered to contribute to the long-term sustainability of companies&#x2019; performance.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A variety of organizations measure the performance of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments include, among others, the company&#x2019;s efforts and impacts on climate change and human rights, ethics and compliance with law, and the role of the company&#x2019;s board of directors in supervising various sustainability issues.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In light of investors&#x2019; increased focus on ESG matters, there can be no certainty that we will manage such issues successfully, or that we will successfully meet society&#x2019;s expectations as to our proper role. Any failure or perceived failure by us in this regard could have a material adverse effect on our reputation and on our business, stock price, financial condition, or results of operations, including the sustainability of our business over time.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;<b><i><b>Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</b></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#x2019;s ballast water. Depending on the date of the IOPP renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after September 8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ships constructed on or after September 8, 2017 are to comply with the D-2 standards on or after September 8, 2017. Vessels are required to meet the discharge standard D-2 by installing an approved Ballast Water Management System (or BWMS). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMSs installed on or after October 28, 2020 shall be approved in accordance with BWMS Code, while BWMSs installed before October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Ships sailing in U.S. waters are required to employ a type-approved BWMS which is compliant with USCG regulations. The USCG has approved a number of BWMS. According to the IMO, vessels are required to implement a Ballast Water and Sediments Management Plan, carry a Ballast Water Record Book and an International Ballast Water Management Certificate. Currently none of our vessels are obliged to fit BWTS before 2022 or the renewal of the IOPP certificate and we have made no arrangements for the installation of ballast water treatment systems in any of our vessels, prior to the respective compliance deadlines. The costs of compliance may be substantial and affect our profitability.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit, or VGP, program and U.S. National Invasive Species Act, or NISA, are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December 4, 2018, requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations regarding ballast water within two years. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs. VIDA requires the EPA to develop performance standards for incidental discharges, and requires the Coast Guard to develop regulations within two years of the EPA&#x2019;s promulgation of standards. Under VIDA, all provisions of the Vessel General Permit remain in force and effect as currently written until the Coast Guard regulations are published.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Increased inspection procedures, tighter import and export controls and new security regulations could increase costs and disrupt our business.</b></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">International shipping is subject to security and customs inspection and related procedures in countries of origin, destination and trans-shipment points. Since the events of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security, such as the <font style="color: black">Marine Transportation Security Act of 2002</font>. These security procedures can result in delays in the loading, discharging or trans-shipment and the levying of customs duties, fines or other penalties against exporters or importers and, in some cases, vessels. Future changes to the existing security procedures may be implemented that could affect the dry bulk sector. These changes have the potential to impose additional financial and legal obligations on vessels and, in certain cases, to render the shipment of certain types of goods uneconomical or impractical. These additional costs could reduce the volume of goods shipped, resulting in a decreased demand for vessels and have a negative impact on our business, revenues and customer relations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>If any of our vessels fails to maintain its class certification or fails any annual survey, intermediate survey, or special survey, or if any scheduled class survey takes longer or is more expensive than anticipated, this could have a material adverse impact on our financial condition and results of operations.</b></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The hull and machinery of every commercial vessel must be certified by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the SOLAS.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A vessel must undergo annual, intermediate and special surveys. The vessel&#x2019;s machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. At the beginning, in between and in the end of this cycle, every vessel is required to undergo inspection of her underwater parts that usually includes dry-docking. These surveys and dry-dockings can be costly and can result in delays in returning a vessel to operation.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">If any vessel does not maintain its class, the vessel will not be allowed to carry cargo between ports and cannot be employed or insured. Any such inability to carry cargo or be employed, or any related violation of our loan covenants, could have a material adverse impact on our financial condition and results of operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our insurance may not be adequate to cover our losses that may result from our operations.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We carry insurance to protect us against most of the accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, war risk insurance, protection and indemnity insurance, which includes pollution risks, crew insurance and war risk insurance. However, we may not be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or underinsured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends. It may also result in protracted legal litigation. In addition, we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market conditions. We maintain, for each of our vessels, pollution liability coverage insurance for $1.0 billion per event. If damages from a catastrophic spill exceed our insurance coverage, it would have a materially adverse effect on our business, results of operations and financial condition and our ability to pay dividends to our shareholders.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Moreover, insurers have over the last few years increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We may also be retrospectively subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability, including pollution-related liability. Our payment of these calls could result in significant expenses to us.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, we do not currently carry and may not carry loss-of-hire insurance, which covers the loss of revenue during extended vessel off-hire periods, such as those that occur during an unscheduled drydocking due to damage to the vessel from accidents. Accordingly, any loss of a vessel or extended vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our business, results of operations, financial condition and our ability to pay dividends.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our vessels are exposed to risks.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The operation of any vessel includes risks such as weather conditions, mechanical failure, collision, fire, contact with floating objects, cargo or property loss or damage and business interruption due to political circumstances in countries, piracy, terrorist attacks, armed hostilities and labor strikes. Such occurrences could result in death or injury to persons, loss, damage or destruction of property or environmental damage, delays in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines, penalties or restrictions on conducting business, higher insurance rates and damage to our reputation and customer relationships generally.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In the past, political conflicts have 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, the Gulf of Aden and parts of the Indian Ocean and West Africa. Continuing conflicts and recent developments in the Middle East and North Africa, including Egypt, Syria, Iran, Iraq and Libya, and the presence of United States and other armed forces in the Middle East and Asia could produce armed conflict or be the target of terrorist attacks, and lead to civil disturbance and uncertainty in financial markets. If these attacks and other disruptions result in areas where our vessels are deployed being characterized by insurers as &#x0093;war risk&#x0094; zones or Joint War Committee &#x0093;war, strikes, terrorism and related perils&#x0094; listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult or impossible to obtain. In addition, there is always the possibility of a marine disaster, including oil spills and other environmental damage. Although our vessels carry a relatively small amount of oil used for fuel (&#x0093;bunkers&#x0094;), a spill of oil from one of our vessels or losses as a result of fire or explosion could be catastrophic under certain circumstances.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Dry bulk vessels are particularly vulnerable to acts of piracy. Crew and security equipment costs, including costs which may be incurred to employ onboard security armed guards, could increase following acts of piracy against our vessels. Furthermore, while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &#x0093;on-hire&#x0094; for a certain number of days and is therefore entitled to cancel the charterparty. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability, of insurance for our vessels could have a material adverse impact on our business, financial condition and results of operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may not be adequately insured against all risks, and our insurers may not pay particular claims. With respect to war risks insurance, which we usually obtain for certain of our vessels making port calls in designated war zone areas, such insurance may not be obtained prior to one of our vessels entering into an actual war zone, which could result in that vessel not being insured. Even if our insurance coverage is adequate to cover our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Loan agreements generally include restrictions on the use of any proceeds received from claims under insurance policies. Furthermore, in the future, we may not be able to maintain or obtain adequate insurance coverage at reasonable rates for our fleet. We may also be subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability. Our insurance policies also contain deductibles, limitations and exclusions which may increase our costs in the event of a claim or decrease any recovery in the event of a loss. If the damages from a catastrophic oil spill or other marine disaster exceeded our insurance coverage, the payment of those damages could have a material adverse effect on our business and could possibly result in our insolvency.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In general, we do not carry loss of hire insurance. Occasionally, we may decide to carry loss of hire insurance when our vessels are trading in areas where a history of piracy has been reported. Loss of hire insurance covers the loss of revenue during extended vessel off-hire periods, such as those that occur during an unscheduled drydocking or unscheduled repairs due to damage to the vessel. Accordingly, any loss of a vessel or any extended period of vessel off- hire, due to an accident or otherwise, could have a material adverse effect on our business, financial condition and results of operations.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We may be subject to funding calls by our protection and indemnity clubs, and our clubs may not have enough resources to cover claims made against them.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We are indemnified for legal liabilities incurred while operating our vessels through membership of protection and indemnity, or P&amp;I, associations, otherwise known as P&amp;I clubs. P&amp;I clubs are mutual insurance clubs whose members must contribute to cover losses sustained by other club members. The objective of a P&amp;I club is to provide mutual insurance based on the aggregate tonnage of a member&#x2019;s vessels entered into the club. Claims are paid through the aggregate premiums of all members of the club, although members remain subject to calls for additional funds if the aggregate premiums are insufficient to cover claims submitted to the club. Claims submitted to the club may include those incurred by members of the club, as well as claims submitted by other P&amp;I clubs with which our club has entered into interclub agreements. We cannot assure you that the P&amp;I club to which we belong will remain viable or that we will not become subject to additional funding calls, which could adversely affect us.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Rising fuel prices may adversely affect our profits.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Fuel is a significant expense if vessels are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can earn on the spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on board at prevailing market prices, which could be materially higher than fuel prices at the inception of the time charter period. As a result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical events, supply and demand for oil and gas, actions by the Organization of the Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. Further, fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">A global 0.5% sulphur cap on marine fuels came into force on January 1, 2020. Because we do not have scrubbers on our vessels, our vessels require pricier low-sulphur fuel, which may reduce the amount charterers are willing to pay to charter our vessels. This could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Increases in crew costs may adversely affect our profits.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Crew costs are a significant expense for us under our charters. There is a limited supply of well-qualified crew. We generally bear crewing costs under our charters. Increases in crew costs may adversely affect our profitability.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The operation of dry bulk vessels has certain unique operational risks.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> The operation of dry bulk vessels has
certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the vessel can be a risk factor. By their
nature, dry bulk cargoes are often heavy, dense, easily shifted and react badly to water exposure. In addition, dry bulk vessels
are often subjected to battering during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold)
and small bulldozers. This may cause damage to the vessel. Vessels damaged due to treatment during unloading procedures may be
more susceptible to breach while at sea. Hull breaches in dry bulk vessels may lead to the flooding of the vessels holds. If a
dry bulk vessel suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may
buckle the vessels bulkheads leading to the loss of a vessel. If we are unable to adequately maintain our vessels we may be unable
to prevent these events. Any of these circumstances or events could negatively impact our business, financial condition, results
of operations and ability to pay dividends. In addition, the loss of any of our vessels could harm our reputation as a safe and
reliable vessel owner and operator. </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>Maritime claimants could arrest our vessels.</b></font></i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel, or other assets of the relevant vessel-owning company, for unsatisfied debts, claims or damages even if we are not at fault, for example, if we pay a supplier for bunkers who subcontracts the supply and does not pay such subcontractor. In many jurisdictions, a claimant may seek to obtain security for its claim by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels, could cause us to default on a charter, breach covenants or default under the EnTrust Loan Facility, interrupt our cash flow and require us to pay large sums of money to have the arrest or attachment lifted. For further information, please see &#x0093;Operating and Financial Review and Prospects &#x2013; Liquidity and Capital Resources&#x2014;Indebtedness&#x0094; included in our annual report on Form 20-F, which is incorporated by reference into this prospectus.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, in some jurisdictions, such as South Africa, under the &#x0093;sister ship&#x0094; theory of liability, a claimant may arrest both the vessel which is subject to the claimant&#x2019;s maritime lien and any &#x0093;associated&#x0094; vessel, which is any vessel owned or controlled by the same owner. Claimants could attempt to assert &#x0093;sister ship&#x0094; liability against one vessel in our fleet for claims relating to another of our vessels.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Governments could requisition our vessels during a period of war or emergency.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">A government could requisition one or more of our vessels for title or for hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency, although governments may elect to requisition vessels in other circumstances. Even if we would be entitled to compensation in the event of a requisition of one or more of our vessels, the amount and timing of payment would be uncertain. Government requisition of one or more of our vessels may negatively impact our business, financial condition, results of operations and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Compliance with safety and other vessel requirements imposed by classification societies may be costly.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The hull and machinery of every commercial vessel must be certified as safe and seaworthy in accordance with applicable rules and regulations, and accordingly vessels must undergo regular surveys. All of the vessels that we operate or manage are classed by one of the major classification societies, including Nippon Kaiji Kyokai (Class NK), DNV GL and Bureau Veritas. Vessels must undergo annual surveys, immediate surveys and special surveys. In lieu of a special survey, a vessel&#x2019;s machinery may be on a continuous survey cycle, under which the machinery would be surveyed over a five-year period. Our vessels are on special survey cycles for hull inspection and continuous survey cycles for machinery inspection. Every vessel is also required to be drydocked every two to three years for inspection of its underwater parts. If any vessel does not maintain its class and/or fails any annual, intermediate or special survey, certain covenants in the EnTrust Loan Facility may be triggered, including as a result of the vessel being unable to trade between ports and being unemployable. Such an occurrence could have a material adverse impact on our business, financial condition, results of operations and ability to pay dividends. For further information, please see &#x0093;Operating and Financial Review and Prospects &#x2013; Liquidity and Capital Resources&#x2014;Indebtedness&#x0094; included in our annual report on Form 20-F, which is incorporated by reference into this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>A further economic slowdown or changes in the economic, regulatory and political environment in the Asia Pacific region could reduce dry bulk trade demand.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">A significant number of the port calls made by our vessels involve the transportation of dry bulk products to ports in the Asia Pacific region. As a result, continued economic slowdown in the region or changes in the regulatory environment, and particularly in China or Japan, could have an adverse effect on our business, results of operations, cash flows and financial condition. Before the global economic financial crisis that began in 2008, China had one of the world&#x2019;s fastest growing economies as measured by gross domestic product, or GDP, which had a significant impact on shipping demand. The growth rate of China&#x2019;s GDP continues to remain lower than originally anticipated. In addition, China previously imposed measures to restrain lending, which may further contribute to a slowdown in its economic growth. China and other countries in the Asia Pacific region may continue to experience slowed or even negative economic growth in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Many of the economic and political reforms adopted by the Chinese government are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments. If the Chinese government does not continue to pursue a policy of economic reform, the level of imports of exports of dry bulk products to and from China could be adversely affected by changes to these economic reforms by the Chinese government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese government, such as changes in laws, regulations or restrictions on importing commodities into the country. Notwithstanding economic reform, the Chinese government may adopt policies that favor domestic shipping companies and may hinder our ability to compete with them effectively. Moreover, a significant or protracted slowdown in the economies of the United States, the European Union or various Asian countries or changes in the regulatory environment may adversely affect economic growth in China and elsewhere. Our business, results of operations, cash flows and financial condition could be materially and adversely affected by an economic downturn or changes in the regulatory environment in any of these countries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We conduct a substantial amount of business in China.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The Chinese legal system is based on written statutes and their legal interpretation by the Standing Committee of the National People&#x2019;s Congress. Prior court decisions may be cited for reference but have limited precedential value. Since 1979, the Chinese government has been developing a comprehensive system of commercial laws, and considerable progress has been made in introducing laws and regulations dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade. However, because these laws and regulations are relatively new, there is a general lack of internal guidelines or authoritative interpretive guidance and because of the limited number of published cases and their non-binding nature interpretation and enforcement of these laws and regulations involve uncertainties. We conduct a substantial portion of our business in China or with Chinese counter parties. For example, we enter into charters with Chinese customers, which charters may be subject to new regulations in China. We may, therefore, be required to incur new or additional compliance or other administrative costs, and pay new taxes or other fees to the Chinese government. Changes in laws and regulations, including with regards to tax matters, and their implementation by local authorities could affect our vessels that are either chartered to Chinese customers or that call to Chinese ports and could have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The Chinese economy differs from the economies of western countries in such respects as structure, government involvement, level of development, growth rate, capital reinvestment, allocation of resources, bank regulation, currency and monetary policy, rate of inflation and balance of payments position. Although state-owned enterprises still account for a substantial portion of the Chinese industrial output, in general, the Chinese government is reducing the level of direct control that it exercises over the economy. There is an increasing level of freedom and autonomy in areas such as allocation of resources, production, pricing and management and a gradual shift in emphasis to a &#x0093;market economy&#x0094; and enterprise reform, although it still acts with greater control than a truly free-market economy. Many of the Chinese government&#x2019;s reforms are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments. The level of imports to and exports from China could be adversely affected by the failure to continue market reforms or changes to existing pro-export economic policies. The level of imports to and exports from China may also be adversely affected by changes in political, economic and social conditions (including a slowing of economic growth), the coronavirus, or other relevant policies of the Chinese government, such as changes in laws, regulations or export and import restrictions, internal political instability, changes in currency policies, changes in trade policies and territorial or trade disputes. A decrease in the level of imports to and exports from China could adversely affect our business, operating results and financial condition.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><font style="color: black"><font style="color: black">Risks Relating to the Company</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <b><i>At March 31, 2020, our current
liabilities exceeded our current assets and we do not believe that we will be able to generate sufficient cash during the next
12-month period to be in compliance with the minimum liquidity requirements contained in our loan and credit arrangements or to
cover scheduled debt repayments due during this period.</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <b><i>&nbsp;</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> As of March 31, 2020, our working capital,
measured as our current assets, minus our current liabilities, including the current portion of long-term debt, amounted to a
working capital deficit of $41.5 million. As of March 31, 2020, the Company was not in compliance with all of the covenants included
in the loan agreement with EnTrust. But on May 5, 2020, the Company obtained waivers and relaxations of the breached covenants
for the period commencing on March 31, 2020, and ending September 30, 2020. Our total assets exceeded our total liabilities as
of March 31, 2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Based on our cash flow projections for the twelve-month period ending following the issuance of these consolidated financial statements, cash on hand and cash generated from operating activities will not be sufficient for us to be in compliance with the minimum liquidity requirement contained in certain of our loan and credit facilities or to cover scheduled debt payments due in this period. All of our vessels are pledged as collateral to the banks, and therefore if we were to sell one or more vessels, the net proceeds of such sale would be used first to repay the outstanding debt to which the vessel is collateralized, and the remainder, if any, would be for our use, subject to the terms of our remaining loan and credit arrangements. We acknowledge that uncertainty remains over our ability to meet our liabilities as they fall due. If for any reason we are unable to continue as a going concern, our investors may lose all or a portion of their investment, and we may be unable to pay all of our outstanding debts and other obligations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>There are substantial doubts about our ability to continue as a going concern and if we are unable to continue our business, our shares may have little or no value.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our ability to become a profitable operating company is dependent upon our ability to generate revenues and/or obtain financing adequate to fulfill our shipping activities, and achieving a level of revenues adequate to support our operating expenses. Our inability to generate net revenues has raised substantial doubts about our ability to continue as a going concern. All of our vessels are pledged as collateral for the benefit of our lenders, and therefore if we were to sell one or more vessels, the net proceeds of such sale would be used first to repay the outstanding debt to which the vessel is collateralized, and the remainder, if any, would be for our use, subject to the terms of our remaining loan and credit arrangements. The doubts raised relating to our ability to continue as a going concern may make our securities an unattractive investment for potential investors. These factors, among others, may make it difficult to raise any additional capital.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The period of time that we will be able to continue to operate as a going concern will depend on our ability to restructure our loan and credit arrangements and to finance our operations through the sale of equity, potential sale of assets, incurring debt, or other financing alternatives. If for any reason we are unable to continue as a going concern, our investors may lose all or a portion of their investment, and we may be unable to pay all of our outstanding debts and other obligations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>The holder of our Convertible Note has meaningful consent rights over our business and operations.</b></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>&nbsp;</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We entered into a securities
purchase agreement on March 13, 2019 and issued a Convertible Note for gross proceeds of approximately $5 million, and entered
into a related registration rights agreement. These agreements include a number of covenants relating to the operation of our business
including cross-default provisions, rights of first offer, and rights triggered by fundamental transactions or a change in control.
If we do not comply with these agreements or if the waiver we have obtained from the noteholder for any such breaches expires,
these breaches could be or become an event of default under these agreements, some of which permit the noteholder to require us
to repurchase the note at a price equal to (except as noted in the immediately following risk factors) 120% of the outstanding
principal and interest pursuant to the note.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</p>



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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For instance, within the securities
purchase agreement, we granted the holder of the Convertible Note the right to be noticed of, and to acquire up to 50% of the securities
issued in, the offering being registered in this prospectus. If the Convertible Note holder does not exercise its participation
right within five business days of being noticed of the terms of the offer, we then have 10 business days to consummate the transaction
on terms no more favorable than what was offered to it, and if we fail to close a transaction within such period, we must notice
it again and offer another opportunity to participate. We also agreed not to issue more than one offer notice to the Convertible
Note holder within 60 days, unless the terms have changed within five business days of our giving notice to the Convertible Note
holder. The Convertible Note holder waived its participation right for offerings that close before August 31, 2020, but if this
offering does not close before August 31, 2020 we would need to seek the consent or waiver of the holder of the Convertible Note
to close the offering, or permit the holder to participate in the offering. These procedural hurdles and the participation right,
if not further waived by the Convertible Note holder as and if required, could make it more difficult for us to price and close
this offering on agreeable terms.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our Convertible Note may be subject to redemption under circumstances out of our control and such an occurrence could trigger cross-default provisions under our other loan agreements.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Under the terms of the </font>Convertible Note and subject to the waivers described in the next paragraph<font style="color: black">, the </font>Convertible Note<font style="color: black"> may be redeemed or become immediately due upon an Event of Default (as defined within the </font>Convertible Note<font style="color: black">), a Change of Control (as defined within the </font>Convertible Note<font style="color: black">), or a ten trading day period in which our common shares trade below the Floor Price then in effect (which is currently $1.00), in some cases at a premium to the principal and interest outstanding under the </font>Convertible Note<font style="color: black">. Some of the events giving rise to these rights are out of the Company&#x2019;s immediate control (such as our stock price being below the floor price, which has already occurred), and the occurrence of such events could trigger cross-default provisions under our other loan agreements. If we are unable to come up with the cash when due, we may be unable to pay the redemption price, which could negatively affect our results, profitability and stock price.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> On May 8, 2020, the holder of our
Convertible Note waived (the &ldquo;May 8, 2020 Waiver&rdquo;) its right to participate in (a) public offerings which close before
August 31, 2020, and (b) issuances of shares and other securities (including common shares, Class B common shares, and new or
existing series of preferred shares, such as our Series B preferred shares) to directors, officers, their respective affiliates,
and to affiliates of the Company. The holder of our Convertible Note also consented to the amendment and restatement of the Firment
Shipping Credit Facility and waived (a) without the Company having admitted fault, certain potential prior technical breaches
of the Convertible Note; (b) the holder&rsquo;s right to require the redemption of the Convertible Note upon a change of control
(as such term is used within the Convertible Note), but only if such change of control results from certain underwritten offering
or issuances of our securities to directors, officers, their respective affiliates, and to affiliates of the Company; (c) temporarily
reduced, until August 31, 2020, the amount the noteholder will receive upon a redemption of the Convertible Note at the Company&rsquo;s
option, such that the Convertible Note can be redeemed at the Company&rsquo;s option by paying the greater of (i) the aggregate
amounts then outstanding pursuant to the Convertible Note (rather than 120% of such amounts) and (ii) the product of (x) the number
of shares issuable upon a conversion of the Convertible Note (with respect to the amount being redeemed at the time) multiplied
by (y) the greatest closing sale price of the Company&rsquo;s common shares on any trading day between the date immediately preceding
the first such redemption at the Company&rsquo;s option and the trading day immediately prior to the final Company payment under
the Convertible Note. All of the foregoing is subject to the Company&rsquo;s redemption of all or part of the Convertible Note
in cash with an amount equal to the lesser of (a) the aggregate amounts then outstanding pursuant to the Convertible Note and
(b) 25% of the net proceeds of any public offering of its securities that closes before August 31, 2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Restrictive covenants in the EnTrust Loan Facility may impose financial and other restrictions on us, including cross-default provisions, and we cannot assure you that we will be able to borrow funds from future debt arrangements.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The EnTrust Loan Facility imposes operating and financial restrictions on us. These restrictions may limit our ability to, among other things:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> create
                                         or permit liens on our assets; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> engage
                                         in mergers or consolidations, or sales of certain of our assets; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> change
                                         the flag or classification society of our vessels; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> pay
                                         dividends; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> change
                                         the management of our vessels. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">These restrictions
could limit our ability to finance our future operations or capital needs, make acquisitions or pursue available business opportunities.
In addition, the EnTrust Loan Facility will, and future credit arrangements will likely, require us to maintain specified financial
ratios and satisfy financial covenants during the remaining terms of such agreements</font>, some of which are based upon the
market value of our fleet<font style="color: black">. If the market value of our fleet declines sharply, we may not be in compliance
with certain provisions of future facilities, and we may not be able to refinance our debt or obtain additional financing. The
amount of liquidity that we have will be based on how much income we earn on our vessels, which is sensitive, among other things,
to changes in the dry bulk charter market. The current low charter rates in the dry bulk market, along with the oversupply of
dry bulk carriers and the prevailing difficulty in obtaining financing for vessel purchases, have adversely affected dry bulk
vessel rates and values, including the vessels in our fleet. As a result, we may not meet certain minimum financial ratios which
are included in our loan arrangement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">For a more detailed discussion on our loan covenants, including breaches of them and relaxations and/or waivers we obtained, see &#x0093;Operating and Financial Review and Prospects &#x2013; Liquidity and Capital Resources&#x2014;Indebtedness&#x0094; included in our annual report on Form 20-F, which is incorporated by reference into this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>Certain of our loan agreements include covenants regarding the continued service of our officers and directors or minimum equity interest held by our chairman, Mr. Feidakis and any breach of these covenants could trigger cross-default provisions in our other loan agreements.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The Firment Shipping Credit Facility includes covenants regarding the continued service of our officers and directors, including the continued service of Mr. Athanasios Feidakis as Chief Executive Officer, which covenants would be breached if certain of our officers or directors resigned, died, were not reelected, or otherwise could not continue to serve the Company in such capacity. If one of those events occurred and unless otherwise approved by the lender, the lender under this loan agreement could declare an event of default. Additionally, the acquisition of control of the Company by any person or group of persons acting in concert constitutes an event of default under the EnTrust Loan Facility, and a reduction in the equity interest held by Firment Shipping Inc. below 40% of the voting securities or economic interest in the Company, other than due to actions taken by Firment Shipping Inc. (such as sale of shares by such major shareholder), constitutes an event of default under the Firment Shipping Credit Facility unless otherwise approved by the lender. We received a waiver from Firment Shipping Inc. to issue the </font>Convertible Note<font style="color: black">, as well as to issue the securities offered by this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The EnTrust Loan Facility contains a cross-default provision that may be triggered by a default under any financial indebtedness we may incur in an amount greater than $1,000,000. A cross-default provision means that a default on one loan could result in a default on all of our other loans. Because of the presence of this cross-default provision in such loan facility, the refusal of any one lender to grant or extend a relaxation or waiver could result in most of our indebtedness being accelerated even if our other lenders have relaxed or waived covenant defaults under their respective loan arrangements. Our Convertible Note also contains a cross-default provision that is triggered upon a material default or an event of default under the existing agreements which would or is likely to have a material adverse effect on the Company or any of its subsidiaries, individually or in the aggregate. If our indebtedness is accelerated, it will be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels if our lenders foreclose their liens, and our ability to conduct our business would be severely impaired.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><b>We may be unable to attract and retain key management personnel and other employees in the shipping industry.</b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our success depends to a significant extent upon the abilities and efforts of our management team, and in particular on the experience, abilities, business relationships and efforts of our president, chief executive officer, and chief financial officer, Athanasios Feidakis, who is our sole executive officer and is also a director. Our success will depend upon our ability to hire and retain key members of our management team and to hire new members as may be necessary. The loss of Athanasios Feidakis as our executive officer could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining replacement personnel could have a similar effect. We do not intend to maintain &#x0093;key man&#x0094; life insurance for any of our management.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>We cannot assure you that we will be able to refinance our existing indebtedness or obtain additional financing.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may finance future fleet expansion with additional secured indebtedness. While we may refinance amounts drawn under the EnTrust Loan Facility or secure new debt facilities with the net proceeds of future debt and equity offerings, we cannot assure you that we will be able to do so at an interest rate or on terms that are acceptable to us or at all. Our ability to obtain bank financing or to access the capital markets for future offerings may be limited by our financial condition at the time of any such financing or offering, including the actual or perceived credit quality of our charterers and the market value of our fleet, as well as by adverse market conditions resulting from, among other things, general economic conditions, weakness in the financial markets and contingencies and uncertainties that are beyond our control. Significant contraction, de-leveraging and reduced liquidity in credit markets worldwide is reducing the availability and increasing the cost of credit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If we are not able to refinance the EnTrust Loan Facility or obtain new debt financing on terms acceptable to us, we will have to dedicate a portion of our cash flow from operations to pay the principal and interest of this indebtedness. If we are not able to satisfy these obligations, we may have to undertake alternative financing plans. In addition, debt service payments under the EnTrust Loan Facility or alternative financing may limit funds otherwise available for working capital, capital expenditures, the payment of dividends and other purposes. Our inability to obtain additional or replacement financing at anticipated costs or at all may materially affect our results of operation, our ability to implement our business strategy, our payment of dividends and our ability to continue as a going concern.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"><b><i>We
have depended on an entity affiliated with our principal shareholder for financing.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have relied on Firment Shipping
Inc., or &ldquo;Firment&rdquo; an entity affiliated with Georgios Feidakis, our Chairman of the Board, for funding for general
corporate purposes during the last few years. Firment is our largest holder of common shares. Our reliance upon Firment has included
convertible loan facilities, warrants, and share issuances, as further described in &ldquo;Certain Relationships and Related Part
Transactions&rdquo; and in our Annual Report on Form 20-F for the year ended December 31, 2019 which is incorporated by reference
herein. As of March 31, 2020, we were indebted to Firment pursuant to the loan facilities in the amount of $0.9 million inclusive
of interest. We cannot assure you that in the future we will be able to rely on Firment Shipping Inc. for financing on similar
terms or at all. Any inability to secure financing in the future from Firment Shipping Inc. could negatively affect our liquidity
position and ability to fund our ongoing operations. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif"></font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; color: black"><b><i>Due
to our limited fleet diversification, adverse developments in the maritime dry bulk shipping industry would adversely affect our
business, financial condition, a</i></b></font><b><i><font style="color: black">nd operating results.</font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We depend primarily on the transportation of dry bulk commodities. Our relative lack of diversification could make us vulnerable to adverse developments in the maritime dry bulk shipping industry, which would have a significantly greater impact on our business, financial condition and operating results than it would if we maintained more diverse assets or lines of business.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>Newbuilding projects are subject to risks that could cause delays.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may enter into newbuilding contracts in connection with our vessel acquisition strategy. Newbuilding construction projects are subject to risks of delay inherent in any large construction project from numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events of force majeure. A shipyard&#x2019;s failure to deliver a vessel on time may result in the delay of revenue from the vessel. Any such failure or delay could have a material adverse effect on our operating results.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our vessels may suffer damage, and we may face unexpected repair costs, which could adversely affect our cash flow and financial condition.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If our vessels suffer damage, they may need to be repaired at a shipyard facility. The costs of repairs are unpredictable and can be substantial. The loss of earnings while our vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings and reduce the amount of any dividends in the future. We may not have insurance that is sufficient to cover all or any of these costs or losses and may have to pay repair costs not covered by our insurance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We may be unable to successfully employ our vessels on long-term time charters or take advantage of favorable opportunities involving short-term or spot market charter rates.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Our strategy
involves employing our vessels primarily on time charters generally with durations between three months and five years. As of
June 1, 2020, all of our vessels were on hire. Although time charters with durations of one to five years may provide relatively
steady streams of revenue, if our vessels were committed to such charters they may not be available for re-chartering or for spot
market voyages when such employment would allow us to realize the benefits of comparably more favorable charter rates. In addition,
in the future, we may not be able to enter into new time charters on favorable terms. The dry bulk market is volatile, and in
the past charter rates have declined below operating costs of vessels and such is currently the case. If we are required to enter
into a charter when charter rates are low, employ our vessels on the spot market during periods when charter rates have fallen
or we are unable to take advantage of short-term opportunities on the spot or charter market, our earnings and profitability could
be adversely affected. We cannot assure you that future charter rates will enable us to cover our costs, operate our vessels profitably
or to pay dividends, or all of them. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may also decide that it makes economic sense to lay up one or more vessels. While our vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>As we expand our business, we may have difficulty improving our operating and financial systems and recruiting suitable employees and crew for our vessels.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our current operating and financial systems may not be adequate if we expand the size of our fleet, and our attempts to improve those systems may be ineffective. In addition, as we seek to expand our internal technical management capabilities and our fleet, we or our crewing agents may need to recruit suitable additional seafarers and shore based administrative and management personnel. We cannot guarantee that we or our crewing agents will be able to hire suitable employees or a sufficient number of employees if and as we expand our fleet. If we or our crewing agent encounter business or financial difficulties, we may not be able to adequately staff our vessels. If we are unable to develop and maintain effective financial and operating systems or to recruit suitable employees as we expand our fleet, our financial performance may be adversely affected and, among other things, the amount of cash available for distribution as dividends to our shareholders may be reduced or eliminated.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Recently, the limited supply of and increased demand for well-qualified crew, due to the increase in the size of the global shipping fleet, has created upward pressure on crewing costs, which we generally bear under our time and spot charters. Increases in crew costs may adversely affect our profitability, results of operations, cash flows, financial condition and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We expect that our vessels will call at ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent that our vessels are found with contraband, whether inside or attached to the hull of our vessel, and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims that could have an adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Labor interruptions could disrupt our business.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our vessels are manned by masters, officers and crews (totaling 113 as of March 31, 2020). Seafarers manning the vessels in our fleet are covered by industry-wide collective bargaining agreements that set basic standards. Any labor interruptions or employment disagreements with our crew members could disrupt our operations and could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends. We cannot assure you that collective bargaining agreements will prevent labor interruptions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our charterers may renegotiate or default on their charters.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our charters provide the charterer the right to terminate the charter on the occurrence of stated events or the existence of specified conditions. In addition, the ability and willingness of each of our charterers to perform its obligations under its charter with us will depend on a number of factors that are beyond our control. These factors may include general economic conditions, the condition of the dry bulk shipping industry and the overall financial condition of the counterparties. The costs and delays associated with the default of a charterer of a vessel may be considerable and may adversely affect our business, results of operations, cash flows, financial condition and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In the recent depressed dry bulk market conditions, there have been numerous reports of charterers renegotiating their charters or defaulting on their obligations under their charters. If a current or future charterer defaults on a charter, we will seek the remedies available to us, which may include arbitration or litigation to enforce the contract, although such efforts may not be successful and for short term charters may cost more to enforce than the potential recovery. We cannot predict whether our charterers will, upon the expiration of their charters, re-charter our vessels on favorable terms or at all. If our charterers decide not to re-charter our vessels, we may not be able to re-charter them on terms similar to the terms of our current charters or at all. If we receive lower charter rates under replacement charters or are unable to re-charter all of our vessels, this may adversely affect our business, results of operations, cash flows, financial condition and ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>The aging of our fleet may result in increased operating costs in the future.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In general, the cost of maintaining
a vessel in good operating condition increases with the age of the vessel. As of March 31, 2020 and 2019, the weighted average
age of the vessels in our fleet was 12.1 and 11.1 years, respectively. Our oldest vessel was built in 2005, and our youngest vessel
was built in 2010. As our fleet ages, we will incur increased costs. Older vessels are typically less fuel efficient and more
costly to maintain than more recently constructed vessels due to improvements in engine technology. Cargo insurance rates, paid
by charterers, increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations,
safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of
new equipment, to our vessels and may restrict the type of activities in which our vessels may engage. We cannot assure you that,
as our vessels age, further market conditions will justify those expenditures or enable us to operate our vessels profitably during
the remainder of their useful lives. We may also decide that it makes economic sense to lay up one or more vessels. While our
vessels are laid up, we will pay lay-up costs, but those vessels will not be able to earn any hire. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We may have difficulty managing our planned growth properly.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Any future acquisitions of additional vessels will impose additional responsibilities on our management and staff and may require us to increase the number of our personnel. In the event of a future acquisition of additional vessels, we will also have to increase our customer base to provide continued employment for the new vessels.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We intend to continue to stabilize and then to try to grow our business through disciplined acquisitions of vessels that meet our selection criteria and newly built vessels if we can negotiate attractive purchase prices. Our future growth will primarily depend on:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> locating
                                         and acquiring suitable vessels; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> identifying
                                         and consummating acquisitions; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> enhancing
                                         our customer base; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> managing
                                         our expansion; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> obtaining
                                         required financing on acceptable terms. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp;&nbsp; </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">A delay in the delivery to us of any such vessel, or the failure of the shipyard to deliver a vessel at all, could cause us to breach our obligations under a related charter and could adversely affect our earnings. In addition, the delivery of any of these vessels with substantial defects could have similar consequences. A shipyard could fail to deliver a new-building on time or at all because of:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> work
                                         stoppages or other hostilities or political or economic disturbances that disrupt the
                                         operations of the shipyard; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> quality
                                         or engineering problems; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> bankruptcy
                                         or other financial crisis of the shipyard; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> a
                                         backlog of orders at the shipyard; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> weather
                                         interference or catastrophic events, such as major earthquakes or fires; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> our
                                         requests for changes to the original vessel specifications or disputes with the shipyard; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> shortages
                                         of or delays in the receipt of necessary construction materials, such as steel; or </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </td><td style="text-align: justify"> shortages
                                         of or delays in the receipt of necessary equipment, such as main engines, electricity
                                         generators and propellers. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, if we enter a newbuilding or secondhand contract in the future, we may seek to terminate the contract due to market conditions, financing limitations or other reasons. The outcome of contract termination negotiations may require us to forego deposits on construction or purchase and pay additional cancellation fees. In addition, where we have already arranged a future charter with respect to the terminated new-building contract, we would need to provide an acceptable substitute vessel to the charterer to avoid breaching our charter agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">During periods in which charter rates are high, vessel values generally are high as well, and it may be difficult to consummate vessel acquisitions or enter into new-building contracts at favorable prices. During periods when charter rates are low, such as the current market, we may be unable to fund the acquisition of new-buildings, whether through lending or cash on hand. For these reasons, we may be unable to execute our growth plans or avoid significant expenses and losses in connection with our future growth efforts.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Growing any business by acquisition presents numerous risks, such as undisclosed liabilities and obligations, the possibility that indemnification agreements will be unenforceable or insufficient to cover potential losses and difficulties associated with imposing common standards, controls, procedures and policies, obtaining additional qualified personnel, managing relationships with customers and integrating newly acquired assets and operations into existing infrastructure. We cannot give any assurance that we will be successful in executing our growth plans or that we will not incur significant expenses and losses in connection with our future growth.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">To the extent we scrap or sell vessels, we may decide to terminate the employment of some of our staff.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Legislative or regulatory changes in Greece may adversely affect our results from operations.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Globus Shipmanagement Corp., our ship management subsidiary, who we refer to as our Manager, is regulated under Greek Law 89/67, and conducts its operations and those on our behalf primarily in Greece. Greece has been implementing new legislative measures to address financial difficulties, several of which as a response from oversight by the International Monetary Fund and by European regulatory bodies such as the European Central Bank. Such legislative actions may impose new regulations on our operations in Greece that will require us to incur new or additional compliance or other administrative costs and may require that our Manager or we pay to the Greek government new taxes or other fees. Any such taxes, fees or costs we incur could be in amounts that are significantly greater than those in the past and could adversely affect our results from operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">For example, in 2013, tax law 4110/2013 amended the long-standing provisions of art. 26 of law 27/1975 by imposing a fixed annual tonnage tax on vessels flying a foreign (i.e., non-Greek) flag which are managed by a Law 89 company, establishing an identical tonnage tax regime as the one already in force for vessels flying the Greek flag. This tax varies depending on the size of the vessel, calculated in gross registered tonnage, as well as on the age of each vessel. Payment of this tonnage tax completely satisfies all income tax obligations of both the shipowning company and of all its shareholders up to the ultimate beneficial owners. Any tax payable to the state of the flag of each vessel as a result of its registration with a foreign flag registry (including the Marshall Islands) is subtracted from the amount of tonnage tax due to the Greek tax authorities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The tax residents of Greece who receive dividends from such shipowning or their holding companies are taxed at 10% on the dividends which they receive and which they import into Greece, not being liable to any other taxation for these, which include those dividends which either remain with the holding company or are paid to the individual Greek tax resident abroad.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or FCPA, could result in fines, criminal penalties, and an adverse effect on our business.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We operate throughout the world, including countries with a reputation for corruption. We are subject to the risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take action determined to be in violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could have a material adverse effect on us.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may be, from time to time, involved in various litigation matters. These matters may include, among other things, contract disputes, personal injury claims, environmental claims or proceedings, asbestos and other toxic tort claims, employment matters, governmental claims for taxes or duties, and other litigation that arises in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any claim or other litigation matter, and the ultimate outcome of any litigation or the potential costs to resolve them may have a material adverse effect on us. Insurance may not be applicable or sufficient in all cases or insurers may not remain solvent, which may have a material adverse effect on our financial condition.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We rely on our information systems to conduct our business.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The efficient operation of our business is dependent on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers, cyber terrorists, and garden variety computer viruses. We rely on what we believe to be industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures and technology may not adequately prevent security breaches. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business and results of operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We expect that a limited number of financial institutions will hold our cash including financial institutions that may be located in Greece.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We expect that a limited number of financial institutions will hold all of our cash, including some institutions located in Greece. Our bank accounts are with banks in Switzerland, Germany and Greece. Of the financial institutions located in Greece, none are subsidiaries of international banks. We do not expect that these balances will be covered by insurance in the event of default by these financial institutions. The occurrence of such a default could have a material adverse effect on our business, financial condition, results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>Purchasing and operating secondhand vessels may result in increased operating costs and reduced fleet utilization.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">While we have the right to inspect previously owned vessels prior to our purchase of them, such an inspection does not provide us with the same knowledge about their condition that we would have if these vessels had been built for and operated exclusively by us. A secondhand vessel may have conditions or defects that we are not aware of when we buy the vessel and which may require us to incur costly repairs to the vessel. These repairs may require us to put a vessel into drydocking, which would increase cash outflows and related expenses, while reducing our fleet utilization. Furthermore, we usually do not receive the benefit of warranties on secondhand vessels.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Management may be unable to provide reports as to the effectiveness of our internal control over financial reporting or, when applicable, our independent registered public accounting firm may be unable to provide us with unqualified attestation reports as to the effectiveness of our internal control over financial reporting when required.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="color: black">Under Section
404 of the Sarbanes-Oxley Act of 2002, which we refer to as Sarbanes-Oxley, we are required to include in each of our annual reports
on Form 20-F a report containing our management&#x2019;s assessment of the effectiveness of our internal control over financial
reporting and we may also be required to include, in our future annual reports, a related attestation of our independent registered
public accounting firm. Our Manager, Globus Shipmanagement, will provide substantially all of our financial reporting, and we
will depend on the procedures it has in place. If in such annual reports on Form 20-F our management cannot provide a report as
to the effectiveness of our internal control over financial reporting or, when applicable, our independent registered public accounting
firm is unable to provide us with an unqualified attestation report as to the effectiveness of our internal control over financial
reporting as required by Section 404, investors could lose confidence in the reliability of our consolidated financial statements,
which could result in a decrease in the value of our securities.</font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Unless we set aside reserves or are able to borrow funds for vessel replacement, at the end of a vessel&#x2019;s useful life our revenues will decline.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> As of March 31,
2020 and March 31, 2019, the vessels in our current fleet had a weighted average age of 12.1 and 11.1 years, respectively. Our
oldest vessel was built in 2005, and our youngest vessel was built in 2010. Unless we maintain reserves or are able to borrow
or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their remaining
useful lives, which we expect to be 25 years from the date of their construction. Our cash flows and income are dependent on the
revenues earned by the chartering of our vessels to customers. If we are unable to replace the vessels in our fleet upon the expiration
of their useful lives, our business, results of operations, financial condition and ability to pay dividends will be materially
adversely affected. Any reserves set aside for vessel replacement may not be available for dividends.&nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We depend upon a few significant customers for a large part of our revenues.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may derive a significant part of our revenue from a small number of customers. During the years ended December 31, 2019, 2018 and 2017, we derived substantially all of our revenues from approximately 22, 24 and 22 customers, respectively, and approximately 50%, 48% and 44%, respectively, of our revenues during those years, were derived from four customers. If one or more of our major customers defaults under a charter with us and we are not able to find a replacement charter, or if such a customer exercises certain rights to terminate the charter, we could suffer a loss of revenues that could materially adversely affect our business, financial condition, results of operations and cash available for distribution as dividends to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We could lose a customer or the benefits of a time charter if, among other things:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         customer fails to make charter payments because of its financial inability, disagreements
                                         with us or otherwise; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         customer terminates the charter because of our non-performance, including failure to
                                         deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond
                                         repair, serious deficiencies in the vessel, prolonged periods of off-hire or our default
                                         under the charter; or </td></tr>                                                                                                                                                                                                      <tr style="vertical-align: top">
<td> &nbsp; </td><td> &nbsp; </td><td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the customer terminates
                                         the charter because the vessel has been subject to seizure for more than 30 days. </td></tr>
</table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-size: 10pt">If we lose a key customer, we may be unable to obtain charters on comparable terms with charterers of comparable standing or we may have increased exposure to the volatile spot market, which is highly competitive and subject to significant price fluctuations. We would not receive any revenues from such a vessel while it remained unchartered, but we may be required to pay expenses necessary to maintain the vessel in proper operating condition, insure it and service any indebtedness secured by such vessel. The loss of any of our customers, time charters or vessels or a decline in payments under our charters could have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i><b>We generate revenues from the trading of our vessels in U.S. dollars but incur a portion of our expenses in other currencies.</b></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt; text-align: justify">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We generate substantially all of our revenues from the trading of our vessels in U.S. dollars, but during the years ended December 31, 2019, 2018 and 2017 we incurred approximately 27%, 29% and 28%, respectively, of our vessel operating expenses, and certain administrative expenses, in currencies other than the U.S. dollar. This difference could lead to fluctuations in net profit due to changes in the value of the U.S. dollar relative to the other currencies. Expenses incurred in foreign currencies against which the U.S. dollar falls in value can increase, decreasing our revenues. We have not hedged our currency exposure, and, as a result, our results of operations and financial condition, denominated in U.S. dollars, and our ability to pay dividends could suffer.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Increases in interest rates may cause the market price of our shares to decline.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">An increase in interest rates may cause a corresponding decline in demand for equity investments in general. Any such increase in interest rates or reduction in demand for our shares resulting from other relatively more attractive investment opportunities may cause the trading price of our shares to decline. If LIBOR (or its successor) increases, then our payments pursuant to certain existing loans will increase. For further information, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk&#8221; included in our annual report on Form 20-F, which is incorporated by reference into this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>If
volatility in the London InterBank Offered Rate, or LIBOR, occurs, or when LIBOR is replaced as the reference rate under our
debt obligations, it could affect our profitability, earnings and cash flow</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">LIBOR may be volatile, with the spread between LIBOR and the prime lending rate widens significantly at times. These conditions are the result of disruptions in the international markets. Because the interest rates borne by some of our outstanding loan facilities fluctuate with changes in LIBOR, it would affect the amount of interest payable on those debts, which, in turn, could have an adverse effect on our profitability, earnings and cash flow.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On July 27, 2017, the UK Financial Conduct Authority announced that it would phase-out LIBOR by the end of 2021. As a result, lenders have insisted on provisions that entitle the lenders, in their discretion, to replace published LIBOR as the basis for the interest calculation with their cost-of-funds rate. Certain of our existing financing arrangements, provide for the use of replacement rates if LIBOR is discontinued. We are in the process of evaluating the impact of LIBOR discontinuation on us. While we cannot predict the effect of the potential changes to LIBOR or the establishment and use of alternative rates or benchmarks, the interest payable on our debt could be subject to volatility and our lending costs could increase, which would have an adverse effect on our profitability, earnings and cash flow.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>We are a holding company, and we will depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We are a holding company and our subsidiaries, which are all directly and wholly owned by us, will conduct all of our operations and own all of our operating assets. We have no significant assets other than the equity interests in our wholly owned subsidiaries. As a result, our ability to make dividend payments depends on our subsidiaries and their ability to distribute funds to us. If we are unable to obtain funds from our subsidiaries, our board of directors may exercise its discretion not to declare or pay dividends. In addition, our subsidiaries are subject to limitations on the payment of dividends under Marshall Islands or Maltese law.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We may have to pay tax on U.S. source shipping income.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Under
the U.S. Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel-owning or chartering
corporation that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States
is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for
deductions, unless that corporation qualifies for exemption from tax under section 883 of the Code and the U.S. Treasury regulations
promulgated thereunder, which we refer to as the Section 883 Exemption, or through the application of a comprehensive income tax
treaty between the United States and the corporation&#x2019;s country of residence. The eligibility of Globus Maritime and our
subsidiaries to qualify for the Section 883 Exemption is determined each taxable year and is dependent on certain circumstances
related to the ownership of our shares and on interpretations of existing U.S. Treasury regulations, each of which could change.
We can therefore give no assurance that we will in fact be eligible to qualify for the Section 883 Exemption for all taxable years.
In addition, changes to the Code, the U.S. Treasury regulations or the interpretation thereof by the U.S. Internal Revenue Service,
or IRS, or the courts could adversely affect the ability of Globus Maritime and our subsidiaries to take advantage of the Section
883 Exemption.</font>&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If we are not entitled to the Section 883 Exemption or an exemption under a tax treaty for any taxable year in which any company in the group earns U.S. source shipping income, any company earning such U.S. source shipping income, would be subject to a 4% U.S. federal income tax on the gross amount of the U.S. source shipping income for the year (or an effective rate of 2% on shipping income attributable to the transportation of freight to or from the United States). The imposition of this taxation could have a negative effect on our business and revenues and would result in decreased earnings available for distribution to our shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">For a more complete discussion, please read the section in our annual report on Form 20-F, which we incorporate by reference </font>into this prospectus,<font style="color: black"> entitled &#8220;Item 10.E. Taxation&#8212; United States Tax Considerations&#8212; United States Federal Income Taxation of the Company.&#8221;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>U.S. tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which could result in adverse U.S. federal income tax consequences to U.S. shareholders.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">A foreign corporation will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either at least 75% of its gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or at least 50% of the average value of the corporation&#x2019;s assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive income&#8221; includes dividends, interest and gains from the sale or exchange of investment property, and rents and royalties other than rents and royalties that are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute &#8220;passive income.&#8221;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC, and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC, unless those shareholders make an election available under the Code (which election could itself have adverse consequences for such shareholders). In particular, U.S. shareholders who are individuals would not be eligible for the preferential tax rate on qualified dividends. Please read &#8220;Tax Considerations&#8212;United States Tax Considerations&#8212;United States Federal Income Taxation of United States Holders&#8221; in this prospectus for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we are treated as a PFIC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Based on our current operations and anticipated future operations, we believe we should not be treated as a PFIC. In this regard, we intend to treat gross income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities should not constitute &#8220;passive income,&#8221; and that the assets we own and operate in connection with the production of that income do not constitute assets that produce or are held for the production of &#8220;passive income.&#8221;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">There are legal uncertainties involved in this determination because there is no direct legal authority under the PFIC rules addressing our current and projected future operations. Moreover, a case decided in 2009 by the U.S. Court of Appeals for the Fifth Circuit held that, contrary to the position of the IRS in that case, and for purposes of a different set of rules under the Code, income received under a time charter of vessels should be treated as rental income rather than services income. If the reasoning of this case were extended to the PFIC context, the gross income we derive or are deemed to derive from our time chartering activities would be treated as rental income, and we would be a PFIC unless an active leasing exception applies. Although the IRS has announced that it will not follow the reasoning of this case, and that it intends to treat the income from standard industry time charters as services income, no assurance can be given that a U.S. court will not follow the aforementioned case. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in our assets, income or operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If
the IRS were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders will face adverse U.S. tax consequences
and information reporting obligations, as more fully described under &#8220;Tax Considerations&#8212;United States Tax Considerations&#8212;United
States Federal Income Taxation of United States Holders&#8221; in this prospectus.</font>&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>We could face penalties under European Union, United States or other economic sanctions.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our business could be adversely impacted if we are found to have violated economic sanctions under the applicable laws of the European Union, the United States or another applicable jurisdiction against countries such as Iran, Syria, North Korea and Cuba. U.S. economic sanctions, for example, prohibit a wide scope of conduct, target numerous countries and individuals, are frequently updated or changed and have vague application in many situations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Many economic sanctions relate to our business, including prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities, or prohibitions against certain transactions with designated nationals who may be operating under aliases or through non-designated companies. The imposition of Ukrainian-related economic sanctions on Russian persons, first imposed in March 2014, is an example of economic sanctions with a potentially widespread and unpredictable impact on shipping.&nbsp;Certain of our charterers or other parties with whom we have entered into contracts regarding our vessels may be affiliated with persons or entities that are the subject of sanctions imposed by the U.S. government, the European Union and/or other international bodies relating to the annexation of Crimea by Russia in 2014. If we determine that such sanctions require us to terminate existing contracts or if we are found to be in violation of such applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Additionally, the U.S. Iran Threat Reduction Act (which was signed into law in 2012) amended the Exchange Act to require issuers that file annual or quarterly reports under Section 13(a) of the Exchange Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly engaged in certain activities prohibited by sanctions against Iran or transactions or dealings with certain identified persons. We are subject to this disclosure requirement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="color: black">There can
be no assurance that we will be in compliance with all applicable sanctions and embargo laws and regulations in the future, particularly
as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in
fines or other penalties and could severely impact our ability to access U.S. capital markets and conduct our business, and could
result in some investors deciding, or being required, to divest their interest, or not to invest, in us. Even inadvertent violations
of economic sanctions can result in the imposition of material fines and restrictions and could adversely affect our business,
financial condition and results of operations, our reputation, and the market price of our securities.</font> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our vessels may call on ports subject to economic sanctions or embargoes.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">From time to time on charterers&#x2019; instructions, our vessels may call on ports located in countries subject to sanctions and embargoes imposed by the United States government and countries identified by the U.S. government as state sponsors of terrorism, such as Iran, Sudan, North Korea, and Syria. The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. On May 1, 2012, President Obama signed Executive Order 13608 which prohibits foreign persons from violating or attempting to violate, or causing a violation of any sanctions in effect against Iran or facilitating any deceptive transactions for or on behalf of any person subject to U.S. sanctions. Any persons found to be in violation of Executive Order 13608 will be deemed a foreign sanctions evader and will be banned from all contacts with the United States, including conducting business in U.S. dollars.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On
July 14, 2015, the P5+1 (the United States, United Kingdom, Germany, France, Russia and China) and the EU announced that they
reached a landmark agreement with Iran titled the Joint Comprehensive Plan of Action, or the JCPOA, which was intended to restrict
significantly Iran&#x2019;s ability to develop and produce nuclear weapons while simultaneously easing sanctions directed at non-U.S.
persons for conduct involving Iran, but taking place outside of U.S. jurisdiction and not involving U.S. persons. On January 16,
2016, the United States joined the EU and the United Nations in lifting a significant number of sanctions on Iran following an
announcement by the International Atomic Energy Agency, or the IAEA, that Iran had satisfied its obligations under the JCPOA.
However, in 2018, President Trump withdrew the United States from the JCPOA, resulting in the complete reimposition of U.S. sanctions.
As of now, the EU and other parties to the JCPOA have not withdrawn, and the EU and United Nations sanctions that were lifted
have not been reimposed.</font>&nbsp;</p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Although we believe that we have been
in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can
be no assurance that we will be in compliance in the future as such regulations and sanctions may be amended over time. Any such
violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets
and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to
invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from
holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism.
The determination by these investors not to invest in, or to divest from, our securities may adversely affect the price at which
our securities trade. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of
actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition,
our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering
into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by
the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third
parties that are unrelated to those countries or entities controlled by their governments. Investor perception of the value of
our securities may be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions
in these and surrounding countries. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>As a Marshall Islands corporation with principal executive offices in Greece, and also having subsidiaries in the Marshall Islands and other offshore jurisdictions such as Malta, our operations may be subject to economic substance requirements.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On March 12, 2019, the Council of the European Union approved and published conclusions containing a list of &#8220;non-cooperative jurisdictions&#8221; for tax purposes in which the Republic of the Marshall Islands, among others, was placed by the E.U. on its list of non-cooperative jurisdictions for tax purposes for failing to implement certain commitments previously made to the E.U. by the agreed deadline. However, it was announced by the Council of the European Union on October 10, 2019 that the Marshall Islands had been removed from the list of non-cooperative tax jurisdictions. E.U. member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including increased monitoring and audits, withholding taxes, special documentation requirements and anti-abuse provisions. The European Commission has stated it will continue to support member states&#x2019; efforts to develop a more coordinated approach to sanctions for the listed countries in 2019. E.U. legislation prohibits E.U. funds from being channeled or transited through entities in non-cooperative jurisdictions.&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We are a Marshall Islands corporation with principal executive offices in Greece. Our management company is also a Marshall Islands entity and one of our subsidiaries is organized in Malta. The Marshall Islands has enacted economic substance regulations with which we may be obligated to comply. Those regulations require certain entities that carry out particular activities to comply with an economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generated activities for shipping companies will generally occur in international waters) and (iii) having regard to the level of relevant activity carried out in the Marshall Islands has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">If we fail to comply with our obligations under this legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials, or could be struck from the register of companies, in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial conditions and operating results.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We
do not know: if the E.U. will add the Marshall Islands or Malta to the list of non-cooperative jurisdictions; how quickly the
E.U. would react to any changes in legislation of the Marshall Islands or Malta; or how E.U. banks or other counterparties will
react while we or any of our subsidiaries remain as entities organized and existing under the laws of listed countries. The effect
of the E.U. list of non-cooperative jurisdictions, and any noncompliance by us with any legislation adopted by applicable countries
to achieve removal from the list, including economic substance regulations, could have a material adverse effect on our business,
financial conditions and operating results.</font>&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<font style="font-size: 10pt; text-align: justify">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The international nature of our operations may make the outcome of any bankruptcy proceedings difficult to predict.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We redomiciled into the Marshall Islands and our subsidiaries are incorporated under the laws of the Marshall Islands or Malta, we have limited operations in the United States and we maintain limited assets, if any, in the United States. Consequently, in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States could apply. Although the Marshall Islands does not have a bankruptcy statute or general statutory mechanism for insolvency proceedings, in 2018 the Marshall Islands adopted the U.N. Commission on Internal Trade Law (UNCITRAL) model law on cross-border insolvency, which law allows the Marshall Islands to recognize foreign insolvency proceedings, and provides foreign creditors access to Marshall Islands courts, among other matters. If we become a debtor under U.S.&nbsp;bankruptcy law, bankruptcy courts in the United States may seek to assert jurisdiction over all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would become a debtor in the United States, or that a U.S.&nbsp;bankruptcy court would accept, or be entitled to accept, jurisdiction over such a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize a U.S.&nbsp;bankruptcy court&#x2019;s jurisdiction if any other bankruptcy court would determine it had jurisdiction. These factors may delay or prevent us from entering bankruptcy in the United States and may affect the ability of our shareholders to receive any recovery following our bankruptcy.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>A cyber-attack could materially disrupt our business.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We rely on information technology systems and networks in our operations and administration of our business. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. We rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures and technology may not adequately prevent security breaches. Our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems and networks, or to steal data. A successful cyber-attack could materially disrupt our operations, including the safety of our operations, or lead to unauthorized release of information or alteration of information in our systems. Any such attack or other breach of our information technology systems could have a material adverse effect on our business and results of operations. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business and results of operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> <b>Risks Relating to this Offering and the Ownership of our
Securities</b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our stock price has been volatile and no assurance can be made that it will not substantially depreciate.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our stock price has been volatile recently. The closing price of our common shares within 2019 has ranged from a peak of $8.54 on March 11, 2019 to a low of $0.96 on December 23, 2019, representing a decrease of 89%. Our share price further declined in 2020 and hit a low of $0.30 on March 12, 2020. We can offer no comfort or assurance that our stock price will stop being volatile or not substantially depreciate. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>The superior voting rights of
our Series B preferred shares limits the ability of our common shareholders to control or influence corporate matters, and the
interests of the holder of such shares could conflict with the interests of our other shareholders.</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> While our common shares have one vote
per share, each of our 5,000 Series B preferred shares presently outstanding has 25,000 votes per share; however, the voting power
of the Series B preferred shares is limited such that no holder of Series B preferred shares may exercise voting rights pursuant
to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter submitted
to a vote of shareholders of the Company to exceed 49.0% of the total number of votes eligible to be cast on such matter. The
Series B preferred shares, however, have no dividend rights or distribution rights, other than the right upon dissolution to receive
a priority payment equal to the par value per of $0.001 per share. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of the date of this prospectus and
until and unless we issue a significant number of securities, Goldenmare Limited, a company affiliated with our Chief Executive
Officer, can therefore control 49.0% of the voting power of our outstanding capital stock and will have substantial control and
influence over our management and affairs and over matters requiring shareholder approval, including the election of directors
and significant corporate transactions, even though Goldenmare Limited owns significantly less than 50% of the Company economically. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The superior voting rights of our Series
B preferred shares limit our common shareholders&rsquo; ability to influence corporate matters. The interests of the holder of
the Series B preferred shares may conflict with the interests of our common shareholders, and as a result, we may take actions
that our common shareholders do not view as beneficial. Any such conflicts of interest could adversely affect our business, financial
condition and results of operations, and the trading price of our common shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>We have broad discretion in the use of the net proceeds from this offering and may use the net proceeds in ways with which you disagree. </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our management will have broad discretion in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of our securities. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business, cause the price of our securities to decline. Pending the application of these funds, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<font style="font-size: 10pt; text-align: justify"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>We may issue additional common
shares, Class B shares, preferred shares or other equity securities without your approval.</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We may issue additional common shares, Class B shares, preferred shares or other equity securities of equal or senior rank in the future in connection with,
among other things, future vessel acquisitions, repayment of outstanding indebtedness or our equity incentive plan, without shareholder
approval, in a number of circumstances. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our issuance of additional common shares
(which will occur each time the Convertible Note holder converts its note), Class B shares, or other equity securities
of equal or senior rank would have the following effects: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"> &nbsp; </td>
    <td style="width: 24px; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> &#9679; </td>
    <td style="text-align: justify"> our existing shareholders&rsquo; proportionate ownership interest in us will decrease; </td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"> &nbsp; </td>
    <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> &#9679; </td>
    <td style="text-align: justify"> the amount of cash available for dividends payable on our common shares will decrease on
    a pro rata basis; </td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"> &nbsp; </td>
    <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> &#9679; </td>
    <td style="text-align: justify"> the relative voting strength of each previously outstanding share will be diminished; and </td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"> &nbsp; </td>
    <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> &#9679; </td>
    <td style="text-align: justify"> the market price of our common shares may decline, and we could be forced to delist our
    shares from Nasdaq.&nbsp; </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Furthermore, we may sell securities
at less than the prevailing market price, and are obligated to do so pursuant to our Convertible Note under certain circumstances.
Because we are a foreign private issuer, we are not bound by Nasdaq rules that require shareholder approval for certain issuances
of our securities. We therefore can issue securities in such amounts and at such times as we feel appropriate, all without shareholder
approval. For further information, see &ldquo;Item 16G. Corporate Governance&rdquo; included in our annual report on Form 20-F,
which is incorporated by reference into this prospectus. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our existing shareholders may be diluted each time our Convertible Note or amounts owed under the Firment Shipping Credit Facility are converted into common shares.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our Convertible Note is convertible
into common shares at the election of its holder at a fixed price of $4.50, or if the price of our common shares is lower than
$4.50, a floating&nbsp;conversion&nbsp;price at a discount to the market price of our common shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Depending on our share price, the number
of common shares outstanding, and the amount outstanding pursuant to the Convertible Note, a blocker provision may prohibit converting
the entire Convertible Note at once, but it would not prohibit its holder from exercising a portion of the Convertible Note, selling
all of the common shares issued, and then further converting the Convertible Note so as to convert the entire Convertible Note. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We have no control over whether the holder will exercise its right to convert its </font>Convertible Note<font style="color: black">. We cannot predict the market price of our common shares at any future date, and therefore, cannot predict the applicable prices at which the </font>Convertible Note<font style="color: black">s may be converted. For these reasons, we are unable to accurately forecast or predict with any certainty the total number of shares that may be issued under the </font>Convertible Note<font style="color: black">. However, the number of our common shares issuable upon&nbsp;conversion&nbsp;of the Convertible Note increases when the price of our common shares decline. There is a floor price in our Convertible Note, which is currently $1.00. Although it was originally agreed that the floor price would not adjust upon share splits, share dividends, share combinations, and similar transactions, we and the holder subsequently agreed that the floor price would adjust proportionately under these circumstances. The existence and potentially dilutive impact of the Convertible Note may prevent us from obtaining additional financing in the future on acceptable terms, or at all. Our current shareholders will be diluted when we issue common shares upon&nbsp;conversion&nbsp;of the Convertible Note. Up to 2,498,981 of our common shares could be issued upon conversion of the Convertible Note, based on $2.5 million of principal and interest outstanding on the date hereof and assuming full conversion of such amount at the floor price of the Convertible Note.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In addition, our shareholders may be diluted if we issue shares to repay our Firment Shipping Credit Facility, which we are permitted to do at our option. See &#8220;Certain Relationships and Related Party Transactions&#8212;Firment Shipping Credit Facility.&#8221; included this prospectus. Up to 306,020 of our common shares could be issued to repay the Firment Shipping Credit Facility, based on approximately $900,000 of principal and interest outstanding on the date hereof and assuming full repayment of such amount at a conversion price of $2.80.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our common shares may be delisted from Nasdaq, which could affect their market price and liquidity.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We are required to meet certain qualitative and financial tests (including a minimum bid price for our common shares of $1.00 per share, at least 500,000 publicly held shares, at least 300 public holders, a market value of publicly held securities of $1 million, net income from continuing operations of $500,000), and at least two market makers, as well as other corporate governance standards, to maintain the listing of our common shares on the Nasdaq Capital Market. It is possible that we could fail to satisfy one or more of these requirements. There can be no assurance that we will be able to maintain compliance with these listing standards in the future. We may receive notices from Nasdaq that we have failed to meet its requirements, and proceedings to delist our common shares could be commenced. In such event, Nasdaq rules permit us to appeal any delisting determination to a Nasdaq Hearings Panel. If we are unable to maintain or regain compliance in a timely manner and our common shares are delisted, it could be more difficult to buy or sell our common shares and obtain accurate quotations, and the price of our shares could suffer a material decline. Delisting may also impair our ability to raise capital. Delisting of our shares would breach a number of our credit facilities and loan arrangements, some of which contain cross default provisions. There could also be adverse tax consequences&#8212;please read &#8220;Tax Considerations &#8211; United States Tax Considerations &#8211; United States Federal Income Taxation of United States Holders &#8211; Distributions&#8221; for further information. In calendar year 2019, the closing price of our common shares ranged from a peak of $8.54 on March 11, 2019 to a low of $0.96 on December 23, 2019. Our stock price further declined in 2020 to a low of $0.30 on March 12, 2020.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On March 6, 2020, the Company received written notification from The Nasdaq Stock Market dated March 2, 2020, 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 continued listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance was 180 days, or until August 31, 2020, but citing extraordinary market conditions, Nasdaq filed an immediately effective rule change with the Securities and Exchange Commission which, with effect from April 16, 2020, tolled the listing process until July 1, 2020. Consequently, the Company&#x2019;s compliance period has effectively been extended until November 12, 2020. The Company intends to monitor the closing bid price of our common shares between now and November 12, 2020 and is considering its options, including a potential reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company 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. In the event the Company does not regain compliance within the 180-day grace period, and it meets all other listing standards and requirements it may be eligible for an additional 180-day grace period. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company&#x2019;s common shares will continue to be listed and trade on the Nasdaq Capital Market.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our business operations are not affected by the receipt of the notification.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Furthermore, on</font> April 21, 2020, new Nasdaq rules were approved that provide for immediate initiation of delisting procedures where:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 0.25in"></td>
<td style="vertical-align: top; width: 0.25in"> <font style="font-size: 10pt">&#9679;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">a company falls out of compliance with Nasdaq&#x2019;s $1.00
minimum bid price standard (which occurs if a company&#x2019;s shares trade below $1.00 for 30 consecutive trading days) and such
company has, within the previous two years, conducted reverse stock splits with a cumulative ratio of 250:1 or more; or</font> </td></tr>
<tr>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr>
<td style="vertical-align: top"></td>
<td style="vertical-align: top"> <font style="font-size: 10pt">&#9679;</font> </td>
<td style="vertical-align: top"> <font style="font-size: 10pt">a company is already in a cure period for failure to meet the
$1.00 minimum bid price standard and such company&#x2019;s shares trade below $0.10 for ten consecutive trading days.</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Nasdaq has announced
that they will not apply these rules retroactively to companies like us that are already in a price cure period. But if we are
unable to maintain our stock price when required to under these new rules, we could be delisted.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>The public market may not continue to be active and liquid enough for you to resell our common shares in the future.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The price of our common shares may be volatile and may fluctuate due to factors such as:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> actual
                                         or anticipated fluctuations in our quarterly and annual results and those of other public
                                         companies in our industry; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> mergers and strategic alliances
                                         in the dry bulk shipping industry; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> market conditions in the
                                         dry bulk shipping industry; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> changes in government regulation; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> shortfalls in our operating
                                         results from levels forecast by securities analysts; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> announcements concerning
                                         us or our competitors; and </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td></td><td style="text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the general state of the
                                         securities market. </td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> The dry bulk shipping industry has been
highly unpredictable and volatile. The market for common shares in this industry may be equally volatile. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>If you purchase common shares
and/or pre-funded warrants in this offering, you will experience immediate and substantial dilution in your investment.</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Since the price per common share being
offered is substantially higher than the net tangible book value per common share, you will suffer immediate and substantial dilution
with respect to the net tangible book value of the common shares you purchase in this offering. Based on the assumed public offering
price of $ per common share being sold in this offering, and our net tangible book value as of March 31, 2020, if you purchase
common shares in this offering, you will suffer immediate and substantial dilution of $ per share with respect to the net tangible
book value of the common shares. See the section entitled &ldquo;Dilution&rdquo; for a more detailed discussion of the dilution
you will incur if you purchase common shares and/or pre-funded warrants in this offering. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>There may be future sales of our securities or other dilution of our equity, which may adversely affect the market price of our common shares. </b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We are generally not restricted from issuing additional common shares, including any securities that are convertible into or exchangeable for, or that represent the right to receive, common shares. The market price of our common shares could decline as a result of a future sale of common shares or securities that are convertible into or exchangeable for, or that represent the right to receive, common shares after this offering or the perception that such sales could occur. To the extent that we raise additional funds by issuing equity securities, our shareholders may experience significant dilution</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Resales of our common shares in the public market by our shareholders as a result of this offering may cause the market price of our common shares to fall.</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Sales of a substantial number of our common shares in the public market could occur at any time. The issuance of new common shares could result in resales of our common shares by our current shareholders concerned about the potential ownership dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our common shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<font style="font-size: 10pt; text-align: justify">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>An investment in our securities is speculative and there can be no assurance of any return on any such investment. </b></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">An investment in our securities is speculative and there is no assurance that investors will obtain any return on their investment. Investors will be subject to substantial risks involved in an investment in our company, including the risk of losing their entire investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <b><i>The warrants are speculative in
nature.</i></b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The pre-funded warrants and Class A
Warrants offered hereby do not confer all rights of common share ownership on their holders, such as voting rights, but rather
merely represent the right to acquire common shares at a fixed price. Specifically, commencing on the date of issuance, holders
of the pre-funded warrants may acquire the common shares issuable upon exercise of such warrants at an exercise price of $0.01
per common share, and holders of the Class A Warrants may acquire the common shares issuable upon the exercise of such warrants
at an exercise price of $&#9;per common share. Moreover, following this offering, the market value of these warrants is uncertain
and there can be no assurance that the market value of the warrants will equal or exceed their public offering price. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> There is no public market
for the Class A Warrants or pre-funded warrants being offered in this offering and we do not expect one to develop. </p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> There is presently no established public
trading market for the Class A Warrants or pre-funded warrants being offered in this offering and we do not expect a market to
develop. In addition, we do not intend to apply to list the Class A Warrants or pre-funded warrants on any securities exchange
or nationally recognized trading system, including the Nasdaq Capital Market. Without an active market, the liquidity of the Class
A Warrants and pre-funded warrants will be limited. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Purchasers of our warrants will
not have all rights of common shareholders until such warrants are exercised.</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The pre-funded warrants and Class A
Warrants being offered do not confer all rights of common share ownership on their holders, such as voting rights, but rather
merely represent the right to acquire common shares at a fixed price. </p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>Our ability to declare and pay dividends to holders of our common shares will depend on a number of factors and will always be subject to the discretion of our board of directors.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If we are not in compliance with our
loan covenants and received a notice of default and were unable to cure it under the terms of our loan covenants, we may be forbidden
from issuing dividends. There can be no assurance that dividends will be paid to holders of our shares in any anticipated amounts
and frequency at all. We may incur other expenses or liabilities that would reduce or eliminate the cash available for distribution
as dividends, including as a result of the risks described in this section of this prospectus. The EnTrust Loan Facility prohibits
our declaration and payment of dividends under some circumstances, as does our Convertible Note. Under the EnTrust Loan Facility
we will be prohibited from paying dividends if an event of default has occurred or any event has occurred or circumstance arisen
which with the giving of notice or the lapse of time or the satisfaction of any other condition would constitute an event of default
under the EnTrust Loan Facility or where the payment of dividends would result in any such event or circumstance. Please read
 &ldquo;Operating and Financial Review and Prospects - Liquidity and Capital Resources&mdash;Indebtedness&rdquo; in our Annual
Report on Form 20-F for the year ended December 31, 2019, as supplemented by our unaudited interim consolidated financial statements
for the three months ended March 31, 2020 in our report on Form 6-K filed with the Commission on June 12, 2020, which is incorporated
by reference herein, for further information. We may also enter into new financing or other agreements that may restrict our ability
to pay dividends even without an event of default. In addition, we may pay dividends to the holders of our preferred shares prior
to the holders of our common shares, depending on the terms of the preferred shares, but our Series B preferred shares do not
participate in dividends. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The declaration and payment of dividends
to holders of our shares will be subject at all times to the discretion of our board of directors, and will be paid equally on
a per-share basis between our common shares and our Class B shares, to the extent any are issued and outstanding. Our Series B
preferred shares do not receive dividends, but future issuances of preferred shares may receive dividends. We can provide no assurance
that dividends will be paid in the future. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">There may be a high degree of variability from period to period in the amount of cash, if any, that is available for the payment of dividends based upon, among other things:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the
                                         rates we obtain from our charters as well as the rates obtained upon the expiration of
                                         our existing charters; </td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the
                                         level of our operating costs; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the
                                         number of unscheduled off-hire days and the timing of, and number of days required for,
                                         scheduled drydocking of our vessels; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> vessel
                                         acquisitions and related financings; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> restrictions
                                         in the EnTrust Loan Facility, the Convertible Note and in any future debt arrangements; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> our
                                         ability to obtain debt and equity financing on acceptable terms as contemplated by our
                                         growth strategy; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> prevailing
                                         global and regional economic and political conditions; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the
                                         effect of governmental regulations and maritime self-regulatory organization standards
                                         on the conduct of our business; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> our
                                         overall financial condition; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> our
                                         cash requirements and availability; </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> the
                                         amount of cash reserves established by our board of directors; and </td>
</tr>
<tr style="vertical-align: top">
<td> &nbsp; </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt; text-align: left"> <font style="font-family: Wingdings">&Oslash;</font> </td><td> restrictions
                                         under Marshall Islands law. </td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Marshall Islands law generally prohibits the payment of dividends other than from surplus or certain net profits, or while a corporation is insolvent or would be rendered insolvent by the payment of such a dividend. We may not have sufficient funds, surplus, or net profits to make distributions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">We may incur expenses or liabilities or be subject to other circumstances in the future that reduce or eliminate the amount of cash that we have available for distribution as dividends, if any. Our growth strategy contemplates that we will finance the acquisition of our new-buildings or selective acquisitions of vessels through a combination of our operating cash flow and debt financing through our subsidiaries or equity financing. If financing is not available to us on acceptable terms, our board of directors may decide to finance or refinance acquisitions with a greater percentage of cash from operations to the extent available, which would reduce or even eliminate the amount of cash available for the payment of dividends. We may also enter into other agreements that will restrict our ability to pay dividends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The amount of cash we generate from our operations may differ materially from our net income or loss for the period, which will be affected by non-cash items. We may incur other expenses or liabilities that could reduce or eliminate the cash available for distribution as dividends. As a result of these and the other factors mentioned above, we may pay dividends during periods when we record losses and may not pay dividends during periods when we record net income, if we pay dividends at all.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Provisions of our articles of
incorporation and bylaws may have anti-takeover effects<font style="background-color: white">, which could depress the trading
price of our common shares.</font></i></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Several provisions of our articles
of incorporation and bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid
costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors
to maximize shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-takeover provisions
could also discourage, delay or prevent 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 the removal of incumbent officers and directors, which could
affect the desirability of our shares and, consequently, our share price. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Multi Class Stock</i>. Our multi-class
stock structure, which consists of common shares, Class B common shares, and preferred shares, can provide holders of our Class
B common shares or preferred shares a significant degree of control over all matters requiring shareholder approval, including
the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets,
because our different classes of shares can have different numbers of votes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For instance, while our common shares
have one vote on matters before the shareholders, each of our 5,000 outstanding Series B preferred shares have 25,000 votes on
matters before the shareholders; <i>provided however, </i>that no holder of Series B preferred shares may exercise voting rights
pursuant to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter
submitted to a vote of shareholders of the Company to exceed 49.0% of the total number of votes eligible to be cast on such matter.
At present, and until and unless a substantial number of additional securities are issued, our holder of Series B preferred shares
exerts substantial control of the Company&rsquo;s votes and is able to exert substantial control over our management and all matters
requiring shareholder approval, including electing directors and significant corporate transactions, such as a merger. Such holder&rsquo;s
interest could differ from yours. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> No Class B common shares are presently
outstanding, but if and when we issue any, each Class B common share will have 20 votes on matters before the shareholders </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<font style="font-size: 10pt; text-align: justify">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Blank Check Preferred Shares</i>.
Under the terms of our articles of incorporation, our board of directors has authority, without any further vote or action by
our shareholders, to issue up to 100 million &ldquo;blank check&rdquo; preferred shares, almost all of which currently
remain available for issuance. Our board could authorize the issuance of preferred shares with voting or conversion rights that
could dilute the voting power or rights of the holders of common shares, in addition to preferred shares that are already outstanding.
The issuance of preferred shares, while providing flexibility in connection with possible acquisitions and other corporate purposes,
could, among other things, have the effect of delaying, deferring or preventing a change in control of us or the removal of our
management and may harm the market price of our common shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">Classified Board of Directors</font></i>. Our 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 beginning upon the expiration of the initial term for each class. Approximately one-third of our board of directors is elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies of our board of directors from removing a majority of our board of directors for up to two years.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">Election of Directors</font></i>. Our articles of incorporation do not provide for cumulative voting in the election of directors. Our bylaws require parties, other than the chairman of the board of directors, board of directors and shareholders holding 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote, to provide advance written notice of nominations for the election of directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black"><i><font style="color: black">Advance Notice Requirements for Shareholder Proposals and Director Nominations</font></i>. Our bylaws provide that shareholders, other than shareholders holding 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote, seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder&#x2019;s notice must be received at our principal executive offices not less than 150 days or more than 180 days prior to the first anniversary date of the immediately preceding annual meeting of shareholders. Our bylaws also specify requirements as to the form and content of a shareholder&#x2019;s notice. These provisions may impede a shareholder&#x2019;s ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If securities or industry
analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our
shares, the price and trading volume of our common shares could decline. </p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The trading market for our common shares
will be influenced by the research and reports that industry or securities analysts publish about us or our business. If no or
few securities or industry analysts commence coverage of us, the trading price for our securities would be negatively impacted.
In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue an adverse or misleading
opinion regarding us, our business model, our intellectual property or our stock performance, or if our clinical trials and operating
results fail to meet the expectations of analysts, the price of our securities would likely decline. If one or more of these analysts
cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn
could cause the price or trading volume of our common shares to decline. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<font style="font-size: 10pt; text-align: justify">&nbsp;</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We are a &ldquo;foreign
private issuer&rdquo;, which could make our securities less attractive to some investors or otherwise harm our stock price. </p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We are a &ldquo;foreign private issuer&rdquo;,
as such term is defined in Rule 405 under the Securities Act. As a &ldquo;foreign private issuer&rdquo; the rules governing the
information that we disclose differ from those governing U.S. corporations pursuant to the Securities Exchange Act of 1934, 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 &ldquo;short-swing&rdquo; 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 securities less attractive to some investors or otherwise harm our stock price. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><font style="color: black"><b>It may be difficult to serve us with legal process or enforce judgments against us, our directors, our significant shareholders, or our management.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our business is operated primarily from our offices in Greece. In addition, our largest shareholder and a majority of our directors and officers are non-residents of the United States, and all of our assets and a substantial portion of the assets of these non-residents are located outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States if you believe that your rights have been infringed under securities laws or otherwise. You may also have difficulty enforcing, both within and outside of the United States, judgments you may obtain in the 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. There is also substantial doubt that the courts of the Marshall Islands or Greece would enter judgments in original actions brought in those courts predicated on United States federal or state securities laws.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i><font style="color: black"><b>We are subject to Marshall Islands corporations law, which is not well-developed.</b></font></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our
corporate affairs are governed by our articles of incorporation, our bylaws 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 Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities
of directors under the laws 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. The rights of shareholders
of corporations incorporated in or redomiciled into the Marshall Islands may differ from the rights of shareholders of corporations
incorporated in the United States. While the BCA provides that it is to be applied and construed to make the laws of the Marshall
Islands, for non-resident entities such as us, with respect of the subject matter of the BCA, uniform with the laws of the State
of Delaware and other states with substantially similar legislative provisions, there have been few court cases interpreting the
BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions as United States
courts. Thus, you may have more difficulty in protecting your interests in the face of actions by our management, directors or
controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction that has developed
a more substantial body of case law in the corporate law area.</font>&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>USE OF PROCE<a name="a008"></a>EDS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We estimate that
we will receive net proceeds of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, and approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million if the representative of the underwriters exercises in full its over-allotment option to purchase additional securities,
in each case, after deducting underwriting discounts and commissions and estimated expenses payable by us, and assuming no sale
of pre-funded warrants in this offering and no exercise of the Class A Warrants sold in this offering. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 36pt">We intend to use all of
the net proceeds of this offering for general corporate purposes, which may include, among other things, prepaying our Convertible
Note or partially funding the acquisition of vessels in accordance with our growth strategy. However we have not identified any
potential acquisitions, and we can provide no assurance that we will be able to complete any debt prepayment or the acquisition
of any vessel that we are able to identify. We will not repay any related party debt using the net proceeds from this offering.
We will redeem all or part of the Convertible Note in cash with an amount equal to the lesser of (i) 25% of the net proceeds
of this public offering or (ii) the outstanding amount of the Convertible Note, assuming the offering closes before August 31,
2020.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>DIVI<a name="a009"></a>DEND POLICY </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">The
declaration, timing and amount of any dividend is subject to the discretion of our board of directors and will be dependent upon
our earnings, financial condition, market prospects, capital expenditure requirements, investment opportunities, restrictions
in our loan agreements, the provisions of the Marshall Islands law affecting the payment of dividends to shareholders, overall
market conditions and other factors. Our dividend policy is to pay to holders of our shares a variable quarterly dividend in excess
of 50% of the net income of the previous quarter subject to any reserves our board of directors may from time to time determine
are required. We believe this policy maintains an appropriate level of dividend cover taking into account the likely effects of
the shipping cycle and the need to retain cash to reinvest in vessel acquisitions.&nbsp; However, we have not paid any dividends
on our common shares since 2012.&nbsp; Our board of directors may review and amend our dividend policy from time to time in light
of our plans for future growth and other factors. In addition, since we are a holding company with no material assets other than
the shares of our subsidiaries and affiliates through which we conduct our operations, our ability to pay dividends will depend
on our subsidiaries and affiliates distributing to us their earnings and cash flow. Some of our loan agreements and Convertible
Note limit our ability to pay dividends and our subsidiaries&#x2019; ability to make distributions to us.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>CAPITALI<a name="a010"></a>ZATION </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt"> The following table
sets forth our capitalization as of March 31, 2020: </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 18pt"></td>
<td style="font-size: 10pt; vertical-align: top; width: 18pt"> <font style="font-size: 10pt">&#9679;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">on an actual basis, based on 6,416,666 common
shares outstanding as of March 31, 2020, and excludes, as of such date (1) 100,000 common shares available for issuance under
our 2012 Equity Incentive Plan; (2) up to 2,475,660 of our common shares issuable at our option upon conversion of the Convertible
Note, based on $2,475,660 of principal and interest outstanding on March 31, 2020 and assuming full conversion of such amount
at the floor price of the Convertible Note, it being noted that approximately $2.5 million of principal and interest remain outstanding
on the date of this prospectus; and (3) up to 303,964 of our common shares issuable upon the issuance of shares to repay the Firment
Shipping Credit Facility, based on approximately $851,100 of principal and interest outstanding on the date hereof and assuming
full repayment of such amount at a conversion price of $2.80;</font> </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; vertical-align: top"></td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&#9679;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> on an as adjusted basis, to reflect the issuance between March 31, 2020 and
the date of this prospectus of 5,000 Series B preferred shares on June 12, 2020; and </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&nbsp;</font> </td></tr>
<tr style="font-size: 10pt">
<td style="font-size: 10pt; vertical-align: top"></td>
<td style="font-size: 10pt; vertical-align: top"> <font style="font-size: 10pt">&#9679;</font> </td>
<td style="font-size: 10pt; vertical-align: top"> on an as further adjusted basis to give effect to the sale of Units in this
offering, assuming we sell no pre-funded warrants in this offering, and immediately before the proceeds from this offering are
spent and before any Class A Warrants are exercised. There have been no significant adjustments to our capitalization since March
31, 2020, other than the adjustments described above. The historical data in the table is derived from, and should be read in
conjunction with, our historical consolidated financial statements included in this prospectus. You should also read this table
in conjunction with the information in the section entitled &ldquo;Operating and Financial Review and Prospects&rdquo; included
in our Annual Report on Form 20-F, incorporated by reference herein. </td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <b>Actual</b> </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <b>As&nbsp;Adjusted<br> (unaudited)</b> </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <b>As&nbsp;Further<br> Adjusted<br> (unaudited)</b> </td>
<td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td colspan="10" style="text-align: center"> <b>(dollars in thousands except<br> per share and share data)</b> </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> <b>Capitalization:</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td colspan="2" style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td colspan="2" style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td colspan="2" style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 58%; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> EnTrust Loan Facility </td>
<td style="width: 2%; text-align: justify"> &nbsp; </td>
<td style="width: 1%; text-align: justify"> $ </td>
<td style="width: 10%; text-align: right"> 37,000 </td>
<td style="width: 1%; text-align: justify"> &nbsp; </td>
<td style="width: 2%; text-align: justify"> &nbsp; </td>
<td style="width: 1%; text-align: justify"> $ </td>
<td style="width: 10%; text-align: right"> 37,000 </td>
<td style="width: 1%; text-align: justify"> &nbsp; </td>
<td style="width: 2%; text-align: justify"> &nbsp; </td>
<td style="width: 1%; text-align: justify"> $ </td>
<td style="width: 10%"> &nbsp; </td>
<td style="width: 1%; text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Firment Shipping Credit Facility </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 307 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 307 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Convertible Note </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 798 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 798 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> <b>Total debt (including current portion)</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 38,105 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 38,105 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Preferred shares, $0.001 par value; 100,000,000
shares authorized, none issued, actual and adjusted </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Common shares, $0.004 par value; 500,000,000 shares
authorized, 6,416,666 shares issued and outstanding actual, 6,416,666 shares issued and outstanding as adjusted,&nbsp;&nbsp;&nbsp;&nbsp;shares
issued and outstanding as further adjusted </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 26 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 26 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Class B Shares, $0.001 par value; 100,000 shares
authorized, none issued, actual and adjusted </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Series B Preferred Shares, $0.001 par value; none
issued actual; 5,000 issued as adjusted and further adjusted </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: right"> &mdash; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Share premium </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 146,326 </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> 146,476 </td>
<td> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> Accumulated deficit </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> (144,650 </td>
<td style="text-align: justify"> ) </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td style="text-align: right"> (144,650 </td>
<td style="text-align: justify"> ) </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> $ </td>
<td> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> <b>Total shareholders&rsquo; equity</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td style="text-align: right"> <b>1,702</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td style="text-align: right"> <b>1,852</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"> <b>Total capitalization</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td style="text-align: right"> <b>39,807</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td style="text-align: right"> <b>39,957</b> </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td>
<td style="text-align: justify"> <b>$</b> </td>
<td> &nbsp; </td>
<td style="text-align: justify"> &nbsp; </td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> Except as otherwise noted,
all information in this prospectus reflects and assumes (i) no sale of pre-funded warrants in this offering, which, if sold, would
reduce the number of common shares that we are offering on a one-for-one basis, (ii) no exercise of the underwriter&rsquo;s over-allotment
option, and (iii) no exercise of Class A Warrants. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="d_001"></a>DILUTION</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Dilution or accretion
is the amount by which the offering price paid by the purchasers of our common shares in this offering will differ from the net
tangible book value per common share after the offering. The net tangible book value per common share is equal to the amount of
our total tangible assets (total assets less intangible assets) less total liabilities divided by the number of common shares
outstanding. The historical net tangible book value of our shares as of March 31, 2020<sup>(1)</sup> was $1.7 million in total
and $0.27 per share for the number of shares of the existing shareholders that were outstanding at that date. The as adjusted<sup>(2)</sup>&nbsp;net
tangible book value as of March 31, 2020 was $1.9 million in total and $0.29 per share for the as adjusted number of shares of
the existing shareholders that were outstanding at that date. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The as further
adjusted<sup>(3)</sup>&nbsp;net tangible book value as of March 31, 2020 would have been $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share after the issuance and sale by us of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares at $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share in this offering, after deducting estimated expenses related
to this offering. This represents an immediate increase in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share to the existing shareholders and an immediate dilution in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share to new investors. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The following table
illustrates the pro forma per share dilution and increase in net tangible book value as of March 31, 2020: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; width: 87%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price per common share</font> </td>
    <td style="width: 1%; text-align: justify"> &nbsp; </td>
    <td style="vertical-align: bottom; width: 1%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"> &nbsp; </td>
    <td style="vertical-align: bottom; width: 1%; text-align: justify"> &nbsp; </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    adjusted<sup>(2)</sup>&nbsp;net tangible book value per share before this offering</font> </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="vertical-align: bottom; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.29</font> </td>
    <td style="vertical-align: bottom; text-align: justify"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in as adjusted net tangible book value attributable to new investors in this offering</font> </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> &nbsp; </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    further adjusted<sup>(3)</sup>&nbsp;net tangible book value per share after giving effect to this offering</font> </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    per share to new investors</font> </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: justify"> &nbsp; </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The discussion
and table above assume (i) no exercise of the underwriters&rsquo; option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares, (ii) no sale of any pre-funded warrants in this offering, and (iii) no Class A Warrants are exercised. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The following table
summarizes, as of March 31, 2020, on an as further adjusted basis<sup>(2)</sup>&nbsp;for this public offering, the difference
between the number of common shares acquired from us, the total amount paid and the average price per share paid by the existing
shareholders and the number of common shares acquired from us, the total amount paid and the average price per share paid by you
as a new investor in this offering, based upon the public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    Further Adjusted<br>
    Shares Outstanding<sup>(3)</sup></b></font> </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    Consideration</b></font> </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br>
    Price</b></font> </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-bottom: 1pt; text-align: justify"> &nbsp; </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></font> </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent</b></font> </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount<br>
    <i>(In USD Thousands)</i></b></font> </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent</b></font> </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per<br>
    Share</b></font> </td>
    <td style="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 31%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
    shareholders</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 10%; text-align: right"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 10%; text-align: right"> &nbsp; </td>
    <td style="width: 1%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="width: 14%; text-align: right"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 10%; text-align: right"> &nbsp; </td>
    <td style="width: 1%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="width: 10%; text-align: right"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New investors<sup>(*)</sup></font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
deducting estimated expenses of this offering of $ million. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 &ldquo;actual&rdquo; amounts based on 6,416,666 common shares outstanding as of March 31, 2019, which excludes: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px"> <font style="font-family: Symbol; font-size: 10pt">&middot;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000 common
    shares available for issuance under our 2012 Equity Incentive Plan, and the issuance of $20,000 worth of common shares to
    each of our two independent directors per year;</font> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px"> <font style="font-family: Symbol; font-size: 10pt">&middot;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 2,475,660
    of our common shares issuable at our option upon conversion of the Convertible Note, based on $2,475,660 of principal and
    interest outstanding on March 31, 2020 and assuming full conversion of such amount at the floor price of the Convertible Note,
    it being noted that approximately $2.5 million of principal and interest remain outstanding on the date of this prospectus;
    and</font> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px"> <font style="font-family: Symbol; font-size: 10pt">&middot;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 303,964
    of our common shares issuable upon the issuance of shares to repay the Firment Shipping Credit Facility, based on approximately
    $851,100 of principal and interest outstanding on the date hereof and assuming full repayment of such amount at a conversion
    price of $2.80.</font> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &ldquo;as
    adjusted&rdquo; amounts include the issuance of 5,000 Series B preferred shares on June 12, 2020.</font> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &ldquo;as
    further adjusted&rdquo; amounts include the adjustments described in (2) above, the consummation of this offering and the
    underwriters exercise of their option to purchase additional common shares in full, and no pre-funded warrants are issued
    in this offering.</font> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="a_001"></a></b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>BUSI<a name="a012"></a>NESS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36pt">This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors. See the sections entitled &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221;.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><b>Overview</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We are an integrated international owner and operator of dry bulk vessels, focusing on the Panamax and Supramax sectors, providing marine transportation services on a worldwide basis. We currently own 5 dry bulk vessels, 4 Supramaxes and 1 Panamax, with 300,571 dwt carrying capacity and an average age of 12.1 years as of March 31, 2020. We own each of our vessels through separate, wholly owned subsidiaries, four of which are incorporated in the Marshall Islands, and one of which is incorporated in Malta. All of our Supramax vessels are geared. Geared vessels can operate in ports with minimal shore-side infrastructure. Due to the ability to switch between various dry bulk cargo types and to service a wider variety of ports, the day rates for geared vessels tend to have a premium. Our vessels can carry the majority of dry bulk commodities such as, coal, finished steel products, as well as minerals such as, iron ore, chromium ore, and nickel ore. In addition, we are also engaged in the carriage of agribulks such as grains, soy bean, rice, and sugar. Our fleet operates on a worldwide basis with presence in both the Pacific and Atlantic oceans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our operations are managed by our Attica, Greece-based wholly owned subsidiary, Globus Shipmanagement Corp., which we refer to as our Manager, which provides in-house commercial and technical management for our vessels and provided consulting services for an affiliated ship-management company. Our Manager has entered into a ship management agreement with each of our wholly owned vessel-owning subsidiaries. Virtually all aspects of our vessels are managed in-house including managing day-to-day vessel operations, such as supervising the crewing, supplying, maintaining of vessels and other services. We believe that by having these critical management functions in-house provides efficiency, fast reaction times, good communication among departments and effective cost management.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We intend to grow our fleet through timely and selective acquisitions of modern vessels in a manner that we believe will provide an attractive return on equity and will be accretive to our earnings and cash flow based on anticipated market rates at the time of purchase. Additionally, we may target asset divestitures in line with our strategy as we look to grow and modernize our fleet. There is no guarantee however, that we will be able to find suitable vessels to purchase or that such vessels will provide an attractive return on equity or be accretive to our earnings and cash flow.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Fleet description</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%">

<tr>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 14%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Vessel</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 6%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Year Built</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 9%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Flag</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 16%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Direct Owner</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 11%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Shipyard</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 7%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Vessel Type</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 9%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Type of Employment</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt; width: 12%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Delivery Date</font></font></b></p>
</td>
    <td style="width: 1%">&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 3pt; width: 8%; text-align: center; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black"><font style="color: black">Carrying Capacity (dwt)</font></font></b></p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v River Globe</font></i></font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2007</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Devocean Maritime Ltd.</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Yangzhou Dayang</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">December 2007</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">53,627</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Sky Globe</font></i></font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2009</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Domina Maritime Ltd.</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Taizhou Kouan</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">May 2010</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">56,855</font></p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Star Globe</font></i></font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2010</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Dulac Maritime S.A.</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Taizhou Kouan</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">May 2010</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">56,867</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Moon Globe</font></i></font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2005</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Marshall Islands</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Artful Shipholding S.A.</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Hudong-Zhonghua</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Panamax</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">June 2011</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">74,432</font></p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black"><i><font style="color: black">m/v Sun Globe</font></i></font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">2007</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Malta</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Longevity Maritime Limited</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Tsuneishi Cebu</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Supramax</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Spot</font></p>
</td>
    <td>&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">September 2011</font></p>
</td>
    <td>&nbsp;</td>
<td style="border-bottom: black 1pt solid; padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">58,790</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">&nbsp;</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">&nbsp;</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Average Age:<br>12.1*</font></p>
</td>
    <td>&nbsp;</td>
<td style="padding: 0pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="color: black">Total dwt: <br>
300,571</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">*As of March 31, 2020</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our fleet is currently comprised of a total of five dry bulk vessels consisting of one Panamax and four Supramaxes. The weighted average age of the vessels we owned as of March 31, 2020 was 12.1 years, and their carrying capacity was 300,571 dwt.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">M/V Sky Globe, Star Globe, River Globe,
Sun Globe are Supramax vessels that primarily trade in the Far East, Indian Ocean, east and west coast South America and the Persian
Gulf. The vessels are engaged in the coal, ore and agribulk trades.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> M/V Moon Globe is a Panamax and trades
primarily in the East Coast South America, the Far East and the Mediterranean. The vessel is primarily engaged in ore and agribulk
trading. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">All the above mentioned vessels are operating in the spot market or on short period charters.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following table provides information about vessels we previously owned since we began our operations and subsequently sold:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 20%; font-weight: bold; text-align: center; padding-left: 3.6pt">Vessel</td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 19%; font-weight: bold; text-align: center">Type</td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 19%; font-weight: bold; text-align: center; padding-bottom: 1pt">Year&nbsp;Built</td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 19%; font-weight: bold; text-align: center">Month-Year&nbsp;<br>
of Delivery</td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 19%; font-weight: bold; text-align: center; padding-left: 3.6pt; padding-bottom: 1pt">Month-Year&nbsp;Sold</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Ocean Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Handymax</td><td>&nbsp;</td>
    <td style="text-align: center">1995</td><td>&nbsp;</td>
    <td style="text-align: center">September 2006</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">November 2008</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Island Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Panamax</td><td>&nbsp;</td>
    <td style="text-align: center">1995</td><td>&nbsp;</td>
    <td style="text-align: center">July 2007</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">September 2009</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Gulf Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Handymax</td><td>&nbsp;</td>
    <td style="text-align: center">1994</td><td>&nbsp;</td>
    <td style="text-align: center">January 2007</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">October 2009</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Lake Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Handymax</td><td>&nbsp;</td>
    <td style="text-align: center">1994</td><td>&nbsp;</td>
    <td style="text-align: center">December 2006</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">November 2009</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Coral Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Handymax</td><td>&nbsp;</td>
    <td style="text-align: center">1994</td><td>&nbsp;</td>
    <td style="text-align: center">November 2006</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">February 2010</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Sea Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Handymax</td><td>&nbsp;</td>
    <td style="text-align: center">1995</td><td>&nbsp;</td>
    <td style="text-align: center">September 2006</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">February 2010</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Energy Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Kamsarmax</td><td>&nbsp;</td>
    <td style="text-align: center">2010</td><td>&nbsp;</td>
    <td style="text-align: center">June 2010</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">March 2016</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: center; padding-left: 3.6pt">m/v Tiara Globe</td><td>&nbsp;</td>
    <td style="text-align: center">Panamax</td><td>&nbsp;</td>
    <td style="text-align: center">1998</td><td>&nbsp;</td>
    <td style="text-align: center">December 2007</td><td>&nbsp;</td>
    <td style="text-align: center; padding-left: 3.6pt">July 2015</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">All the vessels that we purchased and sold since we began our operations were purchased from and sold to unaffiliated third parties. In 2006, we took delivery of four vessels, </font><i>m/v Ocean Globe</i>, <i>m/v Sea Globe</i>, <i>m/v Coral Globe</i> and <i>m/v Lake Globe</i>, for a combined purchase price of $99.5 million. <font style="color: black">In 2007, we acquired t</font>he <i>m/v Gulf Globe</i> for a purchase price of $24.8 million; the <i>m/v Island Globe</i>, for a purchase price of $37.9 million; the <i>m/v Tiara Globe</i> for a purchase price of $66.8 million; and the <i>m/v River Globe</i>, a newbuilding, for a purchase price of $57 million.<font style="color: black"> In 2008, we s</font>old the <i>m/v Ocean Globe</i> for a selling price of $37 million. <font style="color: black">In 2009, we sold the </font><font style="color: black"><i><font style="color: black">m/v Island Globe</font></i></font><font style="color: black">, </font><i>m/v Gulf Globe</i><font style="color: black"> and </font><i>m/v Lake Globe</i><font style="color: black"> for a selling price of $19.1 million, $15.5 million and $16.5 million, respectively. In February 2010, we sold the </font><i>m/v Sea Globe</i><font style="color: black"> and the </font><i>m/v Coral Globe</i> for $17.5 million and $16.5 million, respectively<font style="color: black">. In May 2010, we purchased two sister ships, the </font><font style="color: black"><i><font style="color: black">m/v Sky Globe</font></i></font><font style="color: black"> and </font><i>m/v Star Globe</i><font style="color: black">, for a total purchase price of approximately $65.7 million. In June 2010, we purchased the </font><i>m/v </i><i>Energy Globe</i><font style="color: black">, for $41.1 million, i</font>n March 2011, we purchased the <i>m/v Sun Globe</i> for $30.3 million, which was delivered in September 2011, and in May 2011, we purchased the <i>m/v Moon Globe</i> for $31.4 million, which was delivered in June 2011. We sold the <i>m/v Tiara Globe</i> in July 2015 for $5.5 million. We sold Kelty Marine Ltd., the company that owned the <i>m/v Energy Globe</i>, in March 2016 for $6.86 million.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Employment &amp; Business Strategy</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our fleet operates all around the globe with a strong focus in South East Asia, the Indian Ocean, the west coast of South America, South Africa and the Mediterranean. We prefer to employ our vessels in the spot market or in short-term business. This allows us to be versatile enough to grasp opportunities in a rising market as well as to select and monitor the cargos we carry.&nbsp;</p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> We have developed
strong relationships with many operators, shippers, trading houses, grain houses, and class-A charterers. Some of our customers
repeatedly employ our vessels, which highlights the appreciation they have for our operations and the satisfaction of the services
we provide. We have built our relationships for many years and have provided our services to many international companies such
as Hyundai Glovis Co Ltd., Oldendorff GmbH &amp; Co KG, Dampskibsselskabet Norden A/S, Ausca Shipping HK Limited, Western Bulk
Pte. Ltd., Norvic Shipping North America Inc., Norvic Shipping International Ltd., Norvic Shipping Asia Pte Ltd., Propel Shipping
Pte Ltd., and Hong Glory International Shipping Company Limited, among others. </p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our focus is, and will remain, in the dry-bulk sector and in the Supramax and Panamax asset classes, although we are not bound by those asset classes. We continuously monitor and gauge the market for lucrative second-hand acquisitions, as well as well-timed new building projects. We focus on these two asset classes because we strongly appreciate the versatility of the Supramax asset class as well as the versatility and enhanced commercial viability of the Panamax asset class. Supramaxes are engaged in the trade of all dry bulk commodities and are also equipped with cranes, which allows them to service more trading lines and ports that do not have shore crane capabilities. The on-board crane capabilities can also help with partial cargo spread around the cargo holds. Panamaxes, the so-called work horses of the industry, are very efficiently utilized in the ore, grain, and coal trades and can serve the majority of shipping ports.&nbsp;While we focus on the Supramax and Panamax asset classes, we may determine that it makes sense for our business to acquire a vessel in a different class.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Fleet Composition/Strategy</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Focus on Supramax and Panamax vessels.</b></i></b> We have a strong focus on Supramax and Panamax vessels. Supramax vessels are vessels between 50,000 to 59,999 DWT; they usually have cranes onboard and thus possess self-loading and unloading capabilities. Supramax vessels usually have five cargo holds, and five hatches. The existence of onboard cranes can help to serve more ports and locations that may not have shore cranes or other shore means of loading and unloading such vessel. The Supramax vessels are very versatile and can carry most dry bulk commodities. Panamax vessels range from 60,000 to 79,999 DWT; they usually have seven cargo holds and hatches and usually do not have cranes on board. They are considered the workhorse of the industry and provide relevant efficiencies when it comes to carrying capacity, fuel consumption and potential ports to be served.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Expanding our fleet through Opportunistic Acquisitions and Disposals. </b></i></b>We continuously evaluate the sale and purchase market for Supramax and Panamax vessels. We believe that this asset class provides a good risk return ratio. Supramax and Panamax vessels are right in the middle range of dry bulk vessel size, they can potentially carry a larger variety of commodities than bigger Capesize (110,000-199,999 DWT) vessels and by extent not be tied to the iron ore or coal market dynamics that bigger vessels are exposed to. We tend to prefer to evaluate off market opportunities when possible. We try to monitor the current market conditions, the futures freights agreement (FFA) market, disposal and scrap values in order to evaluate when the right time is to access the sale and purchase market.&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b><i>Spot chartering exposure enables access to
rate volatility. </i></b>Our fleet operates worldwide and we prefer spot or short term contracts in order to be versatile and be
able to move quickly to capture a market upswing. Long term charters can provide some cash flow stability but a vessel can potentially
miss any upside. We tend to avoid vessel pool operations as we feel the cost of participation can be too high for us.</p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"> <b><i>Strong relationship with charterers.
</i></b>Throughout the years, we have developed positive relationships with many international charterers and have enjoyed repeat
business and chartering of our vessels to them. We believe this repeat business highlights the confidence our repeat customers
have for our operations and the satisfaction of the services we provide. We have built our relationships for many years and have
provided our services to many international companies such as Hyundai Glovis Co Ltd., Oldendorff GmbH &amp; Co KG, Dampskibsselskabet
Norden A/S, Ausca Shipping HK Limited, Western Bulk Pte. Ltd., Norvic Shipping North America Inc., Norvic Shipping International
Ltd., Norvic Shipping Asia Pte Ltd., Propel Shipping Pte Ltd., and Hong Glory International Shipping Company Limited, among others.
Since our vessels operate on all seas, at safe ports and carry all legal dry bulk cargoes as per the relevant codes and safety
standards, we believe these factors also help solidify our relationship with charterers. </p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Competitive Strengths</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b><i>Experienced management.</i></b> Our in-house
management personnel have a long track record in the industry, both as seafarers as well as with on onshore positions. The majority
of our technical department personnel have served on board vessels in various positions and are very familiar with technical aspects
as well as life at sea. Our senior management and board of directors consist of seasoned professionals that have served in various
aspects of the shipping industry as well as other industries such as banking and trading.</p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b><i>Versatile fleet.</i></b> Our fleet consists
of highly versatile vessels, the majority of which have on board cranes. Our vessels can serve most ports and trading routes, always
taking into account safety, the wellbeing of our crews and legislative considerations. Our vessels operate on all seas, at safe
ports and carry all legal dry bulk cargoes as per the applicable codes and safety standards.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>In-house management.</i></b> We believe that having all aspects of our vessels management in-house provides efficiency, fast reaction times, good communication among departments and cost-effective management. Opportunities or problems are presented and evaluated quickly among the input of all relevant departments, bringing together the combined experience of personal from different backgrounds and positions. We believe that the pooled information allows us to better evaluate, appreciate and decide on everyday challenges such as technical, crewing, provisions, operational and commercial matters. We believe that by having an in-house management we can better communicate among the team and better manage our costs with real time communication among departments and senior management.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Management Structure &amp; Management of Our Fleet</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Globus Maritime wholly owns its ship-owning subsidiaries
as well as its ship management arm. Virtually all aspects related to ship management, legal, accounting, finance, and corporate
decision making are handled internally. By having virtually all of the ship management aspects in-house, costs are more streamlined
and controlled and we avoid certain extra fees and commissions that we might have to pay otherwise.&nbsp;</p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Technical and commercial management of our fleet
is done in-house by our wholly owned subsidiary, Globus Shipmanagement Corp. We believe that this integrated approach promotes
cost efficiency, fluidity of information, reaction speed and safety. Our in-house technical management monitors the status, efficiency
and utilization of our fleet, promptly addressing any technical issue to ensure the smooth trading of the vessels. Our technical
department ensures on the timely and cost-efficient delivery of spare parts and service engineers on board our vessels. Moreover,
key performance indicators and data are collected and analyzed in-house with the help of our experienced crews on board.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our in-house commercial management gives us a continuous real-time view of the market and lets us negotiate directly on potential charter opportunities. By having in-house commercial management this enables us to better negotiate our charter agreements to best fit our vessels trading patterns and in order to achieve high commercial utilization rates.&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our technical and commercial departments are strongly supported by our supplies and provisions department and they work together to service the need of every vessel based on its trading pattern in cost-efficient ways. All additional services, including accounting, finance, insurance or legal, are also handled in-house by an experienced and well-focused staff.&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We feel that keeping virtually all aspects and
departments of management in-house allows for better communication and synergy among departments. This leads to faster to decision
making and reaction times, which is very important for our industry. Our management departments are available around the clock
to meet the needs of our fleet and our customers. A majority of our technical and commercial personal have served on vessels and
by extension, have firsthand experience of the needs of the business and the importance of reaction times.&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><b>History and Development of the Company</b></p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> We originally
incorporated as Globus Maritime Limited on July 26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended). Following the
conclusion of our initial public offering on June 1, 2007, our common shares were listed on the London Stock Exchange&rsquo;s
Alternative Investment Market, or AIM, under the ticker &ldquo;GLBS.L.&rdquo; On July 29, 2010, we effected a one-for-four reverse
stock split. </p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On November 24, 2010, we redomiciled into the Marshall Islands pursuant to the BCA and a resale registration statement for our common shares was declared effective by the SEC. Once the resale registration statement was declared effective by the SEC, our common shares began trading on the Nasdaq Global Market under the ticker &#8220;GLBS.&#8221; Our common shares were suspended from trading on the AIM on November 24, 2010 and were delisted from the AIM on November 26, 2010.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On June 30, 2011, we completed a follow-on public offering in the United States under the Securities Act of 1933, as amended, which we refer to as the Securities Act, of 2,750,000 common shares at a price of $8.00 per share, the net proceeds of which amounted to approximately $20 million. The investors in the follow-on public offering were not related parties, except that an entity affiliated with our chairman, Mr. Feidakis, purchased 250,000 shares in such offering. (These figures do not reflect the 4-1 reverse stock split which occurred in October 2016 or the 10-1 reverse stock split which occurred in October 2018.) </font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On April 11, 2016, our common shares began trading on the Nasdaq Capital Market instead of the Nasdaq Global Market.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On October 20, 2016, we effected a four-for-one reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional shares; these figures do not reflect the 10-1 reverse stock split which occurred in October 2018.)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On February 8, 2017, we entered into a Share and Warrant Purchase Agreement pursuant to which we sold for $5 million an aggregate of 5 million of our common shares and warrants to purchase 25 million of our common shares at a price of $1.60 per share (subject to adjustment) to a number of investors in a private placement, one of whom was the daughter of our Chairman and the sister of our Chief Executive Officer. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) These securities were issued in transactions exempt from registration under the Securities Act. The following day, we entered into a registration rights agreement with the purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the warrants.&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In connection with the closing of the February 2017 private placement, we also entered into two loan amendment agreements with existing lenders.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">One loan amendment agreement was entered into by the Company with Firment Trading Limited (&#8220;Firment&#8221;), a related party to the Company and the lender under the Revolving Credit Facility dated December 16, 2014 (as amended, the &#8220;Firment Credit Facility&#8221;), which then had an outstanding principal amount of $18,523,787. Firment released an amount equal to $16,885,000 (but left an amount equal to $1,638,787 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment, 16,885,000 common shares and a warrant to purchase 6,230,580 common shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months from the date of issuance. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The Firment Credit Facility subsequently expired, and no amounts are owed pursuant to the Firment Credit Facility.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">The other loan amendment agreement was entered into by the Company with Silaner Investments Limited, a related party to the Company and the lender of the Silaner Credit Facility. Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal to $74,048 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner, 3,115,000 common shares and a warrant to purchase 1,149,437 common shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months from the date of issuance. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The Silaner Credit Facility subsequently expired, and no amounts are owed pursuant to the Silaner Credit Facility.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On October 19, 2017, we entered into a Share and Warrant Purchase Agreement pursuant to which we sold for $2.5 million an aggregate of 2.5 million of our common shares and a warrant to purchase 12.5 million of our common shares at a price of $1.60 per (subject to adjustment) share to an unrelated investor in a private placement. These securities were issued in transactions exempt from registration under the Securities Act of 1933, as amended. On that day, we also entered into a registration rights agreement with the purchaser providing it with certain rights relating to registration under the Securities Act of the 2.5 million common shares issued in connection with the October 2017 Private Placement and the common shares underlying the October 2017 warrant. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The October 2017 warrant was exercisable for 24 months after its issuance.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">On October 15, 2018, we effected a ten-for-one reverse stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made based on fractional shares).&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">In November 2018, we entered into a credit facility for up to $15 million with Firment Shipping Inc., our largest shareholder and a related party to us through our chairman, Mr. Georgios Feidakis, for the purpose of financing our general working capital needs.&nbsp; This credit facility was amended and restated in May 2020.&nbsp; The Firment Shipping Credit Facility is unsecured and remains available until its final maturity on October 31, 2021. We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. Any prepaid amount cannot be re-borrowed. Interest on drawn and outstanding amounts is charged at 3.5% per annum until December 31, 2020 and thereafter at 7% per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest is payable the last day of a period of three months after the drawdown date, after this period in case of failure to pay any sum due a default interest of 2% per annum above the regular interest is charged. We have also the right, in our sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement into common shares. The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common shares on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. over the Pricing Period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or (ii) $2.80 (subject to proportional adjustment for share splits, share combinations, share dividends and similar events).</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 8, 2020, the credit facility with Firment Shipping Inc. was amended and restated to provide for, among other things, an extension of the maturity date by when the loan must be repaid to October 31, 2021, the conversion of the credit facility from a revolving credit facility to a term credit facility, a reduction of the interest rate on the loan to 3.5% per annum until December 31, 2020, and that, unless approved by Firment Shipping, Firment Shipping maintains at least a 40% shareholding in us, other than due to actions taken by Firment Shipping, such as sales of shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">On March 13, 2019, the Company entered into a securities
purchase agreement (the &ldquo;Purchase Agreement&rdquo;) and issued a senior convertible note (the &ldquo;Convertible Note&rdquo;)
in a transaction exempt from registration under the Securities Act with an unrelated investor. The Convertible Note was originally
issued for gross proceeds of $5 million and is convertible into our common shares, par value $0.004 per share. As of the date of
this prospectus, approximately $2.5 million in principal and interest was owed pursuant to the Convertible Note. If not converted
or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible Note is scheduled to mature on March 13,
2021.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"> On May 8, 2020, the holder of our Convertible
Note waived (the &ldquo;May 8, 2020 Waiver&rdquo;) its right to participate in (a) public offerings which close before August
31, 2020, and (b) issuances of shares and other securities (including common shares, Class B common shares, and new or existing
series of preferred shares, such as our Series B preferred shares) to directors, officers, their respective affiliates, and to
affiliates of the Company. The holder of our Convertible Note also consented to the amendment and restatement of the Firment Shipping
Credit Facility and waived (a) without the Company having admitted fault, certain potential prior technical breaches of the Convertible
Note; (b) the holder&rsquo;s right to require the redemption of the Convertible Note upon a change of control (as such term is
used within the Convertible Note), but only if such change of control results from certain underwritten offering or issuances
of our securities to directors, officers, their respective affiliates, and to affiliates of the Company; (c) temporarily reduced,
until August 31, 2020, the amount the noteholder will receive upon a redemption of the Convertible Note at the Company&rsquo;s
option, such that the Convertible Note can be redeemed at the Company&rsquo;s option by paying the greater of (i) the aggregate
amounts then outstanding pursuant to the Convertible Note (rather than 120% of such amounts) and (ii) the product of (x) the number
of shares issuable upon a conversion of the Convertible Note (with respect to the amount being redeemed at the time) multiplied
by (y) the greatest closing sale price of the Company&rsquo;s common shares on any trading day between the date immediately preceding
the first such redemption at the Company&rsquo;s option and the trading day immediately prior to the final Company payment under
the Convertible Note. All of the foregoing is subject to the Company&rsquo;s redemption of all or part of the Convertible Note
in cash with an amount equal to the lesser of (a) the aggregate amounts then outstanding pursuant to the Convertible Note and
(b) 25% of the net proceeds of any public offering of its securities that closes before August 31, 2020. </p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</p>



<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Convertible Note provides for interest
to accrue at 10% annually, which interest shall be paid at maturity unless the Convertible Note is converted or redeemed pursuant
to its terms beforehand. The interest may be paid in common shares of the Company, if certain conditions described within the
Convertible Note are met. The conversion and redemption terms of the Convertible Note are, in principal, as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> The
                                         Convertible Note may be converted, in whole or in part, into the Company&rsquo;s common
                                         shares at any time by its holder, in which case all principal, interest, and other amounts
                                         owed pursuant to the Convertible Note shall convert at a price per share which differs
                                         based upon the performance of the Company&rsquo;s stock price. The price per share for
                                         conversion purposes is the lowest of (a) the Conversion Price of $4.50 and (b) the highest
                                         of (i) $1.00 (the &ldquo;Floor Price&rdquo;) and (ii) 87.5% of the average of the high
                                         and low bid price from any day chosen by the holder during the ten (10) consecutive trading
                                         day period ending on and including the trading day immediately prior to the applicable
                                         conversion date (the &ldquo;Alternate Conversion Price&rdquo;) regardless of the subsequent
                                         stock price. The Floor Price adjusts for share splits, share dividends, share combinations,
                                         and similar transactions. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> The
                                         Convertible Note may be redeemed, in whole or in part, by request of its holder upon: </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Times New Roman, Times, Serif">o</font> </td><td style="text-align: justify"> an
                                         Event of Default (as defined within the Convertible Note), in exchange for the higher
                                         of (a) 120% of all amounts owed under the Convertible Note, and (b) the value of the
                                         stock to which the Convertible Note could be converted (as calculated within Section
                                         4(b) of the Convertible Note); </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Times New Roman, Times, Serif">o</font> </td><td style="text-align: justify"> a
                                         Change in Control (as defined within the Convertible Note) of the Company, in exchange
                                         for the higher of (a) 120% of all amounts owed under the Convertible Note and (b) the
                                         value of the stock to which the Convertible Note could be converted (as calculated within
                                         Section 5(c) of the Convertible Note), unless such Change in Control occurs as described
                                         in the May 8, 2020 Waiver described above; or </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"> <font style="font-family: Times New Roman, Times, Serif">o</font> </td><td style="text-align: justify"> any
                                         time after an uninterrupted ten trading day period in which the common shares trade below
                                         the Floor Price, in exchange for 100% of all amounts owed under the Convertible Note. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> The
                                         Convertible Note may be redeemed, in whole or in part, at any time by the Company. If
                                         we elect to redeem the Convertible Note, and such redemption does not occur as set forth
                                         within the May 8, 2020 Waiver, we shall be obligated to pay the holder the greater of
                                         (a) 120% of all amounts owed under the Convertible Note and (b) the value of the stock
                                         to which the Convertible Note could be converted (as calculated within Section 8(a) of
                                         the Convertible Note). If we elect to redeem the Convertible Note, we (as a procedural
                                         matter) must first provide the holder notice, which could allow the holder to convert
                                         prior to payment by us of the redemption amount. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> If
                                         any portion of the Convertible Note is not redeemed or converted prior to its maturity
                                         date, on the maturity date, we are required to pay all outstanding principal in cash
                                         and may elect whether to pay the interest (and any other amounts owed) in cash or our
                                         common shares. If interest is paid in common shares, the Alternate Conversion Price per
                                         share shall apply. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Convertible Note also forbids us from undertaking certain major transactions (referred to within the Convertible Note as &#8220;Fundamental Transactions&#8221; or a &#8220;Change of Control&#8221;) if we do not either (a) redeem the note at 120% of all amounts owed under the Convertible Note beforehand or (b) we or our successor does not reaffirm its obligations under the Convertible Note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Company further entered into a registration rights agreement (the &#8220;Registration Rights Agreement&#8221;) in which it agreed to register the resale of the common shares issuable upon conversion of the Convertible Note. The Registration Rights Agreement includes liquidated damages provisions applicable if the Company fails to meet its obligations. Pursuant to the Registration Rights Agreement, we filed a Registration Statement on Form F-3 with respect to the resale of the common shares that may be issued upon the conversion of the Convertible Note. This registration statement was declared effective on April 19, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The full conversion of the Convertible Note would dilute the ownership percentage of the Company held by existing stockholders and could hurt our stock price, and will dilute existing shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under the terms of the Convertible Note, we may not issue shares to the extent such issuance would cause a holder, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which may be increased upon no less than 61 days&#x2019; notice, but not to exceed 9.99%) of our then outstanding common shares immediately following such issuance, excluding for purposes of such determination common shares issuable upon subsequent conversion of principal or interest on the Convertible Note. This provision does not limit a holder from acquiring up to 4.99% of our common shares, selling all of their common shares, and re-acquiring up to 4.99% of our common shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Purchase Agreement contained representations, warranties and covenants that are typical for private placements by public companies. The Purchase Agreement, during the time that the Convertible Note is outstanding, prohibits the Company from entering into certain &#8220;variable rate transactions&#8221;, as defined within the Purchase Agreement, involving (a) the issuance by the Company of convertible securities at a price that is based upon and/or varies with the trading prices of our common shares or with a conversion, exercise or exchange price that is subject to being reset at some future date, other than pursuant to a customary &#8220;weighted average&#8221; anti-dilution provision, or (b) a transaction whereby the Company or any Subsidiary may sell securities at a future determined price.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="color: black">The Purchase Agreement also grants the holder other rights. </font>Within the Purchase Agreement, the Company also grants the holder(s) an option to acquire up to 50% of the securities issued in certain placements of the Company (referred to within the Purchase Agreement as &#8220;Subsequent Placements&#8221;, which includes the offering being registered in this prospectus) during the time that the Convertible Note is outstanding, and obligates the Company to notify the holder(s) before consummating any Subsequent Placements. If the holder does not exercise its participation right within five business days of being noticed of the terms of the offer, we then have 10 business days to consummate the transaction on terms no more favorable than what was offered to the holder, and if we fail to close a transaction within such period, we must notice the holder again and offer another opportunity to participate. We also agreed not to issue more than one offer notice to the holder within 60 days, unless the terms have changed within five business days of our giving notice to the holder.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On June 12, 2020, we entered into a
stock purchase agreement and issued 5,000 of our newly-designated Series B Preferred Shares,&nbsp;par value $0.001 per share,
to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which
amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive compensation by the Company to Goldenmare
Limited pursuant to a consultancy agreement. Each of our 5,000 outstanding Series B preferred shares have 25,000 votes on matters
before the shareholders; <i>provided however, </i>that no holder of Series B preferred shares may exercise voting rights pursuant
to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter submitted
to a vote of shareholders of the Company to exceed 49.0% of the total number of votes eligible to be cast on such matter. As of
the date of this prospectus and until and unless we issue a significant number of securities, Goldenmare Limited, a company affiliated
with our Chief Executive Officer, can therefore control 49.0% of the voting power of our outstanding capital stock and will have
substantial control and influence over our management and affairs and over matters requiring shareholder approval, including the
election of directors and significant corporate transactions, even though Goldenmare Limited owns significantly less than 50%
of the Company economically. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> The issuance
of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Board of Directors of the
Company, which received a fairness opinion from an independent financial advisor that the transaction was for a fair value. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">Our executive office is located at the office of Globus Shipmanagement Corp., which we refer to as our Manager, at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece. Our telephone number is +30 210 960 8300. Our registered agent in the Marshall Islands is The Trust Company of the Marshall Islands, Inc. and our registered address in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. We maintain our website at www.globusmaritime.gr. Information that is available on or accessed through our website does not constitute part of, and is not incorporated by reference into, this prospectus. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding us and other issuers that file electronically with the SEC at http://www.sec.gov.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a013"></A>MANAGEMENT</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
regarding our officers and our directors. Our articles of incorporation provide for a board of directors serving staggered, three-year
terms, other than any members of our board of directors that may serve at the option of the holders of preferred shares, if any
are issued with relevant appointment powers. The term of our Class I directors expires at our annual general meeting of shareholders
in 2020, the term of our Class II directors expires at our annual general meeting of shareholders in 2021, and the term of our
Class III directors expires at our annual general meeting of shareholders in 2022. Officers are appointed from time to time by
our board of directors and hold office until a successor is appointed or their employment is terminated. The business address of
each of the directors and officers is c/o Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica,
Greece.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><b>Name</B></TD>
    <td>&nbsp;</TD>
    <td style="text-align: center; border-bottom: black 1pt solid"><b>Position</B></TD>
    <td>&nbsp;</TD>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>Age</B></TD>
    <td>&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>Georgios Feidakis</TD>
    <td>&nbsp;</TD>
    <td>Director, Chairman of the Board of Directors</TD>
    <td>&nbsp;</TD>
    <td>&nbsp;</TD>
    <td style="text-align: right">69</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: white">
    <td>Ioannis Kazantzidis</TD>
    <td>&nbsp;</TD>
    <td>Director</TD>
    <td>&nbsp;</TD>
    <td>&nbsp;</TD>
    <td style="text-align: right">69</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>Jeffrey O. Parry</TD>
    <td>&nbsp;</TD>
    <td>Director</TD>
    <td>&nbsp;</TD>
    <td>&nbsp;</TD>
    <td style="text-align: right">60</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: white">
    <td>Athanasios Feidakis</TD>
    <td>&nbsp;</TD>
    <td>Director, President, Chief Executive Officer, Chief Financial Officer</TD>
    <td>&nbsp;</TD>
    <td>&nbsp;</TD>
    <td style="text-align: right">33</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>Olga Lambrianidou</TD>
    <td>&nbsp;</TD>
    <td>Secretary</TD>
    <td>&nbsp;</TD>
    <td>&nbsp;</TD>
    <td style="text-align: right">64</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr>
    <td style="width: 25%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 1%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 64%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 1%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 1%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 4%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 3%"><font style="font-size: 1pt">&nbsp;</FONT></TD>
    <td style="width: 1%"><font style="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Georgios&nbsp;</B>(&ldquo;<b>George</B>&rdquo;)&nbsp;<b>Feidakis</B>,
a Class III director, is our founder and has served as our non-executive chairman of the board of directors since inception. Mr.
Feidakis is also affiliated with our largest shareholder, Firment Shipping Inc. Mr. Georgios Feidakis is also the major shareholder
and Chairman of F.G. Europe S.A., a company Mr. Georgios Feidakis has been involved with since 1994, and acts as a director and
executive for several of its subsidiaries. FG Europe is active in four lines of business and distributes well-known brands in Greece,
the Balkans, Turkey, Italy and UK. FG Europe is also active in the air-conditioning and white/brown electric goods market in Greece
and ten other countries in Europe as well as in the production of renewal energy. Mr. Georgios Feidakis is also the director and
chief executive officer of R.F. Energy S.A., a company that plans, develops and controls the operation of energy projects, and
acts as a director and executive for several of its subsidiaries. As of January 31, 2018, Mr. Feidakis was the majority shareholder
of Eolos Shipmanagement SA.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Athanasios&nbsp;</B>(&ldquo;<b>Thanos</B>&rdquo;)&nbsp;<b>Feidakis</B>,<b>*&nbsp;</B>a
Class I director was appointed to our board of directors in July 2013 to fill a vacancy in our board of directors. As of December
28, 2015, Mr. Athanasios Feidakis was also appointed our President, CEO and CFO. From October 2011 through June 2013, Mr. Athanasios
Feidakis worked for our operations and chartering department as an operator. Prior to that and from September 2010 to May 2011,
Mr. Athanasios Feidakis worked for ACM, a shipbroking firm, as an S&amp;P broker, and from October 2007 to April 2008, he worked
for Clarksons, a shipbroking firm, as a chartering trainee on the dry cargo commodities chartering and on the sale and purchase
of vessels. From April 2011 to April 2016, Mr. Athanasios Feidakis was a director of F.G. Europe S.A., a company controlled by
his family, specializing in the distribution of well-known brands in Greece, the Balkans, Turkey, Italy and UK. From December 2008
to December 2015, Mr. Athanasios Feidakis was the President of Cyberonica S.A., a family owned company specializing in real estate
development. Mr. Athanasios Feidakis holds a B.Sc. in Business Studies and a M.Sc. in Shipping Trade and Finance from the Cass
Business School (City University London) and an MBA from London School of Economics. In addition, Mr. Athanasios Feidakis has professional
qualifications in dry cargo chartering and operations from the Institute of Chartered Shipbrokers. Mr. Athanasios Feidakis is our
sole executive officer.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Jeffrey O. Parry</B>,<b>&nbsp;</B>a
Class II director, has served as our director since July 2010. Mr. Parry is currently the president of Mystic Marine Advisors LLC,
a Connecticut based advisory firm specializing in turnaround and emerging shipping companies which he founded in 1998. Mr. Parry
was chairman of the board of directors of TBS Shipping Limited from April 2012 until March 2018. From July 2008 to October 2009,
he was president and chief executive officer of Nasdaq-listed Aries Maritime Transport Limited. Mr. Parry holds a B.A. from Brown
University and an MBA from Columbia University.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Ioannis Kazantzidis</B>, a Class I director,
was appointed to our board in November, 2016 to fill a vacancy in our board of directors. Mr. Kazantzidis has been the principal
of Porto Trans Shipping LLC, a shipping and logistics company based in the United Arab Emirates, since 2007. Between 1987 to 2007,
Mr. Kazantzidis was with HSBC Group, where he served in managerial positions participating in the development and implementation
of financial systems in multiple locations. Mr. Kazantzidis has since 2009 been a Director of Saeed Mohammed Heavy Equipment Trading
LLC, a general trading company, and a senior partner in Porto Trans Auto Services Company, both based in Jebel Ali, UAE. Mr. Kazantzidis
has served as the Chairman of Nazaki Corporation, a private investment company based in the British Virgin Islands, since 1988.
Mr. Kazantzidis has served, from 2015 to 2018,&nbsp;as the Chairman of W.M.Mendis Hotel Pvt Ltd in the Republic of Sri Lanka. From
1989 to 2015, he was the Chairman of Fishermans Wharf Pvt Ltd, and a director of Dow Corning Lanka Pvt Ltd from 2000 to 2013 and
Propasax Pvt Ltd from 2010 to 2015.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Olga Lambrianidou</B>, our secretary,
has been a corporate consultant to the Company since November 2010, and was appointed as secretary to the Company in December 2012.
Prior to joining Globus, Ms. Lambrianidou was the Corporate Secretary and Investor Relations Officer of NewLead Holdings Ltd.,
formerly known as Aries Maritime Limited from 2008 to 2010, and of DryShips Inc., a dry bulk publicly trading shipping company
from 2006 to 2008. Ms. Lambrianidou was Corporate Secretary, Investor Relations Officer and Human Resources Manager with OSG Ship
Management (GR) Ltd., formerly known as Stelmar Shipping Ltd. from 2000 to 2006. Prior to 2000, Ms. Lambrianidou worked in the
banking and insurance fields in the United States. She holds a BBA Degree in Marketing/English Literature from Pace University
and an MBA Degree in Banking/Finance from the Lubin School of Business of Pace University in New York.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Athanasios Feidakis is the son of our
Chairman, Georgios Feidakis. Other than the aforementioned, there are no other family relationships between any of our directors
or senior management. There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant
to which any person referred to above was selected as a director or member of senior management. See, however, some of the covenants
of our loan facilities.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not aware of any agreements
or arrangements between any director and any person or entity other than the Company relating to the Compensation or other payments
in connection with such director&rsquo;s candidacy or service as a director of the Company.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board Practices</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors and executive officers
oversee and supervise our operations.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each director holds office until his successor
is elected or appointed, unless his office is earlier vacated in accordance with the articles of incorporation or with the provisions
of the BCA. In addition to cash compensation, we pay each of Mr. Kazantzidis and Mr. Parry $20,000 in common shares annually. The
members of our senior management are appointed to serve at the discretion of our board of directors. Our board of directors and
committees of our board of directors schedule regular meetings over the course of the year. Under the Nasdaq rules, we believe
that Mr. Ioannis Kazantzidis and Mr. Parry are independent.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have an Audit Committee, a Remuneration
Committee and a Nomination Committee.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee is comprised of Ioannis
Kazantzidis and Jeffrey O. Parry. It is responsible for ensuring that our financial performance is properly reported on and monitored,
for reviewing internal control systems and the auditors&rsquo; reports relating to our accounts and for reviewing and approving
all related party transactions. Our board of directors has determined that Ioannis Kazantzidis is our audit committee financial
expert. Each Audit Committee member has experience in reading and understanding financial statements, including statements of financial
position, statements of comprehensive income and statements of cash flows.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Remuneration Committee is comprised
of Jeffrey O. Parry, Athanasios Feidakis, and Ioannis Kazantzidis. It is responsible for determining, subject to approval from
our board of directors, the remuneration guidelines to apply to our executive officers, secretary and other members of the executive
management as our board of directors designates the Remuneration Committee to consider. It is also responsible for suggesting
the total individual remuneration packages of each director including, where appropriate, bonuses, incentive payments and share
options. The Remuneration Committee will also liaise with the Nomination Committee to ensure that the remuneration of newly appointed
executives falls within our overall remuneration policies. While Athanasios Feidakis is not an independent director, we believe
that, as our Chief Executive Officer, he has a substantial vested interest in our success and his particular input will significantly
aid and assist us. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nomination Committee is comprised of
Georgios Feidakis, Ioannis Kazantzidis and Jeffrey O. Parry. It is responsible for reviewing the structure, size and composition
of our board of directors and identifying and nominating candidates to fill board positions as necessary.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Each of the directors who is not an
officer has a contract relating to his appointment/directorship. Our directors do not receive any benefits upon termination of
their directorships. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For information about the term of each
director, see &ldquo;Item 6. Directors, Senior Management and Employees - A. Directors and Senior Management&rdquo; in our annual
report on Form 20-F, which is incorporated by reference herein.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of the date of this prospectus,
we had twelve full-time employees and two consultants that we hired directly. All of our employees are located in Greece and are
engaged in the service and management of our fleet. None of our employees are covered by collective bargaining agreements, although
certain crew members are parties to collective bargaining agreements. We do not employ a significant number of temporary employees. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a014"></A>EXECUTIVE COMPENSATION</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>Compensation</B></P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In August 2016, we entered into a consultancy
agreement with an affiliated company of our CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to
our company in connection with our international shipping and capital raising activities, including but not limited to assisting
and advising our CEO. The annual fees for the services provided amount to &euro;200,000. The consultant is eligible to receive
bonus compensation (whether in the form of cash and/or equity and/or quasi-equity awards) for the services provided and such bonus
shall be determined by the Remuneration Committee or the Board of the Company. In 2019, the aggregate remuneration that should
have been paid for all executive officers (namely, only our Chief Executive Officer) amounted to approximately $224,000, which
figure includes the amount payable pursuant to the consultancy agreement. The aggregate remuneration that should have been paid
for all of our executive officers in 2018 was approximately $235,000, and was approximately $229,000 in 2017, which figures includes
the amount payable pursuant to the consultancy agreement. On June 12, 2020, we issued 5,000 of our newly-designated Series B Preferred
Shares,&nbsp;par value $0.001 per share, to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios
Feidakis, in return for $150,000, which amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive
compensation by the Company to Goldenmare Limited pursuant to the consultancy agreement. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The aggregate compensation actually
paid to members of our senior management (namely, only our Chief Executive Officer) or a consulting company for which an executive
officer is an owner was approximately $49,000 within 2019, $100,000 within 2018, and $200,000 within 2017. In addition, our senior
management received no shares in 2019, 2018 and 2017. Information about dividends paid to our shareholders is contained in &ldquo;Item
8. Financial Information - A. Consolidated Statements and Other Financial Information - Our Dividends Policy and Restrictions
on Dividends&rdquo; of our annual report on Form 20-F, which is incorporated by reference into this prospectus. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate compensation other than share
based compensation paid to our non-executive directors (including our non-executive Chairman, Mr. Georgios Feidakis) in 2019 was
$30,000, in 2018 was approximately $70,000 and in 2017 was $352,000. In addition, in 2019, 2018 and 2017, non-executive directors
(excluding our non-executive Chairman, Mr. Georgios Feidakis) received an aggregate of 17,998 common shares, 8,797 common shares
and 2,094 common shares, respectively. As of December 31, 2019, we had not yet paid any non-executive directors the cash amounts
that we agreed to pay them for their prior service; such amount in the aggregate is approximately $318,200 ($126,950 for 2019,
$105,000 for 2018, $16,250 for 2017 and $30,000 for 2016 and $40,000 for 2015). As of the date of this prospectus, we have only
paid $10,000 of these amounts.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our Greek employees are bound by Greek
labor law, which provides certain payments to these employees upon their dismissal or retirement. We accrued as of March 31, 2020
a non-current liability of $27,388 for such payments. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have a retirement plan for our
officers or directors.</P>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a015"></A>SHARE OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
concerning ownership of our common shares as of March 31, 2020 by persons who beneficially own more than 5.0% of our outstanding
common shares, each person who is a director of our company, each executive officer named in this prospectus and all directors
and executive officers as a group.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership of shares is determined
under rules of the Commission and generally includes any shares over which a person exercises sole or shared voting or investment
power. Except as indicated in the footnotes to this table and subject to community property laws where applicable, the persons
named in the table have sole voting and investment power with respect to all shares shown as beneficially owned by them.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The numbers of shares and percentages of
beneficial ownership are based on 6,416,666 common shares outstanding on the date of this prospectus. All common shares owned by
the shareholders listed in the table below have the same voting rights as the other of our outstanding common shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The address for all individuals indicated
is: c/o Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 50%; text-align: justify"> <b>Name and address of beneficial owner</b> </td>
    <td style="border-bottom: Black 1pt solid; width: 24%; text-align: center"> <b>Number of common</b><br>
    <b>shares beneficially</b><br>
    <b>owned </b> </td>
    <td style="width: 2%">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; width: 24%; text-align: center"> <b>Percentage of</b><br>
    <b>common shares</b><br>
    <b>beneficially owned (3)</b> </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; text-align: justify"> <b><i>5% Beneficial Owners</i></b> </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom; text-align: justify"> <b><i>Officers and Directors</i></b> </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"> Georgios Feidakis (1) </td>
    <td style="text-align: center"> 1,252,258 </td>
    <td>&nbsp;</td>
    <td style="text-align: center"> 19.5% </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"> Ioannis Kazantzidis </td>
    <td style="text-align: center"> * </td>
    <td>&nbsp;</td>
    <td style="text-align: center"> * </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"> Jeffrey O. Parry </td>
    <td style="text-align: center"> * </td>
    <td>&nbsp;</td>
    <td style="text-align: center"> * </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"> Athanasios Feidakis(2) </td>
    <td style="text-align: center"> * </td>
    <td>&nbsp;</td>
    <td style="text-align: center"> * </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; text-align: justify"> <b><i>All executive officers and directors as a group</i></b> </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"> <b>20.5% (3)</b> </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>*Less than 1.0% of the outstanding shares.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(1) As indicated in a report on Schedule
13D</i>&nbsp; <i>furnished with the Commission on June 28, 2019, Mr. Georgios Feidakis beneficially owns 1,252,258 common shares
through Firment Shipping Inc., a Marshall Islands corporation for which he exercises sole voting and investment power. Mr. Georgios
Feidakis and Firment Shipping Inc., disclaim beneficial ownership over such common shares except to the extent of their pecuniary
interests in such shares. Firment Shipping Inc. is the lender of the Firment Shipping Credit Facility, which facility provides
that debt may be repaid by us using our common shares at our election. As the conversion would occur at our election, and by no
act of Mr. Feidakis, these figures do not include shares issuable upon such conversion. This figure assumes no conversion of the
Convertible Note.</i></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(2) In addition to the shares listed
herein, Mr. Athanasios Feidakis beneficially owns 5,000 Series B preferred shares through Goldenmare Limited. As of the date of
this prospectus and by virtue of the effect of his beneficial ownership of our Series B preferred shares, Athanasios Feidakis
can cast 49.0% of the votes on any matter submitted to our shareholders.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>(3) These figures exclude 5,000
Series B preferred shares issued subsequent to March 31, 2020. As of the date of this prospectus and by virtue of his beneficial
ownership of the Series B preferred shares, Athanasios Feidakis can cast 49.0% of the votes on any matter submitted to our shareholders.
</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&nbsp;</i></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the best of our knowledge, except as
disclosed in the table above, we are not owned or controlled, directly or indirectly, by another corporation or by any foreign
government. To the best of our knowledge, there are no agreements in place that could result in a change of control of us, other
than the Convertible Note and Firment Shipping Credit Facility described above.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, there
have been institutional investors that buy and sell our shares. It is possible that significant changes in the percentage ownership
of these investors will occur.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a016"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Series B Preferred Share Issuance </p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On June 12, 2020, we entered into a
stock purchase agreement and issued 5,000 of our newly-designated Series B Preferred Shares,&nbsp;par value $0.001 per share,
to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which
amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive compensation by the Company to Goldenmare
Limited pursuant to the consultancy agreement described below under &ldquo;&mdash;Consulting Agreements&rdquo;. Each of our 5,000
outstanding Series B preferred shares have 25,000 votes on matters before the shareholders; <i>provided however, </i>that no holder
of Series B preferred shares may exercise voting rights pursuant to any Series B preferred shares that would result in the total
number of votes a holder is entitled to vote on any matter submitted to a vote of shareholders of the Company to exceed 49.0%
of the total number of votes eligible to be cast on such matter. As of the date of this prospectus and until and unless we issue
a significant number of securities, Goldenmare Limitedund can therefore control 49.0% of the voting power of our outstanding capital
stock and will have substantial control and influence over our management and affairs and over matters requiring shareholder approval,
including the election of directors and significant corporate transactions, even though Goldenmare Limited owns significantly
less than 50% of the Company economically. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> The issuance
of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Board of Directors of the
Company, which received a fairness opinion from an independent financial advisor that the transaction was for a fair value. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Firment Shipping Credit Facility</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</I></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2018, we entered into a credit
facility for up to $15 million with Firment Shipping Inc., our largest shareholder and a related party to us through our chairman,
Mr. Georgios Feidakis, for the purpose of financing our general working capital needs. This credit facility was amended and restated
in May 2020. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity on October 31, 2021.
We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. Any prepaid amount cannot
be re-borrowed. Interest on drawn and outstanding amounts is charged at 3.5% per annum until December 31, 2020 and thereafter at
7% per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest is payable the last day
of a period of three months after the drawdown date, after this period in case of failure to pay any sum due a default interest
of 2% per annum above the regular interest is charged. We have also the right, in our sole option, to convert in whole or in part
the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement into common shares. The conversion
price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common shares on
the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. over
the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days immediately
preceding the date on which the conversion notice was executed or (ii) $2.80 (subject to proportional adjustment for share splits,
share combinations, share dividends and similar events).</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2020, the credit facility with
Firment Shipping Inc. was amended and restated to provide for, among other things, an extension of the maturity date by when the
loan must be repaid to October 31, 2021, the conversion of the credit facility from a revolving credit facility to a term credit
facility, a reduction of the interest rate on the loan to 3.5% per annum until December 31, 2020, and that, unless approved by
Firment Shipping, Firment Shipping maintains at least a 40% shareholding in us, other than due to actions taken by Firment Shipping,
such as sales of shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, the
amount drawn and outstanding with respect to the facility was $0.8 million, and there was an amount of $14.2 million available
to be drawn under the Firment Shipping Credit Facility. As of the date of this prospectus, we were in compliance with the loan
covenants of the Firment Shipping Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Firment Credit Facility</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2013, Globus Maritime Limited
entered into a credit facility for up to $4.0 million with Firment Trading Limited, a Cypriot corporation and related party to
us, for the purpose of financing our general working capital needs. The Firment Credit Facility was unsecured and remained available
until it terminated on April 29, 2016. During December 2014 the credit limit of the facility increased from $4.0 million to $8.0
million and its final maturity date was extended from December 12, 2015 to April 29, 2016. During December 2015 the credit limit
of the facility increased from $8.0 to $20.0 million and its final maturity date was extended to April 12, 2017. In December 2015,
the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall
Islands corporation, each of which is a related party to us. We had the right to drawdown any amount up to $20.0 million or prepay
any amount, during the availability period in multiples of $100,000. Any prepaid amount could have been re-borrowed in accordance
with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee is
charged on the amounts remaining available and undrawn.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the February 2017 private
placement, on February 8, 2017 Firment released an amount equal to $16,885,000 (but left an amount equal to $1,638,787 outstanding,
which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the
Company issued to Firment Shipping Inc., an affiliate of Firment, 16,885,000 common shares and a warrant to purchase 6,230,580
common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse
stock split which occurred in October 2018.) The Firment Credit Facility subsequently expired, and no amounts are owed pursuant
to the Firment Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Silaner Credit Facility</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2016, Globus Maritime Limited
entered into a credit facility for up to $3.0 million with Silaner Investments Limited, a related party to us, for the purpose
of financing our general working capital needs. The Silaner Credit Facility was unsecured and remained available until it terminated
on January 12, 2018. We had the right to drawdown any amount up to $3.0 million or prepay any amount in multiples of $100,000.
Any prepaid amount could have been be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding
amounts is charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn. As of December
31, 2016, the amount drawn and outstanding with respect to the facility was $3.1 million, which amount has been approved by our
board. As of December 31, 2017 we were in compliance with the loan covenants of the Silaner Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the February 2017 private
placement, on February 8, 2017 Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount
equal to $74,048 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner
Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner, 3,115,000 common shares and a warrant
to purchase 1,149,437 common shares at a price of $1.60 per share (subject to adjustment). Subsequent to the closing of the February
2017 private placement, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. (These figures do
not reflect the 10-1 reverse stock split which occurred in October 2018.) The Silaner Credit Facility subsequently expired, and
no amounts are owed pursuant to the Silaner Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>February 2017 Private Placement</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2017, we sold for $5 million
an aggregate of 500,000 of our common shares and warrants (which expired in February 2019) to purchase 2.5 million of our common
shares at a price of $16 per share (subject to adjustment) to four investors in a private placement, one of whom was the sister
of our CEO and daughter of our chairman. These securities were issued in transactions exempt from registration under the Securities
Act. We entered into a registration rights agreement providing the purchasers of these shares with certain rights relating to registration
under the Securities Act of the shares and the common shares underlying the warrants. (These figures reflect the 10-1 reverse stock
split which occurred in October 2018.)</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lease</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the years ended December 31,
2019, 2018 and 2017 fiscal years, the rent charged amounted to $139,000, $147,000 and $140,000, respectively, to Cyberonica S.A.,
a company owned by Mr. Georgios Feidakis, for the rental of 350 square meters of office space for our operations. As of March
31, 2020, we owed $126,000 in back rent to Cyberonica S.A. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment of Relative of Mr. Georgios
Feidakis</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of July 1, 2013, Mr. Athanasios Feidakis
became a non-executive director of the Company. Mr. Athanasios Feidakis was previously an employee of the Company and his employment
agreement was terminated when he became a non-executive director. Mr. Athanasios Feidakis was appointed as President, Chief Executive
Officer and Chief Financial Officer as of December 28, 2015, and remains in these positions. He is the son of our chairman of the
board of directors and largest beneficial shareholder, Mr. Georgios Feidakis.&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Opportunities Agreement</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2010, we entered into a business
opportunities arrangement with Mr. Georgios Feidakis. Under this agreement, Mr. Georgios Feidakis is required to disclose to us
any business opportunities relating to dry bulk shipping that may arise during his service to us as a member of our board of directors
that could reasonably be expected to be a business opportunity that we may pursue. Mr. Georgios Feidakis agreed to disclose all
such opportunities, and the material facts attendant thereto, to our board of directors for our consideration and if our board
of directors fails to adopt a resolution regarding an opportunity within seven business days of disclosure, we will be deemed to
have declined to pursue the opportunity, in which event Mr. Georgios Feidakis will be free to pursue it. Mr. Georgios Feidakis
is also prohibited for six months after the termination of the agreement to solicit any of our or our subsidiaries&rsquo; senior
employees or officers. Mr. Georgios Feidakis&rsquo; obligations under the business opportunities agreement terminated in 2019 because
he no longer beneficially owned at least 30% of the combined voting power of all our outstanding equity.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Registration Rights Agreement</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, we entered into a registration
rights agreement with Firment Trading Limited, pursuant to which we granted to them and their affiliates (including Mr. Georgios
Feidakis and certain of their transferees), the right, under certain circumstances and subject to certain restrictions to require
us to register under the Securities Act our common shares held by them. Under the registration rights agreement, these persons
have the right to request us to register the sale of shares held by them on their behalf and may require us to make available shelf
registration statements permitting sales of shares into the market from time to time over an extended period. In addition, these
persons have the ability to exercise certain piggyback registration rights in connection with registered offerings requested by
shareholders or initiated by us.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consulting Agreements</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 18, 2016, we entered into a consultancy
agreement with an affiliated company of our CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to our
company in connection with our international shipping and capital raising activities, including but not limited to assisting
and advising our CEO. The annual fees for the services provided amount to &euro;200,000. The consultant is eligible to receive
bonus compensation (whether in the form of cash and/or equity and/or quasi-equity awards) for the services provided and such bonus
shall be determined by the Remuneration Committee or the Board of the Company. If the Company terminates the agreement without
cause, or either party terminates after a change of control of the Company, then we will pay the consultant &euro;400,000 plus
the average annual bonus (including the value of equity awards) granted to the consultant throughout the term of the consultancy
agreement.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, our Manager entered into
a consultancy agreement with Eolos Shipmanagement S.A., a related party, for the purpose of providing consultancy services to Eolos
Shipmanagement S.A. For these services our Manager received a daily fee of $1,000. This agreement terminated on January 31, 2017.
For 2017 and 2016 the total income from these fees amounted to $31,000 and $187,000, respectively, and is classified in the income
statement component of the consolidated statement of comprehensive (loss)/income under management &amp; consulting fee income.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a017"></A>DESCRIPTION OF CAPITAL STOCK AND SECURITIES
WE ARE OFFERING</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For the complete terms of our capital
stock, please refer to our articles of incorporation, our amended and restated bylaws, and the statements of designations of our
preferred stock, which are filed as exhibits to the registration statement of which this prospectus forms a part. The BCA of the
Republic of the Marshall Islands may also affect the terms of our capital stock. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of
the following description of capital stock, references to &ldquo;us&rdquo;, &ldquo;we&rdquo; and &ldquo;our&rdquo; refer only to
Globus Maritime Limited and not any of its subsidiaries.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Purpose</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our objects and purposes, as provided in
Section 1.3 of our articles of incorporation, are to engage in any lawful act or activity for which corporations may now or hereafter
be organized under the BCA.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Authorized
Capitalization</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The authorized number of shares of
us consist of (1) 500,000,000 common shares, par value $0.004 per share, (2) 100,000,000 Class B common shares, par value $0.001
per share, which we refer to as the Class B shares, and (3) 100,000,000 preferred shares, par value $0.001 per share, which we
refer to as the preferred shares. No Class B shares have been issued. Our articles of incorporation require us at all times to
reserve and keep available, out of our authorized but unissued common shares, such number of common shares as would become issuable
upon the conversion of all Class B shares then authorized. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Two classes of preferred shares have
been designated, and 5,000 Series B preferred shares are outstanding on the date of this prospectus. There is no limitation on
the right to own securities or the rights of non-resident shareholders to hold or exercise voting rights on our securities under
Marshall Islands law or our articles of incorporation or bylaws. All of our shares are in registered form. Our articles of incorporation
do not permit the issuance of bearer shares. We currently have outstanding 6,416,666 common shares, 5,000 Series B preferred shares,
and no other shares. We do not hold any of our shares in treasury. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have financed
our operations through funds raised in public and private placements of common shares and through debt. We also issued shares to
our officers and employees.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Share History</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2017, we entered into a
Share and Warrant Purchase Agreement pursuant to which we sold for $5 million an aggregate of 5 million of our common shares and
warrants to purchase 25 million of our common shares at a price of $1.60 per share (subject to adjustment) to a number of investors
in a private placement, one of whom was the daughter of our Chairman and the sister of our Chief Executive Officer. (These figures
do not reflect the 10-1 reverse stock split which occurred in October 2018.) These securities were issued in transactions exempt
from registration under the Securities Act. The following day, we entered into a registration rights agreement with the purchasers
providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying
the warrants.&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the closing of the February
2017 private placement, we also entered into two loan amendment agreements with existing lenders.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One loan amendment agreement was entered
into by the Company with Firment Trading Limited (&ldquo;Firment&rdquo;), a related party to the Company and the lender under the
Revolving Credit Facility dated December 16, 2014 (as amended, the &ldquo;Firment Credit Facility&rdquo;), which then had an outstanding
principal amount of $18,523,787. Firment released an amount equal to $16,885,000 (but left an amount equal to $1,638,787 outstanding,
which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the
Company issued to Firment Shipping Inc., an affiliate of Firment, 16,885,000 common shares and a warrant to purchase 6,230,580
common shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months from the date of issuance. Subsequent
to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its
entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The Firment Credit Facility
subsequently expired, and no amounts are owed pursuant to the Firment Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The other loan amendment agreement was
entered into by the Company with Silaner Investments Limited, a related party to the Company and the lender of the Silaner Credit
Facility. Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal to $74,048 outstanding,
which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the
Company issued to Firment Shipping Inc., an affiliate of Silaner, 3,115,000 common shares and a warrant to purchase 1,149,437 common
shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months from the date of issuance. Subsequent to
the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Silaner Credit Facility in its
entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The Silaner Credit Facility
subsequently expired, and no amounts are owed pursuant to the Silaner Credit Facility.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 19, 2017, we entered into a
Share and Warrant Purchase Agreement pursuant to which we sold for $2.5 million an aggregate of 2.5 million of our common shares
and a warrant to purchase 12.5 million of our common shares at a price of $1.60 per (subject to adjustment) share to an investor
in a private placement. These securities were issued in transactions exempt from registration under the Securities Act of 1933,
as amended. On that day, we also entered into a registration rights agreement with the purchaser providing it with certain rights
relating to registration under the Securities Act of the 2.5 million common shares issued in connection with the October 2017 Private
Placement and the common shares underlying the October 2017 warrant. (These figures do not reflect the 10-1 reverse stock split
which occurred in October 2018.) The October 2017 warrant was exercisable for 24 months after its issuance.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2018, we effected a ten-for-one
reverse stock split which reduced the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were
made based on fractional shares).&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2018, we entered into a credit
facility for up to $15 million with Firment Shipping Inc., our largest shareholder and a related party to us through our chairman,
Mr. Georgios Feidakis, for the purpose of financing our general working capital needs. This credit facility was amended and restated
in May 2020. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity on October 31, 2021.
We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000. Any prepaid amount cannot
be re-borrowed. Interest on drawn and outstanding amounts is charged at 3.5% per annum until December 31, 2020 and thereafter at
7% per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest is payable the last day
of a period of three months after the drawdown date, after this period in case of failure to pay any sum due a default interest
of 2% per annum above the regular interest is charged. We have also the right, in our sole option, to convert in whole or in part
the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement into common shares. The conversion
price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common shares on
the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. over
the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days immediately
preceding the date on which the conversion notice was executed or (ii) $2.80 (subject to proportional adjustment for share splits,
share combinations, share dividends and similar events).</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2020, the credit facility with
Firment Shipping Inc. was amended and restated to provide for, among other things, an extension of the maturity date by when the
loan must be repaid to October 31, 2021, the conversion of the credit facility from a revolving credit facility to a term credit
facility, a reduction of the interest rate on the loan to 3.5% per annum until December 31, 2020, and that, unless approved by
Firment Shipping, Firment Shipping maintains at least a 40% shareholding in us, other than due to actions taken by Firment Shipping,
such as sales of shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 13, 2019,
the Company entered into a securities purchase agreement and issued a Convertible Note in a transaction exempt from registration
under the Securities Act with an unrelated investor. The Convertible Note was originally issued for gross proceeds of $5 million
and is convertible into our common shares, par value $0.004 per share. As of the date of this prospectus, approximately $2.5 million
in principal and interest was owed pursuant to the Convertible Note, and a total of 2,035,410 common shares were issued pursuant
to the Convertible Note. If not converted or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible
Note was scheduled to mature on March 13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s
maturity until March 13, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif">On
May 8, 2020, the holder of our Convertible Note waived (the &ldquo;May 8, 2020 Waiver&rdquo;) its right to participate in (a)
public offerings which close before August 31, 2020, and (b) issuances of shares and other securities (including common
shares, Class B common shares, and new or existing series of preferred shares) to directors, officers, their respective
affiliates, and to affiliates of the Company. The holder of our Convertible Note also consented to the amendment and
restatement of the Firment Shipping Credit Facility and waived (a) without the Company having admitted fault, certain
potential prior technical breaches of the Convertible Note; (b) the holder&rsquo;s right to require the redemption of the
Convertible Note upon a change of control (as such term is used within the Convertible Note), but only if such change of
control results from certain underwritten offering or issuances of our securities to directors, officers, their respective
affiliates, and to affiliates of the Company; (c) temporarily reduced, until August 31, 2020, the amount the noteholder will
receive upon a redemption of the Convertible Note at the Company&rsquo;s option, such that the Convertible Note can be
redeemed at the Company&rsquo;s option by paying the greater of (i) the aggregate amounts then outstanding pursuant to the
Convertible Note (rather than 120% of such amounts) and (ii) the product of (x) the number of shares issuable upon a
conversion of the Convertible Note (with respect to the amount being redeemed at the time) multiplied by (y) the greatest
closing sale price of the Company&rsquo;s common shares on any trading day between the date immediately preceding the first
such redemption at the Company&rsquo;s option and the trading day immediately prior to the final Company payment under the
Convertible Note. All of the foregoing is subject to the Company&rsquo;s redemption of all or part of the Convertible Note in
cash with an amount equal to the lesser of (a) the aggregate amounts then outstanding pursuant to the Convertible Note and
(b) 25% of the net proceeds of any public offering of its securities that closes before August 31, 2020.&nbsp;</font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For more information
on the Convertible Note, please read &ldquo;Business&mdash; History and Development of the Company.&rdquo;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> On June 12,
2020, we entered into a stock purchase agreement and issued 5,000 of our newly-designated Series B Preferred Shares,&nbsp;par
value $0.001 per share, to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return
for $150,000, which amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive compensation by
the Company to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare
Limited was approved by an independent committee of the Board of Directors of the Company, which received a fairness opinion from
an independent financial advisor that the transaction was for a fair value. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In 2019, 2018
and 2017, non-executive directors (excluding our non-executive Chairman, Mr. Georgios Feidakis) received an aggregate of 17,998
common shares, 8,797 common shares and 2,094 common shares, respectively. During the quarter ended March 31, 2020, we issued an
aggregate of 21,740 common shares to our two independent directors.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Preferential
Subscription Rights</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We granted the holder(s) of our Convertible
Note an option to acquire up to 50% of the securities issued in certain placements of the Company during the time that the Convertible
Note is outstanding, and we are obligated the Company to notify the holder(s) before consummating any subsequent placements. The
holder of the Convertible Note is entitled to be noticed of, and to acquire up to 50% of the securities issued in, most offerings
(including the offering being registered in this prospectus). If the holder does not exercise its participation right within five
business days of being noticed of the terms of the offer, we then have 10 business days to consummate the transaction on terms
no more favorable than what was offered to the holder, and if we fail to close a transaction within such period, we must notice
the holder again and offer another opportunity to participate. We also agreed not to issue more than one offer notice to the holder
within 60 days, unless the terms have changed within five business days of our giving notice to the holder.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Common Shares, Class B Shares, and
Series B Preferred Shares</b> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Generally, Marshall Islands law provides
that the holders of a class of stock of a Marshall Islands corporation are entitled to a separate class vote on any proposed amendment
to the relevant articles of incorporation that would change the aggregate number of authorized shares or the par value of that
class of shares or alter or change the powers, preferences or special rights of that class so as to affect the class adversely.
Except as described below, holders of our common shares, Series B preferred shares, and Class B shares will have equivalent economic
rights, but holders of our common shares are entitled to one vote per share while holders of our Class B shares are entitled to
20 votes per share and the holder of our Series B preferred shares is entitled to 25,000 votes per share (subject to the limitation
described in &ldquo;Preferred Shares&rdquo; below). Each holder of Class B shares (not including the Company and the Company&rsquo;s
subsidiaries) may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common
shares. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Except as otherwise provided by the
BCA, holders of our common shares, Class B shares, and Series B preferred shares will vote together as a single class on all matters
submitted to a vote of shareholders, including the election of directors. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The rights, preferences and privileges
of holders of our shares are subject to the rights of the holders of our Series B preferred shares and any preferred shares which
we may issue in the future. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our common shares do not have
conversion, redemption or pre-emptive rights to subscribe to any of our securities.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no limitation on the right to
own securities or the rights of non-resident shareholders to hold or exercise voting rights on our securities under Marshall Islands
law or our articles of incorporation or bylaws.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Preferred Shares</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation authorize
our board of directors to establish and issue up to 100 million preferred shares and to determine, with respect to any series of
preferred shares, the rights and preferences of that series, including:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         designation of the series; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         number of preferred shares in the series; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         preferences and relative participating option or other special rights, if any, and any
                                         qualifications, limitations or restrictions of such series; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> the
                                         voting rights, if any, of the holders of the series (subject to terms set forth below
                                         with regard to the policy of our board of directors regarding preferred shares). </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In April 2012 we issued an aggregate
of 3,347 Series A Preferred Shares to two persons who were then executive officers, but as of December 31, 2016 and as of the
date hereof no Series A Preferred Shares were outstanding. The holders of our Series A Preferred Shares will be entitled to receive,
if funds are legally available, dividends payable in cash in an amount per share to be determined by unanimous resolution of our
Remuneration Committee, in its sole discretion. Our board of directors or Remuneration Committee will determine whether funds
are legally available under the BCA for such dividend. Any accrued but unpaid dividends will not bear interest. Except as may
be provided in the BCA, holders of our Series A Preferred Shares do not have any voting rights. Upon our liquidation, dissolution
or winding up, the holders of our Series A Preferred Shares will be entitled to a preference in the amount of the declared and
unpaid dividends, if any, as of the date of liquidation, dissolution or winding up. Our Series A Preferred Shares are not convertible
into any of our other capital stock. The Series A Preferred Shares are redeemable at the written request of the Remuneration Committee,
at par value plus all declared and unpaid dividends as of the date of redemption plus any additional consideration determined
by a unanimous resolution of the Remuneration Committee. We redeemed and cancelled 780 Series A Preferred Shares in January 2013
and the remaining 2,567 were redeemed and cancelled in July 2016. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> On June 12,
2020, we entered into a stock purchase agreement and issued 5,000 of our newly-designated Series B Preferred Shares,&nbsp;par
value $0.001 per share, to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return
for $150,000, which amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive compensation by
the Company to Goldenmare Limited pursuant to a consultancy agreement. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> The issuance
of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Board of Directors of the
Company, which received a fairness opinion from an independent financial advisor that the transaction was for a fair value. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> The Series
B preferred shares have the following characteristics: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Voting</i></b>.
To the fullest extent permitted by law, each Series B preferred share entitles the holder hereof to 25,000 votes per share on
all matters submitted to a vote of the shareholders of the Company, <i>provided however, </i>that no holder of Series B preferred
shares may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of any
beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred shares, common shares
or otherwise) to exceed 49.0% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders
of the Company. To the fullest extent permitted by law, the holders of Series B preferred shares shall have no special voting
or consent rights and shall vote together as one class with the holders of the common shares on all matters put before the shareholders. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Conversion</i>.&nbsp;</b>The
Series B preferred shares are not convertible into common shares or any other security. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Redemption</i>.
</b>The Series B preferred shares are not redeemable. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Dividends</i></b><i>.&nbsp;</i>The
Series B preferred shares have no dividend rights. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Liquidation
Preference</i>.&nbsp;</b>Upon any liquidation, dissolution or winding up of the Company, the Series B preferred shares are entitled
to receive a payment with priority over the common shareholders equal to the par value of $0.001 per share. The Series B preferred
shareholder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Transferability.
</i></b>All issued and outstanding Series B preferred shares must be held of record by one holder, and the Series B preferred
shares shall not be transferred without the prior approval of our Board of Directors. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <b><i>Proportional
Adjustment.</i></b> In the event the Company (i) declares any dividend on its common shares, payable in common shares, (ii) subdivides
the outstanding common shares or (iii) combines the outstanding common shares into a smaller number of shares, there shall be
a proportional adjustment to the number of outstanding Series B preferred shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidation</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In the event of our dissolution, liquidation
or winding up, whether voluntary or involuntary, after payment in full of the amounts, if any, required to be paid to our creditors,
the payment of the par value of $0.001 per share to the holder of our Series B Preferred Shares, and the holders of preferred
shares, our remaining assets and funds shall be distributed pro rata to the holders of our common shares and Class B shares, and
the holders of common shares and the holders of Class B shares shall be entitled to receive the same amount per share in respect
thereof. Other than their receipt of the par value of $0.001 per Series B preferred share, the holder of our Series B Preferred
Shares do not participate in distributions upon liquidation. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividends</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Declaration and payment of any dividend
is subject to the discretion of our board of directors. The timing and amount of dividend payments to holders of our shares will
depend on a series of factors and risks described under &ldquo;Risk Factors&rdquo; in this prospectus, and includes risks relating
to earnings, financial condition, cash requirements and availability, restrictions in our current and future loan arrangements,
the provisions of the Marshall Islands law affecting the payment of dividends and other factors. The BCA generally prohibits the
payment of dividends other than from surplus or while we are insolvent or if we would be rendered insolvent upon paying the dividend.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subject to preferences that may apply
to any shares of preferred stock outstanding at the time, the holders of our common shares and Class B shares will be entitled
to share equally (pro rata based on the number of shares held) in any dividends that our board of directors may declare from time
to time out of funds legally available for dividends. Series B preferred shares do not participate in dividends. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Conversion</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common shares are not convertible into
any other shares of our capital stock. Each of our Class B shares is convertible at any time at the election of the holder thereof
into one of our common shares. We will not reissue or resell any Class B shares that shall have been converted into common shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Directors</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors are elected by the vote of
the plurality of the votes cast by holders with voting power of our voting shares. Our articles of incorporation provide that our
board of directors must consist of at least three members. Shareholders may change the number of directors only by the affirmative
vote of holders of a majority of the total voting power of our outstanding capital stock (subject to the rights of any holders
of preferred shares). The board of directors may change the number of directors by a majority vote of the entire board of directors.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No contract or transaction between us and
one or more of our directors or officers will be void or voidable solely for the following reason, or solely because the director
or officer is present at or participates in the meeting of our board of directors or committee thereof which authorizes the contract
or transaction, or solely because his or her or their votes are counted for such purpose, if (1) the material facts as to such
director&rsquo;s interest in such contract or transaction and as to any such common directorship, officership or financial interest
are disclosed in good faith or known to the board of directors or committee, and the board of directors or committee approves such
contract or transaction by a vote sufficient for such purpose without counting the vote of such interested director, or, if the
votes of the disinterested directors are insufficient to constitute an act of the board, by unanimous vote of the disinterested
directors; or (2) the material facts as to such director&rsquo;s interest in such contract or transaction and as to any such common
directorship, officership or financial interest are disclosed in good faith or known to the shareholders entitled to vote thereon,
and such contract or transaction is approved by vote of such shareholders.</P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has the authority
to fix the compensation of directors for their services.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Classified Board of Directors</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation provide for
a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each
year.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Removal of Directors; Vacancies</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation provide that
directors may be removed with or without cause upon the affirmative vote of holders of a majority of the total voting power of
our outstanding capital stock. Our articles of incorporation also permit the removal of directors for cause upon the affirmative
vote of 66-2/3% of the members of the board of directors then in office. Our bylaws require parties to provide advance written
notice of nominations for the election of directors other than the board of directors and shareholders holding 30% or more of the
voting power of the aggregate number of our shares issued and outstanding and entitled to vote.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>No Cumulative Voting</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation prohibit
cumulative voting.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Shareholder Meetings</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our bylaws, annual shareholder meetings
will be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands.
Special meetings may be called by the chairman of our board of directors, by resolution of our board of directors or by holders
of 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting.
Our board of directors may set a record date between 15 and 60 days before the date of any meeting to determine the shareholders
that will be eligible to receive notice and vote at the meeting.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dissenters&rsquo; Right of Appraisal
and Payment</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BCA, our shareholders have the
right to dissent from various corporate actions, including certain amendments to our articles of incorporation and certain mergers
or consolidations or the sale or exchange 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. 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 stock, 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 or any sale or exchange of all or substantially all of the property and assets
of the corporation not made in the usual course of its business, 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. In the event of any further amendment
of our articles of incorporation, a shareholder also has the right to dissent and receive payment for his or her shares if the
amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in
the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA
procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands
or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national securities exchange
to fix the value of the shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Shareholders&rsquo; Derivative Actions</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or a beneficial interest therein both at the time the derivative action is commenced
and at the time of the transaction to which the action relates or that the shares devolved upon the shareholder by operation of
law.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Amendment to our Articles of Incorporation</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided by law, any
provision in our articles of incorporation requiring a vote of shareholders may only be amended by such a vote. Further, certain
sections may only be amended by affirmative vote of the holders of at least a majority of the voting power of the voting shares.
In October 2016 we amended our articles of incorporation in order to enable us to immediately effect a four-for-one one reverse
stock split, reducing the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based
on fractional shares). In October 2018 we amended our articles of incorporation in order to enable us to immediately effect a ten-for-one
one reverse stock split, reducing the number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were
made based on fractional shares).</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Anti-Takeover Effects of Certain Provisions
of our Articles of Incorporation and Bylaws</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> Several
provisions of our articles of incorporation and bylaws, which are summarized below, may have anti-takeover effects. These provisions
are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability
of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire our company. However,
these anti-takeover provisions could also discourage, delay or prevent 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 the removal of incumbent officers
and directors, which could affect the desirability of our shares and, consequently, our share price. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Multi Class Stock</i>. Our multi-class
stock structure, which consists of common shares, Class B common shares, and preferred shares, can provide holders of our Class
B common shares or preferred shares a significant degree of control over all matters requiring shareholder approval, including
the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets,
because our different classes of shares can have different numbers of votes. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For instance, while our common shares
have one vote on matters before the shareholders, each of our 5,000 outstanding Series B preferred shares have 25,000 votes on
matters before the shareholders; <i>provided however, </i>that no holder of Series B preferred shares may exercise voting rights
pursuant to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter
submitted to a vote of shareholders of the Company to exceed 49.0% of the total number of votes eligible to be cast on such matter.
No Class B common shares are presently outstanding, but if and when we issue any, each Class B common share will have 20 votes
on matters before the shareholders. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> At present, and until a substantial
number of additional securities are issued, our holder of Series B preferred shares exerts substantial control of the Company&rsquo;s
votes and is able to exert substantial control over our management and all matters requiring shareholder approval, including electing
directors and significant corporate transactions, such as a merger. Such holder&rsquo;s interest could differ from yours. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Blank Check Preferred Shares</i>.
Under the terms of our articles of incorporation, our board of directors has authority, without any further vote or action by
our shareholders, to issue up to 100 million &ldquo;blank check&rdquo; preferred shares, almost all of which currently
remain available for issuance. Our board could authorize the issuance of preferred shares with voting or conversion rights that
could dilute the voting power or rights of the holders of common shares, in addition to preferred shares that are already outstanding.
The issuance of preferred shares, while providing flexibility in connection with possible acquisitions and other corporate purposes,
could, among other things, have the effect of delaying, deferring or preventing a change in control of us or the removal of our
management and may harm the market price of our common shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>&nbsp;</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Classified Board of Directors</i>.
Our 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 beginning upon the expiration of the initial term for
each class. Approximately one-third of our board of directors is elected each year. This classified board provision could discourage
a third party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders
who do not agree with the policies of our board of directors from removing a majority of our board of directors for up to two
years. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Election of Directors. Our articles
of incorporation do not provide for cumulative voting in the election of directors. Our bylaws require parties, other than the
chairman of the board of directors, board of directors and shareholders holding 30% or more of the voting power of the aggregate
number of our shares issued and outstanding and entitled to vote, to provide advance written notice of nominations for the election
of directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> <i>Advance Notice
Requirements for Shareholder Proposals and Director Nominations</i>. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our bylaws provide that shareholders,
other than shareholders holding 30% or more of the voting power of the aggregate number of our shares issued and outstanding and
entitled to vote, seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders
must provide timely notice of their proposal in writing to the corporate secretary. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Generally, to be timely, a shareholder&rsquo;s
notice must be received at our principal executive offices not less than 150 days or more than 180 days prior to the first anniversary
date of the immediately preceding annual meeting of shareholders. Our bylaws also specify requirements as to the form and content
of a shareholder&rsquo;s notice. These provisions may impede a shareholder&rsquo;s ability to bring matters before an annual meeting
of shareholders or make nominations for directors at an annual meeting of shareholders. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Calling of Special Meetings of Shareholders</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our bylaws provide that special meetings
of our shareholders may be called only by the chairman of our board of directors, by resolution of our board of directors or by
holders of 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at
such meeting. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Combinations</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the BCA does not contain specific
provisions regarding &ldquo;business combinations&rdquo; between corporations incorporated under or redomiciled pursuant to the
laws of the Marshall Islands and &ldquo;interested shareholders,&rdquo; our articles of incorporation prohibit us from engaging
in a business combination with an interested shareholder for a period of three years following the date of the transaction in which
the person became an interested shareholder, unless, in addition to any other approval that may be required by applicable law:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> prior
                                         to the date of the transaction that resulted in the shareholder becoming an interested
                                         shareholder, our board of directors approved either the business combination or the transaction
                                         that resulted in the shareholder becoming an interested shareholder; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> upon
                                         consummation of the transaction that resulted in the shareholder becoming an interested
                                         shareholder, the interested shareholder owned at least 85.0% of our voting shares outstanding
                                         at the time the transaction commenced, excluding for purposes of determining the number
                                         of shares outstanding those shares owned by (1) persons who are directors and officers
                                         and (2) employee stock plans in which employee participants do not have the right to
                                         determine confidentially whether shares held subject to the plan will be tendered in
                                         a tender or exchange offer; or </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> at
                                         or after the date of the transaction that resulted in the shareholder becoming an interested
                                         shareholder, the business combination is approved by our board of directors and authorized
                                         at an annual or special meeting of shareholders, and not by written consent, by the affirmative
                                         vote of at least 66-2/3% of the voting power of the voting shares that are not owned
                                         by the interested shareholder. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Among other transactions, a &ldquo;business
combination&rdquo; includes any merger or consolidation of us or any directly or indirectly majority-owned subsidiary of ours with
(1) the interested shareholder or any of its affiliates or (2) with any corporation, partnership, unincorporated association or
other entity if the merger or consolidation is caused by the interested shareholder. Generally, an &ldquo;interested shareholder&rdquo;
is any person or entity (other than us and any direct or indirect majority-owned subsidiary of ours) that:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> owns
                                         15.0% or more of our outstanding voting shares; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> is
                                         an affiliate or associate of ours and was the owner of 15.0% or more of our outstanding
                                         voting shares at any time within the three-year period immediately prior to the date
                                         on which it is sought to be determined whether such person is an interested shareholder;
                                         or </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> is
                                         an affiliate or associate of any person listed in the first two bullets, except that
                                         any person who owns 15.0% or more of our outstanding voting shares, as a result of action
                                         taken solely by us will not be an interested shareholder unless such person acquires
                                         additional voting shares, except as a result of further action by us and not caused,
                                         directly or indirectly, by such person. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the restrictions regarding
business combinations do not apply to persons that became interested shareholders prior to the effectiveness of our articles of
incorporation.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Limitations on Liability and Indemnification
of Directors and Officers</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The BCA authorizes corporations to limit
or eliminate the personal liability of directors to corporations and their shareholders for monetary damages for breaches of certain
directors&rsquo; fiduciary duties. Our articles of incorporation include a provision that eliminates the personal liability of
directors for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by law (i.e., other than
breach of duty of loyalty, acts not taken in good faith or which involve intentional misconduct or a knowing violation of law or
transactions for which the director derived an improper personal benefit) and provides that we must indemnify our directors and
officers to the fullest extent authorized by law. We are also expressly authorized to advance certain expenses to our directors
and officers and expect to carry directors&rsquo; and officers&rsquo; insurance providing indemnification for our directors and
officers for some liabilities. We believe that these indemnification provisions and the directors&rsquo; and officers&rsquo; insurance
are useful to attract and retain qualified directors and executive officers.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The limitation of liability and indemnification
provisions in our articles of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach
of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, may otherwise benefit us and our shareholders. In addition,
an investor in our common shares may be adversely affected to the extent we pay the costs of settlement and damage awards against
directors and officers pursuant to these indemnification provisions.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no pending material litigation
or proceeding involving any of our directors, officers or employees for which indemnification is sought.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Securities Offered in this Offering</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering Units, each Unit consisting of one common share and one Class&nbsp;A Warrant to purchase one common share. We are
also offering to each purchaser whose purchase of common shares in this offering would otherwise result in the purchaser, together
with its affiliates, beneficially owning more than 4.99% of our outstanding common shares immediately following the consummation
of this offering, the opportunity to purchase, if the purchaser so chooses, Units containing&nbsp;pre-funded&nbsp;warrants in
lieu of common shares that would otherwise result in the purchaser&rsquo;s beneficial ownership exceeding 4.99% of our outstanding
common shares. For each&nbsp;pre-funded&nbsp;warrant we sell (without regard to any limitation on exercise set forth therein),
the number of common shares we are offering will be decreased on a&nbsp;one-for-one&nbsp;basis. Because&nbsp;one Class&nbsp;A
Warrant is being sold together in this offering with each common share or, in the alternative, each&nbsp;pre-funded&nbsp;warrant
to purchase one common share, the number of Class&nbsp;A Warrants sold in this offering will not change as a result of a change
in the mix of the common shares and&nbsp;pre-funded&nbsp;warrants sold.</font> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We are also registering
the common shares included in the Units and the common shares issuable from time to time upon exercise of the pre-funded warrants
and Class A Warrants included in the Units offered hereby. Our Units have no stand-alone rights and will not be certificated or
issued as stand-alone securities. The common shares (or pre-funded warrants) and the Class A Warrants comprising our Units are
immediately separable and will be issued separately in this offering. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The following summary
of certain terms and provisions of the pre-funded warrants and Class A Warrants offered hereby is not complete and is subject
to, and qualified in its entirety by the provisions of the form of pre- funded warrant, and the form of Class A Warrant, which
are filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully
review the terms and provisions set forth in the form of pre-funded warrant and the form of Class A Warrant. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i>Exercisability</i>.
The pre-funded warrants are exercisable at any time after their original issuance until exercised in full. The Class A Warrants
are exercisable at any time after their original issuance up to the date that is (a)five years <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
their original issuance. Each of the </font> pre-funded warrants and the Class A Warrants will be exercisable, in whole or in
part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act is effective and available for the issuance of such shares,
by payment in full in immediately available funds for the number of common shares purchased upon such exercise. If a registration
statement registering the issuance of the common shares underlying the warrants under the Securities Act is not effective or available,
the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would
receive upon such exercise the net number of common shares determined according to the formula set forth in the warrant. We may
be required to pay certain amounts as liquidated damages as specified in the warrants in the event we do not deliver common shares
upon exercise of the warrants within the time periods specified in the warrants. No fractional common shares will be issued in
connection with the exercise of a warrant. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i>Exercise
Limitation</i>. A holder will not have the right to exercise any portion of a pre-funded warrant or a Class A Warrant if the holder
(together with its affiliates) would beneficially own in excess of 4.99% <font style="background-color: white">(or, upon election
by a holder prior to the issuance of any warrants, 9.99%) </font>of the number of shares of our common shares outstanding immediately
after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of such warrants.
<font style="background-color: white">However, any holder may increase or decrease such percentage to any other percentage not
in excess of 9.99%, upon at least 61 days&rsquo; prior notice from the holder to us with respect to any increase in such percentage.</font> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i></i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i></i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <font style="font-family: Times New Roman, Times, Serif"><i>Exercise
Price.</i></font>&nbsp;The exercise price per whole common share purchasable upon exercise of the Class A Warrants is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share. The exercise price of the Class A Warrants and number of common shares issuable on exercise of the Class A Warrants
are subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications
or similar events affecting our common shares.&nbsp;The exercise price of the Class A Warrants may also be reduced to any amount
and for any period of time at the sole discretion of our board of directors. The exercise price for the&nbsp;pre-funded&nbsp;warrants
is $0.01 per share and the exercise price <font style="background-color: white">and number of common shares issuable upon exercise&nbsp;of
our pre-funded warrants will </font>adjust in the event of certain stock dividends and distributions, stock splits, stock combinations,
reclassifications or similar events affecting our common shares. The exercise price of the Class A Warrants is subject to adjustment
in the event of dividends and certain distributions as specified in the warrant. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i>Transferability.</i>&nbsp;Subject
to applicable laws, the pre-funded warrants and the Class A Warrants may be offered for sale, sold, transferred or assigned without
our consent. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i>Exchange
Listing.</i>&nbsp;We do not intend to apply for the listing of the Class A Warrants or the pre-funded warrants on any stock exchange.
Without an active trading market, the liquidity of the Class A Warrants and the pre-funded warrants will be limited. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"> <i>Warrant
Agent</i>. The Class&nbsp;A Warrants are expected to be issued in registered form under a warrant agreement between&nbsp;Computershare
Investor Services or its affiliate, as warrant agent, and us. The Class A Warrants shall initially be represented only by one
or more global warrants deposited with the warrant agent, as custodian on behalf of The Depository Trust Company (DTC) and registered
in the name of Cede&nbsp;&amp; Co., a nominee of DTC, or as otherwise directed by DTC. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"> <font style="font-family: Times New Roman, Times, Serif"><i>Rights
as a Shareholder.</i></font>&nbsp;Except as otherwise provided in the warrants or by virtue of such holder&rsquo;s ownership of
our common shares, the holder of a warrant does not have the rights or privileges of a holder of our common shares, including
any voting rights, until the holder exercises the warrant. Holders of pre-funded warrants have the right
to participate in dividends and certain distributions as specified in the warrant. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"> <i>Fundamental
Transactions.</i>&nbsp;In the event of a fundamental transaction, as described in the warrants and generally including, with certain
exceptions, any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or other disposition
of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition
of more than 50% of our outstanding common shares, or any person or group becoming the beneficial owner of 50% of the voting power
represented by our outstanding common shares, the holders of the warrants will be entitled to receive upon exercise of the warrants
the kind and amount of securities, cash or other property that the holders would have received had they exercised the warrants
immediately prior to such fundamental transaction. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"> <i>Governing
Law</i>. The pre-funded warrants, the Class A Warrants and Warrant Agreement are governed by New York law. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Transfer Agent</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The registrar
and transfer agent for our common shares is Computershare Inc. Its address is Computershare Investor Services, 462 South 4th Street,
Suite 1600, Louisville, KY, 40202, and its telephone number is +1 (781) 575 4223 or +1 (800) 368 5948.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Listing</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Our common shares
trade on the Nasdaq Capital Market under the symbol &ldquo;GLBS&rdquo;.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a018"></A>CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our corporate affairs
are governed by our articles of incorporation, amended and restated bylaws and the BCA. The provisions of the BCA resemble provisions
of the corporation laws of a number of states in the United States, including Delaware. While the BCA also provides that it is
to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions,
there have been few court cases interpreting the BCA in the Marshall Islands, and we cannot predict whether Marshall Islands courts
would reach the same conclusions as Delaware or other courts in the United States. Accordingly, you may have more difficulty in
protecting your interests under Marshall Islands law in the face of actions by our management, directors or controlling shareholders
than would shareholders of a corporation incorporated in a U.S. jurisdiction that has developed a substantial body of case law.
Furthermore, the Marshall Islands lacks a bankruptcy statute, and in the event of any bankruptcy, insolvency, liquidation, dissolution,
reorganization or similar proceeding involving the Company, the bankruptcy laws of the United States or of another country having
jurisdiction over the Company would apply. The following table provides a comparison between certain statutory provisions of the
BCA and the Delaware General Corporation Law relating to shareholders&rsquo; rights.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="2" style="vertical-align: bottom">&nbsp;</TD>
    <td>&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><font style="font-size: 8pt"><b>Marshall Islands</B></FONT></TD>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</FONT></TD>
    <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><font style="font-size: 8pt"><b>Delaware</B></FONT></TD></TR>
<tr style="vertical-align: top">
    <td colspan="5" style="font-size: 10pt; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Shareholder Meetings</B></TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify">Held at a time and place as designated in the bylaws.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify">May be held in or outside of the Marshall Islands.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">May be held in or outside of Delaware.</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"><i>Notice</I>:</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"><i>Notice</I>:</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; padding-left: 24pt; font-size: 10pt; text-align: justify">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify">A copy of the notice of any meeting shall be given personally or sent by mail or electronically not less than 15 nor more than 60 days before the meeting.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; padding-left: 24pt; font-size: 10pt; text-align: justify">Written notice shall be given not less than 10 nor more than 60 days before the meeting.</TD></TR>
<tr>
    <td colspan="5">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td colspan="5" style="font-size: 10pt; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Shareholders&rsquo; Voting Rights</B></TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify">Unless otherwise provided in the articles of incorporation, any action required by the BCA to be taken at a meeting of shareholders may be taken without a meeting if a consent or consents in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD></TR>
<tr>
    <td colspan="2">&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD></TR>
<tr>
    <td style="font-size: 10pt; width: 51%">&nbsp;</TD>
    <td style="font-size: 10pt; width: 1%">&nbsp;</TD>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <td style="width: 46%">&nbsp;</TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

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<p style="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> Unless otherwise provided in the articles
    of incorporation or the bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist
    of fewer than one-third of the shares entitled to vote at a meeting. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> For stock corporations, the certificate of incorporation
    or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less
    than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled
    to vote shall constitute a quorum. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> When a quorum is once present to organize
    a meeting, it is not broken by the subsequent withdrawal of any shareholders. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> When a quorum is once present to organize a meeting,
    it is not broken by the subsequent withdrawal of any shareholders. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> The articles of incorporation may provide
    for cumulative voting in the election of directors. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> The certificate of incorporation may provide for
    cumulative voting in the election of directors. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> <i>Removal</i>: </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> <i>Removal</i>: </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> The articles of incorporation
        or the specific provisions of a bylaw may provide for such removal by action of the board, except in the case of any director
        elected by cumulative voting, or by the holders of the shares of any class or series when so entitled by the provisions
        of the articles of incorporation. </P>
        <p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> Any or all of the
        directors may be removed for cause by vote of the shareholders. </P>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </P></TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; padding-left: 24pt; font-size: 10pt; text-align: justify"> Any or all of the directors may
    be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1)&nbsp;unless the
    certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, shareholders may
    effect such removal only for cause, or (2)&nbsp;if the corporation has cumulative voting, if less than the entire board is
    to be removed, no director may be removed without cause if the votes cast against such director&rsquo;s removal would be sufficient
    to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes
    of directors, at an election of the class of directors of which such director is a part. </TD></TR>
<tr>
    <td colspan="5"> &nbsp; </TD></TR>
<tr style="vertical-align: top">
    <td colspan="5" style="font-size: 10pt; text-align: center"> <b>Directors</b> </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> Number of board members can be changed
    by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> Number of board members shall be fixed by, or in
    a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change
    in the number shall be made only by amendment to the certificate of incorporation. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> The board of directors must consist of
    at least one member. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> The board of directors must consist of at least one
    member. </TD></TR>
<tr>
    <td style="width: 51%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 46%"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> If the board of directors is authorized
    to change the number of directors, it can only do so by a majority of the entire board of directors and so long as no decrease
    in the number shortens the term of any incumbent director. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

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<p style="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td colspan="5" style="font-size: 10pt; text-align: center"> <b>Dissenter&rsquo;s Rights of Appraisal</b> </TD></TR>
<tr>
    <td colspan="3"> &nbsp; </TD>
    <td colspan="2"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> Shareholders have a right to dissent
    from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business,
    and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive
    payment of the appraised fair value of his shares is not available for the shares of any class or series of stock, which shares
    or depository receipts in respect thereof, 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 or any sale or exchange of
    all or substantially all of the property and assets of the corporation not made in the usual course of its business,, were
    either (i)&nbsp;listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii)&nbsp;held
    of record by more than 2,000 holders. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> Appraisal rights shall be available for the shares
    of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger
    or consolidation of corporations listed on a national securities exchange in which listed shares are the offered consideration
    or if such shares are held of record by more than 2,000 holders. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> A holder of any adversely affected shares
    who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to
    receive payment for such shares if the amendment: </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify"> Alters or abolishes
    any preferential right of any outstanding shares having preference; or </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify"> Creates, alters
    or abolishes any provision or right in respect to the redemption of any outstanding shares. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify"> Alters or abolishes
    any preemptive right of such holder to acquire shares or other securities; or </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-align: justify"> Excludes or limits
    the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares
    then being authorized of any existing or new class. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td colspan="5"> &nbsp; </TD></TR>
<tr style="vertical-align: top">
    <td colspan="5" style="font-size: 10pt; text-align: center"> <b>Shareholders&rsquo; Derivative Actions</b> </TD></TR>
<tr>
    <td colspan="3"> &nbsp; </TD>
    <td colspan="2"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> An action may be brought in the right
    of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial
    interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time the action
    is brought and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest
    therein devolved upon him by operation of law. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify"> In any derivative suit instituted by a shareholder
    or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time
    of the transaction of which he complains or that such shareholder&rsquo;s stock thereafter devolved upon such shareholder
    by operation of law. </TD></TR>
<tr>
    <td colspan="2"> &nbsp; </TD>
    <td colspan="3"> &nbsp; </TD></TR>
<tr>
    <td colspan="2" style="vertical-align: top; font-size: 10pt; text-align: justify"> A complaint shall set forth with particularity
    the efforts of the plaintiff to secure the initiation of such action by the board of directors or the reasons for not making
    such effort. Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic
    of the Marshall Islands. </TD>
    <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: justify"> &nbsp; </TD>
    <td style="vertical-align: top"> &nbsp; </TD></TR>
<tr>
    <td style="width: 51%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 1%"> &nbsp; </TD>
    <td style="width: 46%"> &nbsp; </TD></TR>
</TABLE>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="white-space: nowrap; vertical-align: top; font-size: 10pt; width: 52%">Reasonable expenses including attorney&rsquo;s fees may be awarded if the action is successful.</TD>
    <td style="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</TD>
    <td style="vertical-align: top; width: 47%">&nbsp;</TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; font-size: 10pt; text-align: justify">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the shares have a value of $50,000 or less.</TD>
    <td style="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <td style="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a019"></A>TAX CONSIDERATIONS</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Marshall Islands Tax Considerations</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is based upon the opinion of Watson Farley&nbsp;&amp; Williams LLP and the current laws of the Republic of the Marshall Islands
and is applicable only to persons who are not citizens of and do not reside in, maintain offices in or engage in business, transactions,
or operations in the Republic of the Marshall Islands.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Because we and
our subsidiaries do not, and we do not expect that we or any of our subsidiaries will, conduct business, transactions, or operations
in the Republic of the Marshall Islands, and because we anticipate that all documentation related to any offerings pursuant to
this prospectus will be executed outside of the Republic of the Marshall Islands, under current Marshall Islands law holders of
our common shares, Class A Warrants, and pre-funded warrants will not be subject to Marshall Islands taxation or withholding on
dividends. In addition, holders of our common shares, Class A Warrants, and pre-funded warrants will not be subject to Marshall
Islands stamp, capital gains or other taxes on the purchase, ownership or disposition of the Units, our common shares, Class A
Warrants and pre-funded warrants, and you will not be required by the Republic of the Marshall Islands to file a tax return relating
to the sale of common shares, Class A Warrants, and pre-funded warrants. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;It is the responsibility
of each shareholder and warrantholder to investigate the legal and tax consequences, under the laws of pertinent jurisdictions,
including the Marshall Islands, of its investment in us. Accordingly, each shareholder and warrantholder is urged to consult its
tax counsel or other advisor with regard to those matters. Further, it is the responsibility of each shareholder and warrantholder
to file all state, local and non-U.S., as well as U.S. federal, tax returns which may be required of such shareholder and warrantholder.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>United States Tax Considerations</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The following is
a discussion of material United States federal income tax consequences of the ownership and disposition of the Company&rsquo;s
common shares, and the ownership, disposition and exercise of the Company&rsquo;s warrants that, subject to the representations,
covenants, assumptions, conditions and qualifications described herein, may be relevant to prospective shareholders and warrantholders
and, unless otherwise noted in the following discussion, is the opinion of Watson Farley &amp; Williams LLP, our United States
counsel, insofar as it relates to matters of United States federal income tax law and legal conclusions with respect to those
matters. The opinion of our counsel is dependent on the accuracy of representations made by us to them, including descriptions
of our operations contained herein. This discussion is based upon the provisions of the Internal Revenue Code of 1986, as amended,
or the Code, existing final, temporary and proposed regulations thereunder and current administrative rulings and court decisions,
all as in effect on the effective date of this prospectus and all of which are subject to change, possibly with retroactive effect.
Changes in these authorities may cause the tax consequences to vary substantially from the consequences described below. No rulings
have been or are expected to be sought from the United States Internal Revenue Service, or the IRS, with respect to any of the
United States federal income tax consequences discussed below, and no assurance can be given that the IRS will not take contrary
positions. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The following summary
does not address all United States federal income tax consequences applicable to any given holder of our common shares or warrants,
nor does it address the United States federal income tax considerations applicable to categories of investors subject to special
taxing rules, such as expatriates, banks, real estate investment trusts, regulated investment companies, insurance companies,
tax-exempt organizations, dealers or traders in securities or currencies, partnerships, S corporations, estates and trusts, investors
that hold their common shares or warrants as part of a hedge, straddle or an integrated or conversion transaction, investors whose
 &ldquo;functional currency&rdquo; is not the United States dollar or investors that own, directly, indirectly, or by attribution,
10% or more of our stock by vote or value. Furthermore, the discussion does not address alternative minimum tax consequences or
estate or gift tax consequences, or any state tax consequences, and is limited to shareholders and warrantholders that will hold
their common shares or warrants as &ldquo;capital assets&rdquo; within the meaning of Section 1221 of the Code. Each shareholder
and warrantholder is encouraged to consult, and discuss with his or her own tax advisor the United States federal, state, local
and non-United States tax consequences particular to him or her of the acquisition, ownership or disposition of common shares
or the acquisition, ownership, disposition or exercise of warrants. Further, it is the responsibility of each shareholder and
warrantholder to file all state, local and non-United States, as well as United States federal, tax returns that may be required
of it. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Allocation of Purchase Price and Characterization
of a Unit </b> </p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> No statutory, administrative or judicial authority directly
addresses the treatment of a Unit or instruments similar to a Unit for United States federal income tax purposes and, therefore,
that treatment is not entirely clear. The acquisition of a Unit should be treated for United States federal income tax purposes
as the acquisition of one common share (or one pre-funded warrant in lieu of one common share) and one Class A Warrant. For United
States federal income tax purposes, each holder of a Unit must allocate the purchase price paid by such holder for such Unit between
the common share or pre-funded warrant and the Class A Warrant based on the relative fair market value of each at the time of
issuance. Under United States federal income tax law, each investor must make his or her own determination of such value based
on all the relevant facts and circumstances. Therefore, we strongly urge each investor to consult his or her tax advisor regarding
the determination of value for these purposes. The price allocated to each common share or pre-funded warrant and each Class A
Warrant should be the investor&rsquo;s tax basis in each such common share or pre-funded warrant and each such Class A Warrant,
as the case may be. Any disposition of a Unit should be treated for United States federal income tax purposes as a disposition
of the common share or pre-funded warrant and the Class A Warrant comprising the Unit, and the amount realized on the disposition
should be allocated between the common share or pre-funded warrant and the Class A Warrant based on their respective relative
fair market values at the time of disposition (as determined by each such Unit holder based on all relevant facts and circumstances).
The separation of the common share or pre-funded warrant and the Class A Warrant comprising a Unit should not be a taxable event
for United States federal income tax purposes. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The foregoing treatment
of the Units and a holder&rsquo;s purchase price allocation are not binding on the IRS or the courts. Because there are no authorities
that directly address instruments that are similar to the Units, no assurance can be given that the IRS or the courts will agree
with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult
its own tax advisors regarding the tax consequences of an investment in a Unit (including alternative characterizations of a Unit).
The balance of this discussion assumes that the characterization of the Units described above is respected for United States federal
income tax purposes. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax Treatment of the Pre-Funded Warrants</I></B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We believe that
our pre-funded warrants should be treated as our common shares for United States federal income tax purposes, rather than warrants.
Assuming this position is upheld, no gain or loss should be recognized upon the exercise of a pre-funded warrant and, upon exercise,
the holding period of a pre-funded warrant should carry over to the common share received. Similarly, the tax basis of a pre-funded
warrant should carry over to the common share received upon exercise, increased by the exercise price of $0.01 per share. However,
our position is not binding on the IRS and the IRS may treat the pre-funded warrants as warrants to acquire our common shares.
You should consult your tax advisor regarding the United States federal tax consequences of an investment in the pre-funded warrants.
The following discussion assumes our pre-funded warrants are properly treated as our common shares. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>United States Federal Income Taxation of United States
Holders</I></B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As used herein,
 &ldquo;United States Holder&rdquo; means a beneficial owner of the Company&rsquo;s common shares or warrants that is an individual
citizen or resident of the United States for United States federal income tax purposes, a corporation or other entity taxable
as a corporation created or organized in or under the laws of the United States or any state thereof (including the District of
Columbia), an estate the income of which is subject to United States federal income taxation regardless of its source or a trust
where a court within the United States is able to exercise primary supervision over the administration of the trust and one or
more United States persons (as defined in the Code) have the authority to control all substantial decisions of the trust (or a
trust that has made a valid election under United States Department of the Treasury regulations to be treated as a domestic trust).
A &ldquo;Non-United States Holder&rdquo; generally means any owner (or beneficial owner) of common shares or warrants that is
not a United States Holder, other than a partnership. If a partnership holds common shares or warrants, the tax treatment of a
partner will generally depend upon the status of the partner and upon the activities of the partnership. Partners of partnerships
holding common shares or warrants should consult their own tax advisors regarding the tax consequences of an investment in the
common shares or warrants (including their status as United States Holders or Non-United States Holders). </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"> United States Federal Income Tax Treatment of the
Class A Warrants </p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Neither we nor a United States Holder
of a Class A Warrant will recognize gain or loss as a result of the United States Holder&rsquo;s receipt of a common share upon
exercise of a Class A Warrant. A United States Holder&rsquo;s adjusted tax basis in the common share received will be an amount
equal to the sum of (i) the United States Holder&rsquo;s adjusted tax basis in the Class A Warrant exercised and (ii) the amount
of the exercise price for the Class A Warrant. If the Class A Warrants lapse without being exercised, the United States Holder
will recognize capital loss in the amount equal to the United States Holder&rsquo;s adjusted tax basis in the Class A Warrants.
A United States Holder&rsquo;s holding period for common shares received upon exercise of a Class A Warrant will commence on the
date the warrant is exercised. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The exercise price of a Class A Warrant
is subject to adjustment under certain circumstances. If an adjustment increases a proportionate interest of the holder of a Class
A Warrant in the fully diluted common shares without proportionate adjustments to the holders of our common shares, a United States
Holder of the Class A Warrants may be treated as having received a constructive distribution, which may be taxable to the United
States Holder as a dividend. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> The tax consequences of holding and disposing of our common
shares is discussed below.&nbsp;United States Holders of our Class A Warrants should also carefully review the section titled
 &ldquo;&mdash;<i>Consequences of Possible PFIC Classification</i>&rdquo; as a United States Holder of Class A Warrants generally
will not be able to make a QEF election with respect to the warrants if we are a PFIC. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Distributions</I></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
of passive foreign investment companies, or PFICs, below, any distributions made by the Company with respect to the common shares
to a United States Holder will generally constitute dividends, which may be taxable as ordinary income or qualified dividend income
as described in more detail below, to the extent of the Company&rsquo;s current or accumulated earnings and profits as determined
under United States federal income tax principles. Distributions in excess of the Company&rsquo;s earnings and profits will be
treated as a nontaxable return of capital to the extent of the United States Holder&rsquo;s tax basis in its common shares and,
thereafter, as capital gain.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Dividends paid
in respect of the Company&rsquo;s common shares may qualify for the preferential rate attributable to qualified dividend income
if: (1) the common shares are readily tradable on an established securities market in the United States; (2) the Company is not
a PFIC for the taxable year during which the dividend is paid or in the immediately preceding taxable year; (3) the United States
Holder has owned the common shares or pre-funded warrants for more than 60 days in the 121-day period beginning 60 days before
the date on which the common shares or pre-funded warrants become ex-dividend and (4) the United States Holder is not under an
obligation to make related payments with respect to positions in substantially similar or related property. The first requirement
currently is and has been met, as our common shares are listed on the Nasdaq Capital Market tier of the Nasdaq Stock Market, which
is an established securities market. Further, there is no minimal trading requirement for shares to be &ldquo;readily tradable,&rdquo;
so as long as our common shares remain listed on the Nasdaq Capital Market or any other established securities market in the United
States, the first requirement will be satisfied. However, if our common shares are delisted and are not tradable on an established
securities market in the United States, the first requirement would not be satisfied, and dividends paid in respect of our common
shares would not qualify for the preferential rate attributable to qualified dividend income. The second requirement is expected
to be met as more fully described below under &ldquo;&mdash;Consequences of Possible PFIC Classification.&rdquo; Satisfaction
of the final two requirements will depend on the particular circumstances of each United States Holder. Consequently, if any of
these requirements are not met, the dividends paid to individual United States Holders in respect of the Company&rsquo;s common
shares would not be treated as qualified dividend income and would be taxed as ordinary income at ordinary rates. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Amounts taxable as
dividends generally will be treated as income from sources outside the United States and will, depending on your circumstances,
be &ldquo;passive&rdquo; or &ldquo;general&rdquo; income which, in either case, is treated separately from other types of income
for purposes of computing the foreign tax credit allowable to you. However, if (1) the Company is 10% or more owned, by vote or
value, by United States persons, or is a PFIC and (2) at least 10% of the Company&rsquo;s earnings and profits are attributable
to sources within the United States, then for foreign tax credit purposes, a portion of our dividends would be treated as derived
from sources within the United States. Under such circumstances, with respect to any dividend paid for any taxable year, the United
States source ratio of the Company&rsquo;s dividends for foreign tax credit purposes would be equal to the portion of the Company&rsquo;s
earnings and profits from sources within the United States for such taxable year, divided by the total amount of the Company&rsquo;s
earnings and profits for such taxable year.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Consequences of Possible PFIC Classification</I></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-United States
entity treated as a corporation for United States federal income tax purposes will be a PFIC in any taxable year in which, after
taking into account the income and assets of the corporation and certain subsidiaries pursuant to a &ldquo;look through&rdquo;
rule, either: (1) 75% or more of its gross income is &ldquo;passive&rdquo; income or (2) 50% or more of the average value of its
assets is attributable to assets that produce passive income or are held for the production of passive income. If a corporation
is a PFIC in any taxable year that a person holds shares in the corporation (and was not a qualified electing fund with respect
to such year, as discussed below), the shares held by such person will be treated as shares in a PFIC for all future years (absent
an election which, if made, may require the electing person to pay taxes in the year of the election). A United States Holder of
shares in a PFIC would be required to file an annual information return on IRS Form 8621 containing information regarding the PFIC
as required by United States Department of the Treasury regulations.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are legal
uncertainties involved in this determination, including as a result of adverse case law described herein, based upon the Company&rsquo;s
and its subsidiaries&rsquo; expected operations as described herein and based upon the current and expected future activities and
operations of the Company and its subsidiaries, the income of the Company and such subsidiaries from time charters should not constitute
 &ldquo;passive income&rdquo; for purposes of applying the PFIC rules, and the assets that the Company owns for the production of
this time charter income should not constitute passive assets for purposes of applying the PFIC rules.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although there is no
legal authority directly on point, this view is based principally on the position that the gross income that the Company and its
subsidiaries derive from time charters constitutes services income rather than passive rental income. The Fifth Circuit Court of
Appeals decided in&nbsp;<i>Tidewater Inc. v. United States</I>, 565 F.3d 299 (5th Cir., 2009) that a typical time charter is a
lease, and not a contract for the provision of transportation services. In that case, the court was considering a tax issue that
turned on whether the taxpayer was a lessor where a vessel was under a time charter, and the court did not address the definition
of passive income or the PFIC rules; however, the reasoning of the case could have implications as to how the income from a time
charter would be classified under such rules. If the reasoning of the&nbsp;<i>Tidewater</I>&nbsp;case is applied to the Company&rsquo;s
situation and the Company&rsquo;s or its subsidiaries&rsquo; time charters are treated as leases, the Company&rsquo;s or its subsidiaries&rsquo;
time charter income could be classified as rental income and the Company would be a PFIC unless more than 25% of the income of
the Company (taking into account the subsidiary look through rule) is from spot charters plus other active income or an active
leasing exception applies. The IRS has announced that it will not follow the reasoning of the Tidewater case and would have treated
the income from the time charters at issue in that case as services income, including for other purposes of the Code. The Company
intends to take the position that all of its time, voyage and spot chartering activities will generate active services income and
not passive leasing income, but in the absence of direct legal authority specifically relating to the Code provisions governing
PFICs, the IRS or a court could disagree with this position. Although the matter is not free from doubt as described herein, based
on the current operations and activities of the Company and its subsidiaries and on the relative values of the vessels in the Company&rsquo;s
fleet and the charter income in respect of the vessels, Globus Maritime Limited should not be treated as a PFIC during the taxable
year ended December 31, 2019.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the Company&rsquo;s
intention and expectation that the Company&rsquo;s subsidiaries&rsquo; income from spot, time and voyage chartering activities
plus other active operating income will be greater than 25% of the Company&rsquo;s total gross income at all relevant times and
that the gross value of the vessels subject to such time, voyage or spot charters will exceed the gross value of all the passive
assets the Company owns at all relevant times, Globus Maritime Limited does not expect that it will constitute a PFIC with respect
to a taxable year in 2020 or the near future thereafter.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Company will
try to manage its vessels and its business so as to avoid being classified as a PFIC for a future taxable year; however there
can be no assurance that the nature of the Company&rsquo;s assets, income and operations will remain the same in the future (notwithstanding
the Company&rsquo;s current expectations). Additionally, no assurance can be given that the IRS or a court of law will accept
the Company&rsquo;s position that the time charters that the Company&rsquo;s subsidiaries have entered into or any other time
charter that the Company or a subsidiary may enter into will give rise to active income rather than passive income for purposes
of the PFIC rules, or that future changes of law will not adversely affect this position. The Company has not obtained a ruling
from the IRS on its time charters or its PFIC status and does not intend to seek one. Any contest with the IRS may materially
and adversely impact the market for the common shares and the prices at which they trade. In addition, the costs of any contest
on the issue with the IRS will result in a reduction in cash available for distribution and thus will be borne indirectly by the
Company&rsquo;s shareholders and warrantholders. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> If Globus Maritime
Limited were to be classified as a PFIC in any year, each United States Holder of the Company&rsquo;s shares and warrants will
be subject (in that year and all subsequent years) to special rules with respect to: (1) any &ldquo;excess distribution&rdquo;
(generally defined as any distribution received by a shareholder in a taxable year that is greater than 125% of the average annual
distributions received by the shareholder in the three preceding taxable years or, if shorter, the shareholder&rsquo;s holding
period for the shares), and (2) any gain realized upon the sale or other disposition of the common shares or warrants. Under these
rules: </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> the
                                         excess distribution or gain will be allocated ratably over the United States Holder&rsquo;s
                                         holding period; </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> the
                                         amount allocated to the current taxable year and any year prior to the first year in
                                         which the Company was a PFIC will be taxed as ordinary income in the current year; and </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> the
                                         amount allocated to each of the other taxable years in the United States Holder&rsquo;s
                                         holding period will be subject to United States federal income tax at the highest rate
                                         in effect for the applicable class of taxpayer for that year, and an interest charge
                                         will be added as though the amount of the taxes computed with respect to these other
                                         taxable years were overdue. </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In order to avoid
the application of the PFIC rules, United States Holders may make a qualified electing fund, or a QEF, election provided in Section
1295 of the Code in respect of their common shares or pre-funded warrants. Even if a United States Holder makes a QEF election
for a taxable year of the Company, if the Company was a PFIC for a prior taxable year during which such holder held the common
shares or warrants and for which such holder did not make a timely QEF election, the United States Holder would also be subject
to the more adverse rules described above. Additionally, to the extent any of the Company&rsquo;s subsidiaries is a PFIC, an election
by a United States Holder to treat Globus Maritime Limited as a QEF would not be effective with respect to such holder&rsquo;s
deemed ownership of the stock of such subsidiary and a separate QEF election with respect to such subsidiary is required. In lieu
of the PFIC rules discussed above, a United States Holder that makes a timely, valid QEF election will, in very general terms,
be required to include its pro rata share of the Company&rsquo;s ordinary income and net capital gains, unreduced by any prior
year losses, in income for each taxable year (as ordinary income and long-term capital gain, respectively) and to pay tax thereon,
even if no actual distributions are received for that year in respect of the common shares and even if the amount of that income
is not the same as the amount of actual distributions paid on the common shares during the year. If the Company later distributes
the income or gain on which the United States Holder has already paid taxes under the QEF rules, the amounts so distributed will
not again be subject to tax in the hands of the United States Holder. A United States Holder&rsquo;s tax basis in any common shares
or pre-funded warrants as to which a QEF election has been validly made will be increased by the amount included in such United
States Holder&rsquo;s income as a result of the QEF election and decreased by the amount of nontaxable distributions received
by the United States Holder. On the disposition of a common share or pre-funded warrant, a United States Holder making the QEF
election generally will recognize capital gain or loss equal to the difference, if any, between the amount realized upon such
disposition and its adjusted tax basis in the common share or pre-funded warrant. In general, a QEF election should be made by
filing a Form 8621 with the United States Holder&rsquo;s federal income tax return on or before the due date for filing such United
States Holder&rsquo;s federal income tax return for the first taxable year for which the Company is a PFIC or, if later, the first
taxable year for which the United States Holder held common shares or pre-funded warrants. In this regard, a QEF election is effective
only if certain required information is made available by the PFIC. Subsequent to the date that the Company first determines that
it is a PFIC, the Company will use commercially reasonable efforts to provide any United States Holder of common shares or pre-funded
warrants, upon request, with the information necessary for such United States Holder to make the QEF election. A holder of Class
A Warrants generally will not be able to make a QEF election in respect of such Class A Warrants. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
QEF election, Section 1296 of the Code permits United States Holders to make a &ldquo;mark-to-market&rdquo; election with respect
to marketable shares in a PFIC, generally meaning shares regularly traded on a qualified exchange or market and certain other shares
considered marketable under United States Department of the Treasury regulations. For this purpose, a class of shares is regularly
traded on a qualified exchange or market for any calendar year during which such class of shares is traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter of the year. Our common shares historically have been regularly traded
on the Nasdaq Capital Market or the Nasdaq Global Market, which are established securities markets. However, if our common shares
were to be delisted, then the mark-to-market election generally would be unavailable to United States Holders. If a United States
Holder makes a mark-to-market election in respect of its common shares or pre-funded warrants, such United States Holder generally
would, in each taxable year: (1) include as ordinary income the excess, if any, of the fair market value of the common shares or
pre-funded warrants at the end of the taxable year over such United States Holder&rsquo;s adjusted tax basis in the common shares
or pre-funded warrants, and (2) be permitted an ordinary loss in respect of the excess, if any, of such United States Holder&rsquo;s
adjusted tax basis in the common shares or pre-funded warrants over their fair market value at the end of the taxable year, but
only to the extent of the net amount previously included in income as a result of the mark-to-market election (with the United
States Holder&rsquo;s basis in the common shares or pre-funded warrants being increased and decreased, respectively, by the amount
of such ordinary income or ordinary loss). The consequences of this election may be less favorable than those of a QEF election
for United States Holders that are sensitive to the distinction between ordinary income and capital gain.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> United States Holders
are urged to consult their tax advisors as to the consequences of making a mark-to-market or QEF election, as well as other United
States federal income tax consequences of holding shares or warrants in a PFIC. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously indicated,
if the Company were to be classified as a PFIC for a taxable year in which the Company pays a dividend or the immediately preceding
taxable year, dividends paid by the Company would not constitute &ldquo;qualified dividend income&rdquo; and, hence, would not
be eligible for the reduced rate of United States federal income tax.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal">Sale,
Exchange or Other Disposition of Common Shares or Warrants</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> A United States
Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of common shares or warrants in
an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition
and the United States Holder&rsquo;s tax basis in such common shares or warrants. Assuming the Company does not constitute a PFIC
for any taxable year, this gain or loss will generally be treated as long-term capital gain or loss if the United States Holder&rsquo;s
holding period is greater than one year at the time of the sale, exchange or other disposition. Long term capital gains recognized
by a United States Holder other than a corporation are generally taxed at preferential rates. A United States Holder&rsquo;s ability
to deduct capital losses is subject to limitations. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal">Net
Investment Income Tax</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> A United States
Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such
tax, is subject to a 3.8% tax on the lesser of (1) such United States Holder&rsquo;s &ldquo;net investment income&rdquo; (or undistributed
 &ldquo;net investment income&rdquo; in the case of estates and trusts) for the relevant taxable year and (2) the excess of such
United States Holder&rsquo;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of
individuals will be between $125,000 and $250,000, depending on the individual&rsquo;s circumstances). A United States Holder&rsquo;s
net investment income will generally include its gross dividend income and its net gains from the disposition of the common shares
or warrants, unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other
than a trade or business that consists of certain passive or trading activities). Net investment income generally will not include
a United States Holder&rsquo;s pro rata share of the Company&rsquo;s income and gain (if we are a PFIC and that United States
Holder makes a QEF election, as described above in &ldquo;&mdash;Consequences of Possible PFIC Classification&rdquo;). However,
a United States Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure
to make this election could result in a mismatch between a United States Holder&rsquo;s ordinary income and net investment income.
If you are a United States Holder that is an individual, estate or trust, you are urged to consult your tax advisor regarding
the applicability of the net investment income tax to your income and gains in respect of your investment in the common shares
or warrants. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Federal Income
Taxation of Non-United States Holders</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> A Non-United States
Holder will generally not be subject to United States federal income tax on dividends paid in respect of the common shares or
on gains recognized in connection with the sale or other disposition of the common shares or warrants provided that the Non-United
States Holder makes certain tax representations regarding the identity of the beneficial owner of the common shares or warrants,
that such dividends or gains are not effectively connected with the Non-United States Holder&rsquo;s conduct of a United States
trade or business and that, with respect to gain recognized in connection with the sale or other disposition of the common shares
or warrants by a non-resident alien individual, such individual is not present in the United States for 183 days or more in the
taxable year of the sale or other disposition and other conditions are met. If the Non-United States Holder is engaged in a United
States trade or business for United States federal income tax purposes, the income from the common shares or warrants, including
dividends and gain from the sale, exchange or other disposition of the common shares, that is effectively connected with the conduct
of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed
above relating to the taxation of United States Holders. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup Withholding and Information
Reporting</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Information reporting to the IRS may be required with respect
to payments on the common shares and with respect to proceeds from the sale of the common shares or warrants. With respect to
Non-United States Holders, copies of such information returns may be made available to the tax authorities in the country in which
the Non-United States Holder resides under the provisions of any applicable income tax treaty or exchange of information agreement.
A &ldquo;backup&rdquo; withholding tax may also apply to those payments if: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> a
                                         holder of the common shares or warrants fails to provide certain identifying
                                         information (such as the holder&rsquo;s taxpayer identification number or an attestation
                                         to the status of the holder as a Non-United States Holder); </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> such
                                         holder is notified by the IRS that he or she has failed to report all interest or dividends
                                         required to be shown on his or her federal income tax returns; or </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></TD><td style="width: 0.25in"> <font style="font-family: Wingdings">&Oslash;</font> </TD><td style="text-align: justify"> in
                                         certain circumstances, such holder has failed to comply with applicable certification
                                         requirements.&nbsp; </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding
is not an additional tax and may be refunded (or credited against the holder&rsquo;s United States federal income tax liability,
if any), provided that certain required information is furnished to the IRS in a timely manner.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-United States Holders
may be required to establish their exemption from information reporting and backup withholding by certifying their status on IRS
Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> United States Holders
of common shares or warrants may be required to file forms with the IRS under the applicable reporting provisions of the Code.
For example, such United States Holders may be required, under Sections 6038, 6038B and/or 6046 of the Code, and the regulations
thereunder, to supply the IRS with certain information regarding the United States Holder, other United States Holders and the
Company if (1) such person owns at least 10% of the total value or 10% of the total combined voting power of all classes of shares
entitled to vote or (2) the acquisition of our common shares or warrants, when aggregated with certain other acquisitions that
may be treated as related under applicable regulations, exceeds $100,000 in value. In the event a United States Holder fails to
file a form when required to do so, the United States Holder could be subject to substantial tax penalties. You should consult
your tax advisor regarding the filing of these forms. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Individual United
States Holders who hold certain specified foreign assets with values in excess of certain dollar thresholds are required to report
such assets on IRS Form 8938 with their United States federal income tax return, subject to certain exceptions (including an exception
for foreign assets held in accounts maintained by financial institutions). Stock in a foreign corporation, including our common
shares and warrants, is a specified foreign asset for this purpose. Penalties apply for failure to properly complete and file
Form 8938. You should consult your tax advisor regarding the filing of this form. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <b>We encourage
each United States Holder and Non-United States Holder to consult with his, her or its own tax advisor as to the particular tax
consequences to him, her or it of holding and disposing of the Company&rsquo;s common shares or warrants, including the applicability
of any federal, state, local or foreign tax laws and any proposed changes in applicable law.</b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a020"></A>UNDERWRITING</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Maxim Group LLC (&ldquo;Maxim&rdquo;)
is acting as sole book-runner and as representative of the underwriters (the &ldquo;Representative&rdquo;). Subject to the terms
and conditions of an underwriting agreement between us and the Representative, we have agreed to sell to each underwriter named
below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting discounts
set forth on the cover page of this prospectus, the number of Units listed next to its name in the following table: </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; width: 85%; text-align: center"><b>Name of Underwriter</b></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; width: 1%; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 9%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><b>Number of </b><br>
<b>Units</b></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</td>
    </tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #CCEEFF; padding-bottom: 1pt; text-align: justify">Maxim Group LLC</td>
    <td style="background-color: #CCEEFF; padding-bottom: 1pt; text-align: justify">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; background-color: #CCEEFF; padding-bottom: 1pt">&nbsp;</td>
    <td style="background-color: #CCEEFF; padding-bottom: 1pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: white; padding-bottom: 1pt; text-align: justify">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1pt; text-align: justify">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; padding-bottom: 1pt; text-align: justify">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: #CCEEFF; padding-bottom: 2.5pt; text-align: justify">Total</td>
    <td style="background-color: #CCEEFF; padding-bottom: 2.5pt; text-align: justify">&nbsp;</td>
    <td style="border-bottom: black 1.5pt double; background-color: #CCEEFF; padding-bottom: 2.5pt; text-align: justify">&nbsp;</td>
    <td style="background-color: #CCEEFF; padding-bottom: 2.5pt; text-align: justify">&nbsp;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The underwriters are committed to purchase
all the Units offered by this prospectus if they purchase any Units. The underwriting agreement also provides that if an underwriter
defaults, the purchase commitments of non-defaulting underwriters may be increased or the offering may be terminated. The underwriters
are not obligated to purchase the common shares, pre-funded warrants and/or Class A Warrants covered by the underwriters&rsquo;
over-allotment option described below. The underwriters are offering the Units, subject to prior sale, when, as and if issued
to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting
agreement, such as the receipt by the underwriters of officer&rsquo;s certificates and a legal opinion. The underwriters reserve
the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Over-Allotment Option</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have granted to the underwriters
an option, exercisable for 45 calendar days after the date of the underwriting agreement, to purchase up to an additional 1,875,000
common shares and/or pre-funded warrants and/or up to an additional 1,875,000 Class A Warrants at the public offering price listed
on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option to
cover over-allotments, if any, made in connection with this offering and may exercise this option to purchase additional common
shares and/or pre-funded warrants and/or Class A Warrants. To the extent the option is exercised and the conditions of the underwriting
agreement are satisfied, we will be obligated to sell to the underwriters, and the underwriters will be obligated to purchase,
these additional securities. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discounts and Commissions</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have agreed to pay the underwriters
a cash fee equal to eight percent (8.0%) of the aggregate gross proceeds from the sale of the Units, except for sales to family
and friends in which case we have agreed to pay the underwriters a cash fee equal to two and one-half percent (2.5%) of the aggregate
gross proceeds from such sales of the Units. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Representative has advised us that
the underwriters propose to offer the Units directly to the public at the public offering price set forth on the cover of this
prospectus. In addition, the Representative may offer some of the Units to other securities dealers at such price less a concession
of up to $ per Unit. After the offering to the public, the offering price and other selling terms may be changed by the Representative
without changing the Company&rsquo;s proceeds from the underwriters&rsquo; purchase of the securities. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table summarizes the
public offering price, underwriting commissions and proceeds before expenses to us assuming both no exercise and full exercise
of the underwriters&rsquo; option to purchase additional Units. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="2" style="text-align: center"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center"> <b>Total</b> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> <b>Per share</b> </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="4" style="border-bottom: Black 1pt solid; text-align: center"> <b>No Overallotment Exercise</b> </td>
    <td colspan="2" style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="4" style="border-bottom: Black 1pt solid; text-align: center"> <b>Full Overallotment Exercise</b> </td>
    </tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"> Public offering price </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="2" style="text-align: justify"> &nbsp; </td>
    <td colspan="3" style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"> Underwriting discounts and commissions </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="2" style="text-align: justify"> &nbsp; </td>
    <td colspan="3" style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"> Proceeds, before expenses, to us </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td colspan="2" style="text-align: justify"> &nbsp; </td>
    <td colspan="3" style="text-align: justify"> $ </td>
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> &nbsp; </td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to reimburse Maxim for its
out of pocket accountable expenses, including Maxim&rsquo;s legal fees, up to a maximum of $90,000 in connection with the offering.
We have paid $15,000 to Maxim as an advance to be applied towards reasonable out-of-pocket expenses, or the Advance. Any portion
of the Advance shall be returned back to us to the extent not actually incurred. We estimate that the total expenses of the offering,
including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding underwriting discounts
and commissions, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, all of which are payable by us.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lock-Up Agreements</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and each of our officers and directors
and affiliates that are beneficial owners of 5.0% or more of our outstanding common shares as of the effective date of the registration
statement have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant any option for
the sale of or otherwise dispose of any securities of the Company, including the issuance of common shares upon the exercise of
currently outstanding options approved by Maxim, subject to customary exceptions (including issuances of shares to directors and
management, and issuances of shares through an equity incentive plan), and other than with respect to issuances of our common shares
to the holder of our Convertible Note and Firment Shipping Inc. or issuances of our Class B common shares and/or preferred shares
to one or more members of management of the Company or their affiliates for a period of 120 days after this offering is completed
without the prior written consent of Maxim.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Maxim may in its sole discretion and
at any time without notice release some or all of the shares subject to lock-up agreements prior to the expiration of the lock-up
period. When determining whether or not to release shares from the lock-up agreements, the Representative may consider, among
other factors, the security holder&rsquo;s reasons for requesting the release, the number of shares for which the release is being
requested and market conditions at the time. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Right of First Refusal</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the Representative a right
of first refusal, for a period of nine (9) months from the commencement of sales of this offering, to act as sole underwriter and
sole book running manager and/or sole placement agent for any and all public and private equity, equity-linked, convertible or
debt offerings of the Company&rsquo;s securities, other than with respect to our obtaining commercial or bank financing or any
offerings that have no underwriter, placement agent, finder or by third party introduction where an individual/entity is receiving
compensation and/or fee.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Indemnification</b> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters
may be required to make for these liabilities. </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Warrant Solicitation</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have agreed to pay the Representative
a warrant solicitation fee of six percent (6%) of the gross proceeds received by the Company for each exercise of a Class A Warrant
sold in this offering that has been solicited by the Representative at the request of the Company. The warrant solicitation fee
will be payable in cash. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Price Stabilization, Short Positions,
and Penalty Bids</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price
of our securities. Specifically, the underwriters may over-allot in connection with this offering by selling more securities than
are set forth on the cover page of this prospectus. This creates a short position in our common shares for its own account. The
short position may be either a covered short position or a naked short position. In a covered short position, the number of securities
over-allotted by the underwriters is not greater than the number of securities that they may purchase in the over-allotment option.
In a naked short position, the number of securities involved is greater than the number of securities in the over-allotment option.
To close out a short position, the underwriters may elect to exercise all or part of the over-allotment option. The underwriters
may also elect to stabilize the price of our securities or reduce any short position by bidding for, and purchasing, securities
in the open market.</font> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters may also impose a penalty
bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing a security in
this offering because the underwriter repurchases that security in stabilizing or short covering transactions.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Finally, the underwriters may bid for,
and purchase, our securities in market making transactions, including &ldquo;passive&rdquo; market making transactions as described
below. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> These activities may stabilize or maintain
the market price of our securities at a price that is higher than the price that might otherwise exist in the absence of these
activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any
time without notice. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In connection with this offering, the
underwriters and selling group members, if any, or their affiliates may engage in passive market making transactions in our securities
immediately prior to the commencement of sales in this offering, in accordance with Rule 103 of Regulation M under the Exchange
Act. Rule 103 generally provides that: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> a
                                         passive market maker may not effect transactions or display bids for our securities in
                                         excess of the highest independent bid price by persons who are not passive market makers; </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> net
                                         purchases by a passive market maker on each day are generally limited to 30% of the passive
                                         market maker&rsquo;s average daily trading volume in our securities during a specified
                                         two-month prior period or 200 shares, whichever is greater, and must be discontinued
                                         when that limit is reached; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> passive
                                         market making bids must be identified as such. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Electronic Distribution</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A prospectus in electronic format may
be made available on a website maintained by the representatives of the underwriters and may also be made available on a website
maintained by other underwriters. The underwriters may agree to allocate a number of Units to underwriters for sale to their online
brokerage account holders. Internet distributions will be allocated by the representatives of the underwriters to underwriters
that may make internet distributions on the same basis as other allocations. In connection with the offering, the underwriters
or syndicate members may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that
are printable as Adobe&reg; PDF will be used in connection with this offering. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> The underwriters have informed us that they do not expect
to confirm sales of Units offered by this prospectus to accounts over which they exercise discretionary authority. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the prospectus in electronic
format, the information on any underwriter&rsquo;s website and any information contained in any other website maintained by an
underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved
and/or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offer Restrictions Outside the United States</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Other than in the United
States, no action has been taken by us or the underwriters 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.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Australia</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus is not
a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and
Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the
Australian Corporations Act. Accordingly, (i)&nbsp;the offer of the securities under this prospectus is only made to persons to
whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more
exemptions set out in section 708 of the Australian Corporations Act, (ii)&nbsp;this prospectus is made available in Australia
only to those persons as set forth in clause (i)&nbsp;above, and (iii)&nbsp;the offeree must be sent a notice stating in substance
that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i)&nbsp;above, and,
unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities
sold to the offeree within 12 months after its transfer to the offeree under this prospectus.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus constitutes
an &ldquo;exempt offering document&rdquo; as defined in and for the purposes of applicable Canadian securities laws. No prospectus
has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of
the securities. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this
prospectus or on the merits of the securities and any representation to the contrary is an offence.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal; font-style: normal">Canadian
investors are advised that this prospectus has been prepared in reliance on section 3A.3 of National Instrument 33-105&nbsp;Underwriting
Conflicts&nbsp;(&ldquo;NI 33-105&rdquo;). Pursuant to section 3A.3 of NI 33-105, this prospectus is exempt from the requirement
that the Company and the underwriter(s) provide Canadian investors with certain conflicts of interest disclosure pertaining to
 &ldquo;connected issuer&rdquo; and/or &ldquo;related issuer&rdquo; relationships that may exist between the Company and the underwriter(s)
as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105. </FONT></P>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Resale Restrictions</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The offer and sale of
the securities in Canada is being made on a private placement basis only and is exempt from the requirement that the Company prepares
and files a prospectus under applicable Canadian securities laws. Any resale of securities acquired by a Canadian investor in this
offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction,
and which may require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption
from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption
from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions
may under certain circumstances apply to resales of the securities outside of Canada.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Representations of Purchasers</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each Canadian investor
who purchases securities will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase
confirmation is received, as applicable, that the investor is (i)&nbsp;purchasing as principal, or is deemed to be purchasing as
principal in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution;
(ii)&nbsp;an &ldquo;accredited investor&rdquo; as such term is defined in section 1.1 of National Instrument 45-106<i>&nbsp;Prospectus
Exemptions</I>&nbsp;or, in Ontario, as such term is defined in section 73.3(1) of the<i>&nbsp;Securities Act</I>&nbsp;(Ontario);
and (iii)&nbsp;is a &ldquo;permitted client&rdquo; as such term is defined in section 1.1 of National Instrument 31-103<i>&nbsp;Registration
Requirements, Exemptions and Ongoing Registrant Obligations</I>.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation and Eligibility for Investment</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any discussion of taxation
and related matters contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations
that may be relevant to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian
tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident,
of Canada of an investment in the securities or with respect to the eligibility of the securities for investment by such investor
under relevant Canadian federal and provincial legislation and regulations.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rights of Action for Damages or Rescission</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Securities legislation
in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as
this prospectus), including where the distribution involves an &ldquo;eligible foreign security&rdquo; as such term is defined
in Ontario Securities Commission Rule 45-501<i>&nbsp;Ontario Prospectus and Registration Exemptions</I>&nbsp;and in Multilateral
Instrument 45-107<i>&nbsp;Listing Representation and Statutory Rights of Action Disclosure Exemptions</I>, as applicable, with
a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum,
or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a &ldquo;misrepresentation&rdquo;
as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised
or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and
defenses under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation
from any other right or remedy available at law to the investor.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Language of Documents</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Upon receipt of this
document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any
way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be
drawn up in the English language only.<i>&nbsp;Par la r&eacute;ception de ce document, chaque investisseur canadien confirme par
les pr&eacute;sentes qu&rsquo;il a express&eacute;ment exig&eacute; que tous les documents faisant foi ou se rapportant de quelque
mani&egrave;re que ce soit &agrave; la vente des valeurs mobili&egrave;res d&eacute;crites aux pr&eacute;sentes (incluant, pour
plus de certitude, toute confirmation d&rsquo;achat ou tout avis) soient r&eacute;dig&eacute;s en anglais seulement.</I></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">China</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information in this
document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People&rsquo;s Republic
of China (the &ldquo;PRC&rdquo;) (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special
Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural
persons other than directly to &ldquo;qualified domestic institutional investors.&rdquo;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">European Economic Area &mdash; Belgium, Germany, Luxembourg
and Netherlands</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information in this
document has been prepared on the basis that all offers of securities will be made pursuant to an exemption under the Directive
2003/71/EC (&ldquo;Prospectus Directive&rdquo;), as implemented in Member States of the European Economic Area (each, a &ldquo;Relevant
Member State&rdquo;), from the requirement to produce a prospectus for offers of securities.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">An offer to the public
of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions
under the Prospectus Directive as implemented in that Relevant Member State:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;to legal entities
that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose
is solely to invest in securities;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;to any legal
entity that has two or more of (i)&nbsp;an average of at least 250 employees during its last fiscal year; (ii)&nbsp;a total balance
sheet of more than &euro;43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii)&nbsp;an
annual net turnover of more than &euro;50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;to fewer than
100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive)
subject to obtaining the prior consent of our Company or any underwriter for any such offer; or</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;in any other
circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall result in
a requirement for the publication by our Company of a prospectus pursuant to Article 3 of the Prospectus Directive.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">France</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document is not
being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France
within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code mon&eacute;taire et financier) and Articles
211-1 et seq. of the General Regulation of the French Autorit&eacute; des march&eacute;s financiers (&ldquo;AMF&rdquo;). The securities
have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document and any
other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France
and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Such offers, sales and
distributions have been and shall only be made in France to (i)&nbsp;qualified investors (investisseurs qualifi&eacute;s) acting
for their own account, as defined in and in accordance with Articles L.411-2-II-2&deg; and D.411-1 to D.411-3, D.744-1, D.754-1
and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii)&nbsp;a restricted number of non-qualified
investors (cercle restreint d&rsquo;investisseurs non-qualifi&eacute;s) acting for their own account, as defined in and in accordance
with Articles L.411-2-II-2&deg; and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing
regulation.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to Article 211-3
of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly)
to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of
the French Monetary and Financial Code.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ireland</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information in this
document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved
by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in
Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the &ldquo;Prospectus Regulations&rdquo;).
The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way
of a public offering, except to (i)&nbsp;qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii)&nbsp;fewer
than 100 natural or legal persons who are not qualified investors.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Israel</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The securities offered
by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the &ldquo;ISA&rdquo;), nor have
such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public
in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the
offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness,
or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the
public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in
compliance with the Israeli securities laws and regulations.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Italy</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The offering of the securities
in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le
Societ&aacute; e la Borsa, &ldquo;CONSOB&rdquo;) pursuant to the Italian securities legislation and, accordingly, no offering material
relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy in a public offer
within the meaning of Article 1.1(t) of Legislative Decree No.&nbsp;58 of 24&nbsp;February 1998 (&ldquo;Decree No.&nbsp;58&rdquo;),
other than:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> to
                                         Italian qualified investors, as defined in Article 100 of Decree No.&nbsp;58 by reference
                                         to Article 34-ter of CONSOB Regulation no. 11971 of 14&nbsp;May 1999 (&ldquo;Regulation
                                         no. 11971&rdquo;) as amended (&ldquo;Qualified Investors&rdquo;); and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> in
                                         other circumstances that are exempt from the rules on public offer pursuant to Article
                                         100 of Decree No.&nbsp;58 and Article 34-ter of Regulation No.&nbsp;11971 as amended. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp;&nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any offer, sale or delivery
of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified
Investor solicits an offer from the issuer) under the paragraphs above must be:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> made
                                         by investment firms, banks or financial intermediaries permitted to conduct such activities
                                         in Italy in accordance with Legislative Decree No.&nbsp;385 of 1&nbsp;September 1993
                                         (as amended), Decree No.&nbsp;58, CONSOB Regulation No.&nbsp;16190 of 29&nbsp;October
                                         2007 and any other applicable laws; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"> <font style="font-family: Symbol">&middot;</font> </td><td style="text-align: justify"> in
                                         compliance with all relevant Italian securities, tax and exchange controls and any other
                                         applicable laws. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any subsequent distribution
of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree
No.&nbsp;58 and the Regulation No.&nbsp;11971 as amended, unless an exception from those rules applies. Failure to comply with
such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring
the securities for any damages suffered by the investors.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Japan</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The securities have not
been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25
of 1948), as amended (the &ldquo;FIEL&rdquo;), pursuant to an exemption from the registration requirements applicable to a private
placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the
FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly,
in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional
Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and
acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portugal</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document is not
being distributed in the context of a public offer of financial securities (oferta p&uacute;blica de valores mobili&aacute;rios)
in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (C&oacute;digo dos Valores Mobili&aacute;rios).
The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal.
This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese
Securities Market Commission (Comiss&atilde;o do Mercado de Valores Mobili&aacute;rios) for approval in Portugal and, accordingly,
may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances
that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of
securities in Portugal are limited to persons who are &ldquo;qualified investors&rdquo; (as defined in the Portuguese Securities
Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other
person.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sweden</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document has not
been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly,
this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that
are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel
med finansiella instrument). Any offering of securities in Sweden is limited to persons who are &ldquo;qualified investors&rdquo;
(as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute
it or the information contained in it to any other person.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Switzerland</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The securities may not
be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any other stock exchange
or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance
prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses
under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland.
Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made
publicly available in Switzerland.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Neither this document
nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory
authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss
Financial Market Supervisory Authority.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document is personal
to the recipient only and not for general circulation in Switzerland.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United Arab Emirates</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Neither this document
nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any
other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank
of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within
the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services
relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered
within the United Arab Emirates by our Company.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">No offer or invitation
to subscribe for securities is valid or permitted in the Dubai International Financial Centre.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United Kingdom</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Neither the information
in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority
in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended
(&ldquo;FSMA&rdquo;)) has been published or is intended to be published in respect of the securities. This document is issued on
a confidential basis to &ldquo;qualified investors&rdquo; (within the meaning of section 86(7) of FSMA) in the United Kingdom,
and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other
document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document
should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any
other person in the United Kingdom.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any invitation or inducement
to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the
securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in
the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to our company.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In the United Kingdom,
this document is being distributed only to, and is directed at, persons (i)&nbsp;who have professional experience in matters relating
to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial
Promotions) Order 2005 (&ldquo;FPO&rdquo;), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d)
(high net worth companies, unincorporated associations, etc.) of the FPO or (iii)&nbsp;to whom it may otherwise be lawfully communicated
(together &ldquo;relevant persons&rdquo;). The investments to which this document relates are available only to, and any invitation,
offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not
act or rely on this document or any of its contents.<br style="clear: both">
</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a021"></A>EXPENSES RELATING TO THIS OFFERING</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate the expenses
in connection with the distribution of our securities in this offering, other than underwriting discounts, will be as set forth
in the table below.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
<tr style="vertical-align: bottom">
    <td> &nbsp; </TD><td> &nbsp; </TD>
    <td colspan="2"> &nbsp; </TD><td> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; text-align: left; text-indent: -12pt; padding-left: 12pt"> SEC registration fee </TD><td style="width: 1%"> &nbsp; </TD>
    <td style="width: 1%; text-align: left"> $ </TD><td style="width: 12%; text-align: right"> 3,135 </TD><td style="width: 1%; text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Financial Industry Regulatory Authority Filing fee </TD><td> &nbsp; </TD>
    <td style="text-align: left"> $ </TD><td style="text-align: right"> 4,123 </TD><td style="text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Printing expenses </TD><td> &nbsp; </TD>
    <td style="text-align: left"> $ </TD><td style="text-align: right"> * </TD><td style="text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Legal fees and expenses </TD><td> &nbsp; </TD>
    <td style="text-align: left"> $&nbsp; </TD><td style="text-align: right"> * </TD><td style="text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Accounting fees and expenses </TD><td> &nbsp; </TD>
    <td style="text-align: left"> $&nbsp; </TD><td style="text-align: right"> * </TD><td style="text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Miscellaneous fees and expenses </TD><td> &nbsp; </TD>
    <td style="text-align: left"> $&nbsp; </TD><td style="text-align: right"> * </TD><td style="text-align: left"> &nbsp; </TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt"> Total </TD><td style="padding-bottom: 2.5pt"> &nbsp; </TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"> $&nbsp; </TD><td style="border-bottom: Black 2.5pt double; text-align: right"> * </TD><td style="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="background-color: white">&nbsp;</FONT></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="background-color: white">*
To be completed by amendment.</FONT></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a022"></A>LEGAL MATTERS</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the
securities offered by this prospectus and certain other legal matters relating to United States and Marshall Islands law are being
passed upon for us by Watson Farley &amp; Williams LLP, New York, New York. The underwriters are being represented by Loeb &amp;
Loeb LLP, New York, New York.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a023"></A>EXPERTS</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Globus Maritime Limited appearing in Globus Maritime Limited&rsquo;s Annual Report (Form 20-F) for the year ended
December 31, 2019, have been audited by Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., independent registered
public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph describing conditions that
raise substantial doubt about the Company's ability to continue as a going concern as described in Note 2 to the consolidated financial
statements), included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein
by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. Ernst &amp;
Young (Hellas) Certified Auditors Accountants S.A. is located at Chimarras 8B, 15125, Maroussi, Athens, Greece and is registered
as a corporate body with the public register for company auditors-accountants kept with the Body of Certified-Auditors-Accountants,
or SOEL, Greece with registration number 107.</P>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a024"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have filed with
the Commission a registration statement on Form F-1 under the Securities Act, with respect to the Units, common shares, Class
A Warrants, and pre-funded warrants offered hereby. For the purposes of this section, the term registration statement on Form
F-1 means the original registration statement on Form F-1 and any and all amendments including the schedules and exhibits to the
original registration statement or any amendment. This prospectus does not contain all of the information set forth in the registration
statement on Form F-1 we filed. Each statement made in this prospectus concerning a document filed as an exhibit to the registration
statement on Form F-1 is qualified by reference to that exhibit for a complete statement of its provisions. The registration statement
on Form F-1, including its exhibits and schedules, may be inspected and copied at the public reference facilities maintained by
the Commission 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, and you may obtain copies at prescribed rates from the Public Reference Section of the Commission
at its principal office in Washington, D.C. 20549. 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. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information Provided by the Company</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 IFRS. As a &ldquo;foreign private issuer,&rdquo;
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 Nasdaq, those proxy statements do not conform
to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition, as a &ldquo;foreign private issuer,&rdquo;
our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</P>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a025"></A>DOCUMENTS INCORPORATED BY REFERENCE</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Commission
allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with, and furnish to it, which
means that we can disclose important information to you by referring you to those filed or furnished documents. The information
incorporated by reference is considered to be a part of this prospectus. However, statements contained in this prospectus or in
documents that we file with or furnish to the Commission and that are incorporated by reference into this prospectus will automatically
update and supersede information contained in this prospectus, including information in previously filed or furnished documents
or reports that have been incorporated by reference into this prospectus, to the extent the new information differs from or is
inconsistent with the old information. We hereby incorporate by reference <a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920041302/tm2014261d1_20f.htm">our
annual report on Form 20-F for the year ended December&nbsp;31, 2019, filed with the Commission on April 1, 2020</a>, a report
on <a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059-1_6k.htm">Form 6-K filed on May 8, 2019</a>, a report on <a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920072905/tm2022414-1_6k.htm">Form 6-K filed on June 12, 2020</a> (but excluding Exhibit 99.1 thereof), and a report on <a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_6k.htm">Form 6-K filed on June 12, 2020</a>. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide without
charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon his or her written or oral request,
a copy of any or all documents referred to above which have been or may be incorporated by reference into this prospectus. You
may obtain a copy of these documents by writing to or telephoning us at the following address: Attn: Corporate Secretary, Globus
Maritime Limited, 128 Vouliagmenis Avenue, 166 74 Glyfada, Attica, Greece, Tel: +30 30 210 960 8300. Alternatively, copies of these
documents are available via our website (http://www.globusmaritime.gr/). The information on our website is not incorporated by
reference into this prospectus.</P>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>12,500,000&nbsp;Units consisting of</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Common Shares or Pre-Funded&nbsp;Warrants
to Purchase Common Shares </b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>and </b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Class A Warrants to Purchase Common Shares</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img src="tm2022605d1_f1-001.jpg" alt=""></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>PROSPECTUS
</B></FONT></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page -->&nbsp;<!-- Field: /Rule-Page -->



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 12pt"><i>Sole Book-Running
Manager</i></font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>Maxim Group LLC</B></FONT></P>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>, 2020</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.75in">&nbsp;</P>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II </B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS
</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></TD><td style="width: 0.5in"> Item&nbsp;6. </TD><td> Indemnification of Directors and Officers </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section&nbsp;60
of the BCA, we have the power to indemnify anyone who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding (other than an action by or in the right of the corporation) whether civil, criminal,
administrative or investigative, by reason of the fact that he is or was a director or officer of the corporation, or is or was
serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise. However, such person must have acted in good faith and in a manner reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to any criminal action or proceeding, such person had no reasonable
cause to believe that his conduct was unlawful. Under Section&nbsp;60 of the BCA and our bylaws, the termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, does not, of itself,
create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause
to believe that his conduct was unlawful.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, under
Section&nbsp;60 of the BCA we have the power to indemnify any person who was or is a party, or is threatened to be made a party,
to any threatened, pending, or completed action or suit by or in the right of the corporation to procure judgment in its favor
by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request
of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. Such
indemnification may be made against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person
or in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation. Again, this is provided that no indemnification may
be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or
misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action
or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, and as
provided by Section&nbsp;60 of the BCA, when a director or officer of a corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in the foregoing instances, or in the defense of a related claim, issue
or matter, such person will be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred
in connection with such matter.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our articles of incorporation
provide that we shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, (other than an action by or
in the right of the corporation) by reason of the fact he or she is or was a director or officer of the corporation or is or was
serving at the request of the corporation, a director or officer of another corporation, partnership, joint venture, trust or other
enterprise (the &ldquo;Indemnitee&rdquo;), against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding unless a final
and unappealable determination by a court of competent jurisdiction has been made that he or she did not act in good faith or in
a manner he or she did not reasonably believe to be in or not opposed to the best interest of the corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful. The termination of
any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of no contest, or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that his or her conduct was unlawful.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Section&nbsp;60
of the BCA, expenses incurred in defending a civil or criminal action, suit or proceeding by an officer or director may be paid
in advance of the final disposition of the action, suit or proceeding upon receipt of an undertaking by or on behalf of the director
or officer to repay such amount if it is ultimately determined that such person is not entitled to indemnification.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both Section&nbsp;60
of the BCA and our articles of incorporation further provide that the foregoing indemnification and advancement of expenses are
not exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under both Section&nbsp;60
of the BCA and our articles of incorporation, we also have the power to purchase and maintain insurance on behalf of any person
who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or
officer against any liability asserted against such person and incurred by such person in such capacity regardless of whether the
corporation would have the power to indemnify such person against such liability under the foregoing.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section&nbsp;60
of the BCA, the indemnification and advancement of expenses provided by, or granted under the foregoing continue with regard to
a person who has ceased to be a director, officer, employee or agent and inure to the benefit of such person&rsquo;s heirs, executors
and administrators unless otherwise provided when authorized or ratified. Additionally, under our articles of incorporation, any
repeal or modification of Article VII of our articles of incorporation shall not adversely affect any rights to indemnification
of a director or officer of the corporation existing at the time of such repeal or modification with respect to any acts or omissions
occurring prior to such repeal or modification.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such limitation of
liability and indemnification does not affect the availability of equitable remedies. In addition, we have been advised that in
the opinion of the Commission, indemnification for liabilities arising under the Securities Act is against public policy as expressed
in the Securities Act and is therefore unenforceable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The
BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders
for monetary damages for breaches of directors&rsquo; fiduciary duties other than (i) for any breach of the director&rsquo;s duty
of loyalty to the corporation or its stockholders, (ii) for acts or omissions not undertaken in good faith or which involve intentional
misconduct or a knowing violation of law; or (iii) for any transaction from which a director derived an improper personal benefit.
Our articles of incorporation include a provision that eliminates the personal liability of directors for monetary damages for
breach of fiduciary duty as a director to the fullest extent permitted by law (i.e., other than breach of duty of loyalty, acts
not taken in good faith or which involve intentional misconduct or a knowing violation of law or transactions for which the director
derived an improper personal benefit) and provides that we must indemnify our directors and officers to the fullest extent authorized
by law. The limitation of liability and indemnification provisions in our articles of incorporation may discourage shareholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions may also have the effect of
reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, may
otherwise benefit us and our shareholders. In addition, an investor in our common shares may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></P>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></TD><td style="width: 0.5in"> Item&nbsp;7. </TD><td> Recent Sales of Unregistered Securities </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 8, 2017,
we entered into a Share and Warrant Purchase Agreement pursuant to which we sold for $5 million an aggregate of 5 million of our
common shares and warrants to purchase 25 million of our common shares at a price of $1.60 per share (subject to adjustment) to
a number of private investors in a private placement. (These figures do not reflect the 10-1 reverse stock split which occurred
in October 2018.) These securities were issued in transactions exempt from registration under the Securities Act pursuant to Regulation
S and Section 4(a)(2) under the Securities Act because we and all investors were located outside of the United States and not U.S.
persons, and because this was a placement to a very limited number of sophisticated investors. The following day, we entered into
a registration rights agreement with the purchasers providing them with certain rights relating to registration under the Securities
Act of the Shares and the common shares underlying the warrants. The proceeds were used for working capital and general corporate
purposes.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the closing of the February 2017 private placement, we also entered into two loan amendment agreements with existing lenders.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One loan amendment
agreement was entered into by the Company with Firment Trading Limited (&ldquo;Firment&rdquo;), a related party to the Company
and the lender under the Revolving Credit Facility dated December 16, 2014 (as amended, the &ldquo;Firment Credit Facility&rdquo;),
which then had an outstanding principal amount of $18,523,787. Firment released an amount equal to $16,885,000 (but left an amount
equal to $1,638,787 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the
Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment, 16,885,000 common shares and
a warrant to purchase 6,230,580 common shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months
from the date of issuance. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount
on the Firment Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October
2018.) The Firment Credit Facility subsequently expired, and no amounts are owed pursuant to the Firment Credit Facility. These
securities were issued in transactions exempt from registration under the Securities Act pursuant to Regulation S and Section 4(a)(2)
under the Securities Act because we and Firment were located outside of the United States and Firment was not a U.S. person, and
because this was a placement to one sophisticated person.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The other loan amendment
agreement was entered into by the Company with Silaner Investments Limited, a related party to the Company and the lender of the
Silaner Credit Facility. Silaner released an amount equal to the outstanding principal of $3,115,000 (but left an amount equal
to $74,048 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner
Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner, 3,115,000 common shares and a warrant
to purchase 1,149,437 common shares at a price of $1.60 per share (subject to adjustment), exercisable for 24 months from the date
of issuance. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Silaner
Credit Facility in its entirety. (These figures do not reflect the 10-1 reverse stock split which occurred in October 2018.) The
Silaner Credit Facility subsequently expired, and no amounts are owed pursuant to the Silaner Credit Facility. These securities
were issued in transactions exempt from registration under the Securities Act pursuant to Regulation S and Section 4(a)(2) under
the Securities Act because we and Silaner were located outside of the United States and not a U.S. person, and because this was
a placement to one sophisticated person.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 19, 2017,
we entered into a Share and Warrant Purchase Agreement pursuant to which we sold for $2.5 million an aggregate of 2.5 million of
our common shares and a warrant to purchase 12.5 million of our common shares at a price of $1.60 per (subject to adjustment) share
to an investor in a private placement. These securities were issued in transactions exempt from registration under the Securities
Act of 1933, as amended. On that day, we also entered into a registration rights agreement with the purchaser providing it with
certain rights relating to registration under the Securities Act of the 2.5 million common shares issued in connection with the
October 2017 Private Placement and the common shares underlying the October 2017 warrant. (These figures do not reflect the 10-1
reverse stock split which occurred in October 2018.) The October 2017 warrant was exercisable for 24 months after its issuance.
These securities were issued in transactions exempt from registration under the Securities Act pursuant to Regulation S and Section
4(a)(2) under the Securities Act because we and the investor were located outside of the United States and the investor was not
a U.S. person, and because this was a placement to one sophisticated investor. The proceeds were used for working capital and general
corporate purposes.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2018, we
entered into a credit facility for up to $15 million with Firment Shipping Inc., our largest shareholder and a related party to
us through our chairman, Mr. Georgios Feidakis, for the purpose of financing our general working capital needs. This credit facility
was amended and restated in May 2020. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity
on October 31, 2021. We have the right to drawdown any amount up to $15 million or prepay any amount in multiples of $100,000.
Any prepaid amount cannot be re-borrowed. Interest on drawn and outstanding amounts is charged at 3.5% per annum until December
31, 2020 and thereafter at 7% per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest
is payable the last day of a period of three months after the drawdown date, after this period in case of failure to pay any sum
due a default interest of 2% per annum above the regular interest is charged. We have also the right, in our sole option, to convert
in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement into common shares.
The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common
shares on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00
p.m. over the Pricing Period multiplied by 80%, where the &ldquo;Pricing Period&rdquo; equals the ten consecutive trading days
immediately preceding the date on which the conversion notice was executed or (ii) $2.80 (subject to proportional adjustment for
share splits, share combinations, share dividends and similar events).</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 8, 2020, the
credit facility with Firment Shipping Inc. was amended and restated to provide for, among other things, an extension of the maturity
date by when the loan must be repaid to October 31, 2021, the conversion of the credit facility from a revolving credit facility
to a term credit facility, a reduction of the interest rate on the loan to 3.5% per annum until December 31, 2020, and that, unless
approved by Firment Shipping, Firment Shipping maintains at least a 40% shareholding in us, other than due to actions taken by
Firment Shipping, such as sales of shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, a total of 1,132,191 common shares were issued pursuant to the Firment Shipping Credit Facility. These securities were
issued in transactions exempt from registration under the Securities Act pursuant to Regulation S and Section 4(a)(2) under the
Securities Act because we and Firment Shipping Inc. were located outside of the United States and Firment Shipping Inc. was not
a U.S. person, and because this was a placement to one sophisticated person. The loan proceeds were used for working capital and
general corporate purposes.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
March 13, 2019, the Company entered into a securities purchase agreement and issued a Convertible Note in a transaction exempt
from registration under the Securities Act. The Convertible Note was originally issued for gross proceeds of $5 million and is
convertible into our common shares, par value $0.004 per share. As of the date of this prospectus, a total of 2,035,410 common
shares were issued pursuant to the Convertible Note. If not converted or redeemed beforehand pursuant to the terms of the Convertible
Note, the Convertible Note was scheduled to mature on March 13, 2020, the first anniversary of its issue, but its holder waived
the Convertible Note&rsquo;s maturity until March 13, 2021. These securities were issued in transactions exempt from registration
under the Securities Act pursuant to Regulation S and Section 4(a)(2) under the Securities Act because we and the note holder was
located outside of the United States and the note holder was not a U.S. person, and because this was a placement to one sophisticated
person. Of the $5 million we received in exchange for issuance of the note, approximately $1,500,000 was used to repay unaffiliated
debt, and the balance was used for general corporate purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On May 8, 2020,
the holder of our Convertible Note waived (the &ldquo;May 8, 2020 Waiver&rdquo;) its right to participate in (a) public offerings
which close before August 31, 2020, and (b) issuances of shares and other securities (including common shares, Class B common
shares, and new or existing series of preferred shares, such as our Series B preferred shares) to directors, officers, their respective
affiliates, and to affiliates of the Company. The holder of our Convertible Note also consented to the amendment and restatement
of the Firment Shipping Credit Facility and waived (a) without the Company having admitted fault, certain potential prior technical
breaches of the Convertible Note; (b) the holder&rsquo;s right to require the redemption of the Convertible Note upon a change
of control (as such term is used within the Convertible Note), but only if such change of control results from certain underwritten
offering or issuances of our securities to directors, officers, their respective affiliates, and to affiliates of the Company;
(c) temporarily reduced, until August 31, 2020, the amount the noteholder will receive upon a redemption of the Convertible Note
at the Company&rsquo;s option, such that the Convertible Note can be redeemed at the Company&rsquo;s option by paying the greater
of (i) the aggregate amounts then outstanding pursuant to the Convertible Note (rather than 120% of such amounts) and (ii) the
product of (x) the number of shares issuable upon a conversion of the Convertible Note (with respect to the amount being redeemed
at the time) multiplied by (y) the greatest closing sale price of the Company&rsquo;s common shares on any trading day between
the date immediately preceding the first such redemption at the Company&rsquo;s option and the trading day immediately prior to
the final Company payment under the Convertible Note. All of the foregoing is subject to the Company&rsquo;s redemption of all
or part of the Convertible Note in cash with an amount equal to the lesser of (a) the aggregate amounts then outstanding pursuant
to the Convertible Note and (b) 25% of the net proceeds of any public offering of its securities that closes before August 31,
2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> On
June 12, 2020, we entered into a stock purchase agreement and issued 5,000 of our newly-designated Series B Preferred Shares,&nbsp;par
value $0.001 per share, to Goldenmare Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return
for $150,000, which amount was paid by reducing, on a dollar for dollar basis, the amount payable as executive compensation by
the Company to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare
Limited was approved by an independent committee of the Board of Directors of the Company, which received a fairness opinion from
an independent financial advisor that the transaction was for a fair value. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
2019, 2018 and 2017, non-executive directors (excluding our non-executive Chairman, Mr. Georgios Feidakis) received an aggregate
of 17,998 common shares, 8,797 common shares and 2,094 common shares, respectively. During the quarter ended March 31, 2020, we
issued 21,740 common shares to our two independent directors. These securities were issued in transactions exempt from registration
under the Securities Act pursuant to Regulation S and Section 4(a)(2) under the Securities Act because we and three directors were
located outside of the United States and not U.S. persons, and one director is a U.S. person but sophisticated.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></TD><td style="width: 0.5in"> Item&nbsp;8. </TD><td> Exhibits and Financial Statement Schedules </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Exhibits</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exhibits filed
as part of this registration statement are listed in the index to exhibits immediately preceding such exhibits, which index to
exhibits is incorporated herein by reference.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Financial Statements</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
filed as part of this registration statement are listed in the index to the financial statements immediately preceding such financial
statements, which index to the financial statements is incorporated herein by reference.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; width: 0%"></TD><td style="border-bottom: Black 1pt solid; width: 0.5in"> Item&nbsp;9. </TD><td style="border-bottom: Black 1pt solid; text-align: justify"> Undertakings </TD></TR></TABLE>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes that:</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"> 1. </td><td style="text-align: justify"> To file, during any period in which
                                         offers or sales are being made, a post-effective amendment to this Registration Statement: </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"> (i) </td><td style="text-align: justify"> To include any prospectus required
                                         by section 10(a)(3) of the Securities Act of 1933; each post-effective amendment that
                                         contains a form of prospectus shall be deemed to be a new registration statement relating
                                         to the securities offered therein, and the offering of such securities at that time shall
                                         be deemed to be the initial bona fide offering thereof. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"> (ii) </td><td style="text-align: justify"> To reflect in the prospectus
                                         any facts or events arising after the effective date of the registration statement (or
                                         the most recent post-effective amendment thereof) which, individually or in the aggregate,
                                         represent a fundamental change in the information set forth in the registration statement.
                                         Notwithstanding the foregoing, any increase or decrease in volume of securities offered
                                         (if the total dollar value of securities offered would not exceed that which was registered)
                                         and any deviation from the low or high end of the estimated maximum offering range may
                                         be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
                                         if, in the aggregate, the changes in volume and price represent no more than 20% change
                                         in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
                                         Fee&rdquo; table in the effective registration statement. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"> (iii) </td><td style="text-align: justify"> To include any material information
                                         with respect to the plan of distribution not previously disclosed in the registration
                                         statement or any material change to such information in the registration statement. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"> 3. </td><td style="text-align: justify"> To remove from registration by means
                                         of a post-effective amendment any of the securities being registered which remain unsold
                                         at the termination of the offering. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"> 4. </td><td style="text-align: justify"> To file a post-effective amendment
                                         to the registration statement to include any financial statements required by &ldquo;Item
                                         8.A. of Form 20-F&rdquo; at the start of any delayed offering or throughout a continuous
                                         offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3)
                                         of the Act need not be furnished, provided that the registrant includes in the prospectus,
                                         by means of a post-effective amendment, financial statements required pursuant to this
                                         paragraph (4)&nbsp;and other information necessary to ensure that all other information
                                         in the prospectus is at least as current as the date of those financial statements. </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"> 5. </td><td style="text-align: justify"> For the purpose of determining liability
                                         under the Securities Act of 1933 to any purchaser, if the registrant is relying on Rule
                                         430B, each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed
                                         to be part of the registration statement as of the date the filed prospectus was deemed
                                         part of and included in the registration statement; and </td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 6. </TD><TD STYLE="text-align: justify"> For the purposes of determining liability
                                         under the Securities Act of 1933 to any purchaser in the initial distributions of the
                                         securities, the undersigned registrant undertakes that in a primary offering of securities
                                         of the undersigned registrant pursuant to this registration statement, regardless of
                                         the underwriting method used to sell the securities to the purchaser, if the securities
                                         are offered or sold to such purchaser by means of any of the following communications,
                                         the undersigned registrant will be a seller to the purchaser and will be considered to
                                         offer or sell such securities to such purchaser: </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"> (i) </TD><TD STYLE="text-align: justify"> Any preliminary prospectus or
                                         prospectus of the undersigned registrant relating to the offering required to be filed
                                         pursuant to Rule 424; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"> (ii) </TD><TD STYLE="text-align: justify"> Any free writing prospectus
                                         relating to the offering prepared by or on behalf of the undersigned registrant or used
                                         or referred to by the undersigned registrant; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"> (iii) </TD><TD STYLE="text-align: justify"> The portion of any other free
                                         writing prospectus relating to the offering containing material information about the
                                         undersigned registrant or its securities provided by or on behalf of the undersigned
                                         registrant; and </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"> (iv) </TD><TD STYLE="text-align: justify"> Any other communication that
                                         is an offer in the offering made by the undersigned registrant to the purchaser. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 7. </TD><TD STYLE="text-align: justify"> For purposes of determining any liability
                                         under the Securities Act of 1933, the information omitted from the form of prospectus
                                         filed as part of this registration statement in reliance upon Rule 430A and contained
                                         in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or
                                         497(h) under the Securities Act shall be deemed to be part of this registration statement
                                         as of the time it was declared effective. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 8. </TD><TD STYLE="text-align: justify"> For the purpose of determining any
                                         liability under the Securities Act of 1933, each post-effective amendment that contains
                                         a form of prospectus shall be deemed to be a new registration statement relating to the
                                         securities offered therein, and the offering of such securities at that time shall be
                                         deemed to be the initial bona fide offering thereof. </TD></TR></TABLE>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"> <b>Exhibit
List </b> </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="border-bottom: Black 1pt solid; width: 0.75in; text-align: center"><b>Exhibit Number</B></TD>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>Description</B></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<tr>
    <td style="text-align: center"><a href="tm2022605d1_ex1-1.htm" style="-sec-extract: exhibit"> 1.1 </a></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><a href="tm2022605d1_ex1-1.htm" style="-sec-extract: exhibit"> Form of Underwriting Agreement
* </a></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</TD></TR>
<tr>
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-1.htm">3.1</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-1.htm">Articles of Incorporation of Globus Maritime Limited (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 24, 2010)</A></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</TD></TR>
<tr>
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm">3.2</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm">Amended and Restated Bylaws of Globus Maritime Limited (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on August 2, 2019)</A> </TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</TD></TR>
<tr>
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm">3.3</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm">Certificate of Designation for Series A Preferred Stock of Globus Maritime Limited (incorporated by reference to Exhibit 1.3 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 27, 2012)</A> </P></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</TD></TR>
<tr>
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex1-4.htm">3.4</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex1-4.htm">Articles of Amendment of the Articles of Incorporation of Globus Maritime Limited, dated October 17, 2016 (incorporated by reference to Exhibit 1.4 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

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<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 0.75in"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex1-5.htm">3.5</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex1-5.htm">Articles
    of Amendment of the Articles of Incorporation of Globus Maritime Limited, dated October 11, 2018 incorporated by reference
    to Exhibit 1.5 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on March 28, 2019)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_ex99-2.htm" style="-sec-extract: exhibit">3.6</a></font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_ex99-2.htm" style="-sec-extract: exhibit">Statement
    of Designation of Series B Preferred Shares dated June 12, 2020 (incorporated by reference to Exhibit 99.2 to Globus Maritime
    Limited&rsquo;s report on Form 6-K furnished on June 12, 2020)</a></font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-1.htm" style="-sec-extract: exhibit">4.1</a></font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-1.htm" style="-sec-extract: exhibit">Form
    of Warrant Agency Agreement by and between Computershare Investor Services and the registrant*</a></font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-2.htm" style="-sec-extract: exhibit">4.2</a></font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-2.htm" style="-sec-extract: exhibit">Form
    of Class A Warrant*</a></font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>

<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-3.htm" style="-sec-extract: exhibit">4.3</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex4-3.htm" style="-sec-extract: exhibit">Form
    of Pre-Funded Warrant*</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex5-1.htm" style="-sec-extract: exhibit">5.1</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex5-1.htm" style="-sec-extract: exhibit">Opinion
    of Watson Farley &amp; Williams LLP as to the validity of the securities*</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex8-1.htm" style="-sec-extract: exhibit">8.1</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="tm2022605d1_ex8-1.htm" style="-sec-extract: exhibit">Opinion
    of Watson Farley &amp; Williams LLP with respect to certain tax matters*</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420410062761/v202966_ex10-4.htm">10.1</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420410062761/v202966_ex10-4.htm">Business
    Opportunities Agreement between Globus Maritime Limited and Georgios Feidakis (incorporated by reference to Exhibit 10.4 to
    Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 22, 2010)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm">10.2</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm">Registration
    Rights Agreement between Globus Maritime Limited and Firment Trading Limited (incorporated by reference to Exhibit 99.1 to
    Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on November 27, 2016)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-7.htm">10.3</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-7.htm">Globus
    Maritime Limited 2012 Equity Incentive Plan amended August 12, 2016 and April 9, 2017 (incorporated by reference to Exhibit
    4.7 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420411037028/v226558_ex10-10.htm">10.4</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420411037028/v226558_ex10-10.htm">Loan
    Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited (previously filed as Exhibit 10.10 to Amendment
    No. 3 to the Registration Statement on Form F-1 (Reg. No. 333-174290) filed on June 22, 2011)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-10.htm">10.5</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-10.htm">Supplemental
    Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited, dated March 1, 2012 (incorporated
    by reference to Exhibit 4.10 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April
    30, 2013)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-11.htm">10.6</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420413024896/v342601_ex4-11.htm">Second
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A. and Longevity Maritime Limited, dated April
    10, 2013 (incorporated by reference to Exhibit 4.11 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No.
    001-34985) filed on April 30, 2013)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420414025704/v375937_ex4-11.htm">10.7</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420414025704/v375937_ex4-11.htm">Revolving
    Credit Facility between Globus Maritime Limited and Firment Trading Limited, dated December 16, 2013 (incorporated by reference
    to Exhibit 4.11 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2014)</a></font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-12.htm">10.8</a></font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-12.htm">Third
    Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime
    Limited and Globus Shipmanagement Corp. dated February 20, 2015 (incorporated by reference to Exhibit 4.12 to Globus Maritime
    Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</a></font></TD></TR>
</TABLE>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 0.75in"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-14.htm">10.9</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-14.htm">Ninth Supplemental Agreement to Facility Agreement, dated February 25, 2015 (incorporated by reference to Exhibit 4.14 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</A> </TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-15.htm">10.10</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-15.htm">Facility Agreement among Devocean Maritime Ltd., Domina Maritime Ltd., Dulac Maritime S.A., HSH Nordbank AG and Globus Maritime Limited, dated February 27, 2015 (incorporated by reference to Exhibit 4.15 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</A> </TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-16.htm">10.11</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420415026283/v408111_ex4-16.htm">First Supplemental Agreement to Revolving Credit Facility between Globus Maritime Limited and Firment Trading Limited, dated April 28, 2015 (incorporated by reference to Exhibit 4.16 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 30, 2015)</A> <font style="background-color: yellow"></FONT></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-17.htm">10.12</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-17.htm">Second Supplemental Agreement to the Revolving Credit Facility Agreement between Globus Maritime Limited and Firment Trading Limited dated December 29, 2015 (incorporated by reference to Exhibit 4.17 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2016)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-18.htm">10.13</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-18.htm">Third Supplemental Agreement &ndash; Assignment to the Revolving Credit Facility Agreement between Globus Maritime Limited, Firment Trading Limited, a Cypriot company, and Firment Trading Limited, a Marshall Islands corporation, dated December 31, 2015 (incorporated by reference to Exhibit 4.18 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2016)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-19.htm">10.14</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-19.htm">Agreement for a Revolving Credit Facility dated January 12, 2016 between Globus Maritime Limited and Silaner Investments Limited (incorporated by reference to Exhibit 4.19 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2016)</A> </TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-21.htm">10.15</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex4-21.htm">Fourth Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime Limited and Globus Shipmanagement Corp. dated April 18, 2016 (incorporated by reference to Exhibit 4.21 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 29, 2016)</A> </TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-23.htm">10.16</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-23.htm">Private Sublease Agreement dated January 2, 2016 between Globus Maritime Limited and Cyberonica S.A. (incorporated by reference to Exhibit 4.23 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-1.htm">10.17</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-1.htm">Share and Warrant Purchase Agreement dated February 8, 2017 between Globus Maritime Limited and the Purchasers listed on Schedule A thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A> <font style="background-color: yellow"></FONT></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-2.htm">10.18</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-2.htm">Registration Rights Agreement between Globus Maritime Limited and the Purchasers dated February 9, 2017 (incorporated by reference to Exhibit 10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A> </TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</P></div>
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<p style="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 0.75in"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-3.htm">10.19</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-3.htm">Amendment to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Firment Trading Limited (incorporated by reference to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-4.htm">10.20</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-4.htm">Amendment to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Silaner Investments Limited (incorporated by reference to Exhibit 10.4 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A> <font style="background-color: yellow"></FONT></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-5.htm">10.21</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-5.htm">Form of Warrant issued to each Purchaser (incorporated by reference to Exhibit 10.5 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-6.htm">10.22</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-6.htm">Warrant dated February 8, 2017 issued to nominee of Firment Trading Limited (incorporated by reference to Exhibit 10.6 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-7.htm">10.23</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-7.htm">Warrant dated February 8, 2017 issued to nominee of Silaner Investments Limited (incorporated by reference to Exhibit 10.7 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-8.htm">10.24</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-8.htm">Schedule to Exhibit 4.27 (Regarding Material Differences in Issued Warrants) (incorporated by reference to Exhibit 10.8 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 9, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-32.htm">10.25</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex4-32.htm">Supplemental Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac Maritime S.A., arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by Globus Maritime Limited, dated December 5, 2016 (incorporated by reference to Exhibit 4.32 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-1.htm">10.26</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><br>
<a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-1.htm">Share and Warrant Purchase Agreement dated October 19, 2017 between Globus Maritime Limited and the Purchaser listed on Schedule A thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on October 19, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-2.htm">10.27</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-2.htm">Registration Rights Agreement between Globus Maritime Limited and the Purchaser dated October 19, 2017 (incorporated by reference to Exhibit 10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on October 19, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-3.htm">10.28</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417053251/tv477236_ex10-3.htm">Warrant issued to United Capital Investments Corp. (incorporated by reference to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on October 19, 2017)</A></TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

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<p style="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 0.75in"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-1.htm">10.29</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-1.htm">Fifth Supplemental Agreement to Loan Agreement among DVB Bank SE, Artful Shipping S.A., Longevity Maritime Limited, Globus Maritime Limited and Globus Shipmanagement Corp., dated June 23, 2017 (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on December 15, 2017)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-2.htm">10.30</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420417063970/tv481128_ex10-2.htm">Second
Supplemental Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac Maritime
S.A., arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by Globus Maritime
Limited, dated July 10, 2017 (incorporated by reference to Exhibit 10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K
(Reg. No. 001-34985) furnished on December 15, 2017)</A></P></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420418061509/tv507821_ex99-2.htm">10.31</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420418061509/tv507821_ex99-2.htm">Agreement with Firment Shipping Inc. for a Revolving Credit Facility of up to US Dollars $15,000,000 dated November 21, 2018 (incorporated by reference to Exhibit 99.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on November 26, 2018)</A>&nbsp;</P></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419006632/tv513233_ex99-1.htm">10.32</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419006632/tv513233_ex99-1.htm">Term Loan Facility of Artful Shipholding S.A. and Longevity Maritime Limited with Macquarie Bank International Limited of up to US Dollars $13,500,000, guaranteed by Globus Maritime Limited, dated December 10, 2018 (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on February 12, 2019)</A></P></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-1.htm">10.33</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-1.htm">Securities Purchase Agreement dated March 13, 2019 between Globus Maritime Limited and&nbsp;the investors listed on the Schedule of Buyers thereto (incorporated by reference to Exhibit 10.1 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on March 13, 2019</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-2.htm">10.34</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-2.htm">Registration Rights Agreement between Globus Maritime Limited and the Undersigned Buyers dated March 13, 2019 (incorporated by reference to Exhibit 10.2 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on March 13, 2019)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-3.htm">10.35</A></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419013710/tv515993_ex10-3.htm">Senior Convertible Note issued on March 13, 2019 (incorporated by reference to Exhibit 10.3 to Globus Maritime Limited&rsquo;s Report on Form 6-K (Reg. No. 001-34985) furnished on March 13, 2019)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex4-42.htm">10.36</A></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419016636/tv517220_ex4-42.htm">Amendment No. 1 dated March 21, 2019 to Securities Purchase Agreement between Globus Maritime Limited and&nbsp;the Buyer (incorporated by reference to Exhibit 4.42 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on March 28, 2019)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419030568/tv523392_ex99-1.htm">10.37</A></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419030568/tv523392_ex99-1.htm">Third Supplemental Agreement relating to a loan of up to US$30,000,000 to Devocean Maritime Ltd., Domina Maritime Ltd., and Dulac Maritime S.A., arranged by HSH Nordbank AG, with HSH Nordbank AG as Agent, HSH Nordbank AG as Security Agent, guaranteed by Globus Maritime Limited (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on June 11, 2019)</A></TD></TR>
</TABLE>

<p style="margin: 0">&nbsp;</P>

<p style="margin: 0"></P>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</P></div>
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<p style="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 0.75in"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419033390/tv524626_ex99-2.htm">10.38</A></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420419033390/tv524626_ex99-2.htm">Term Loan Facility relating to a loan of $37,000,000 dated June 24, 2019 among Devocean Maritime Ltd., Domina Maritime Ltd., Dulac Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited, as joint and several borrowers and Globus Maritime Limited as parent guarantor and Lucid Agency Services Limited as facility agent and as security agent (incorporated by reference to Exhibit 99.2 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg. No. 001-34985) filed on July 1, 2019)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920032769/tm2012632d1_ex99-2.htm">10.39</A></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920032769/tm2012632d1_ex99-2.htm">Waiver to Senior Convertible Note dated March 12, 2020 (incorporated by reference to Exhibit 4.39 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 1, 2020)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-1.htm" style="-sec-extract: exhibit">10.40</a></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-1.htm" style="-sec-extract: exhibit">Amended and Restated Agreement with Firment Shipping
Inc. for a Credit Facility of up to US Dollars $15,000,000 dated May 8, 2020 (incorporated by reference to Exhibit 99.1 to Globus
Maritime Limited&rsquo;s Current Report on Form 6-K (Reg No. 001-34985) filed on May 8, 2020</a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-2.htm" style="-sec-extract: exhibit">10.41</a></TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-2.htm" style="-sec-extract: exhibit">Supplemental Letter dated April 21, 2020 relating
to a Term Loan Facility relating to a loan of $37,000,000 dated June 24, 2019 among Devocean Maritime Ltd., Domina Maritime Ltd.,
Dulac Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited, as joint and several borrowers and Globus Maritime
Limited as parent guarantor and Lucid Agency Services Limited as facility agent and as security agent (incorporated by reference
to Exhibit 99.2 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg No. 001-34985) filed on May 8, 2020</a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td></tr>
<tr>
    <td style="font-size: 10pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-3.htm" style="-sec-extract: exhibit"><font style="font: 10pt Times New Roman, Times, Serif">10.42</font></a></td>
    <td>&nbsp;</td>
    <td style="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059d1_ex99-3.htm" style="-sec-extract: exhibit"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
and Waiver Letter to Senior Convertible Note dated May 8, 2020 </font><font style="font-size: 10pt">(incorporated by reference
to Exhibit 99.3 to Globus Maritime Limited&rsquo;s Current Report on Form 6-K (Reg No. 001-34985) filed on May 8, 2020)</font></a></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_ex99-1.htm" style="-sec-extract: exhibit">10.43</a></td>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_ex99-1.htm" style="-sec-extract: exhibit">Stock Purchase Agreement dated June 12, 2020, made between Globus Maritime Limited and Goldenmare Limited
(incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&rsquo;s report on Form 6-K furnished on June 12, 2020)</a></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex8-1.htm">21.1</A></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1499780/000114420416097396/v437835_ex8-1.htm">List of Subsidiaries (incorporated by reference to Exhibit 8.1 to Globus Maritime Limited&rsquo;s annual report on Form 20-F (Reg. No. 001-34985) filed on April 1, 2020)</A></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="tm2022605d1_ex23-1.htm" style="-sec-extract: exhibit">23.1</a></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="tm2022605d1_ex23-1.htm" style="-sec-extract: exhibit">Consent of Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants S.A.*</a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="tm2022605d1_ex5-1.htm" style="-sec-extract: exhibit">23.2</a></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="tm2022605d1_ex5-1.htm" style="-sec-extract: exhibit">Consent of Watson Farley &amp; Williams LLP (included in its opinion filed as Exhibit 5.1) </a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="tm2022605d1_ex8-1.htm" style="-sec-extract: exhibit">23.3</a></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="tm2022605d1_ex8-1.htm" style="-sec-extract: exhibit">Consent of Watson Farley &amp; Williams LLP (included in its opinion filed as Exhibit 8.1) </a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><a href="#POA">24.1</a></TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="#POA">Powers of Attorney (included in the signature pages hereto)*</a></TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> * </TD>
    <td>&nbsp;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> Filed herewith </TD></TR>
</TABLE>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES </B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Athens, Country of Greece on June 15, 2020. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td colspan="2"><b>GLOBUS MARITIME LIMITED</B></TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</TD>
    <td style="width: 5%">By:</TD>
    <td style="border-bottom: Black 1pt solid; width: 45%; padding-left: 4pt">/s/ Athanasios Feidakis</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td>Name:</TD>
    <td style="padding-left: 4pt">Athanasios Feidakis</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td>Title:</TD>
    <td style="padding-left: 4pt">Chief Executive Officer</TD></TR>
</TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="POA"></a>POWER OF ATTORNEY </B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of Athanasios Feidakis and Steven
J. Hollander his or her true and lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for him
or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities
Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform
each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her
substitute or substitutes, may lawfully do or cause to be done by virtue thereof.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, this registration statement has been signed by the following persons on June 15, 2020
in the capacities indicated. </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 49%">&nbsp;</TD>
    <td style="width: 2%">&nbsp;</TD>
    <td style="vertical-align: bottom; width: 25%">&nbsp;</TD>
    <td style="width: 24%">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <td nowrap>
        <p style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Signature</B></P></TD>
    <td><font style="font-size: 10pt">&nbsp;</FONT></TD>
    <td nowrap colspan="2">
        <p style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Title</B></P></TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top">
        <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/
Athanasios Feidakis</P>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Athanasios Feidakis</P></TD>
    <td style="vertical-align: bottom">&nbsp;</TD>
    <td colspan="2" style="vertical-align: middle; padding-bottom: 1pt; text-align: center">Director, President, Chief Executive Officer (<i>Principal Executive Officer</I>), Chief Financial Officer <i>(Principal Financial Officer and Principal Accounting Officer)</I></TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top">
        <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/
Georgios Feidakis</P>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Georgios Feidakis</P></TD>
    <td style="vertical-align: bottom">&nbsp;</TD>
    <td colspan="2" style="vertical-align: middle; padding-bottom: 1pt; text-align: center">Director; Chairman of the Board of Directors</TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top">
        <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/
Jeffrey O. Parry</P></TD>
    <td rowspan="2" style="vertical-align: bottom">&nbsp;</TD>
    <td colspan="2" rowspan="2" style="vertical-align: middle; text-align: center">Director</TD></TR>
<tr style="vertical-align: top">
    <td style="text-align: center">Jeffrey O. Parry</TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="3">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top">
        <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/
Ioannis Kazantzidis</P></TD>
    <td style="vertical-align: bottom">&nbsp;</TD>
    <td colspan="2" style="vertical-align: middle; text-align: center">Director</TD></TR>
<tr>
    <td style="vertical-align: top; text-align: center">Ioannis Kazantzidis</TD>
    <td style="vertical-align: bottom">&nbsp;</TD>
    <td colspan="2" style="vertical-align: top">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="vertical-align: top">&nbsp;</td></tr>
</TABLE>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AUTHORIZED REPRESENTATIVE </B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Globus Maritime Limited, has
signed this registration statement in the City of Newark, State of Delaware on June 15, 2020. </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 50%">&nbsp;</TD>
    <td style="width: 5%">&nbsp;</TD>
    <td style="width: 45%">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td colspan="2">PUGLISI&nbsp;&amp; ASSOCIATES</TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td colspan="2">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</TD>
    <td colspan="2">
        <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Donald J. Puglisi</P></TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td style="vertical-align: top">Name:</TD>
    <td style="vertical-align: top">Donald J. Puglisi</TD></TR>
<tr>
    <td>&nbsp;</TD>
    <td style="vertical-align: top">Title:</TD>
    <td style="vertical-align: top">Managing Director</TD></TR>
</TABLE>


<p style="margin: 0">&nbsp;</P>


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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2022605d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBUS MARITIME LIMITED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June , 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MAXIM GROUP LLC<BR>
405 Lexington Avenue<BR>
New York, NY 10174</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the Underwriters<BR>
named on <U>Schedule I</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Globus
Maritime Limited, a corporation incorporated under the laws of the Republic of the Marshall Islands ( the&nbsp;&ldquo;<B>Company</B>&rdquo;)
hereby confirms its agreement to issue and sell to and sell to the underwriter or underwriters, as the case may be, named in Schedule&nbsp;I
hereto (each, an &ldquo;<B>Underwriter</B>&rdquo; and, collectively, the &ldquo;<B>Underwriters</B>&rdquo;), for whom Maxim Group
LLC is acting as representative (in such capacity, the &ldquo;<B>Representative</B>&rdquo;) an aggregate of [&#9679;] units, (the
 &ldquo;<B>Units</B>&rdquo;), each unit consisting of one common share, $0.004 par value per share of the Company (&ldquo;<B>Common
Shares</B>&rdquo; and the Common Shares sold as part of the Units, the &ldquo;<B>Firm Shares</B>&rdquo;) or one pre-funded warrant
to purchase one Common Share at an exercise price of $0.01 per Common Share (the pre-funded warrants sold as part of the Units
(the &ldquo;<B>Firm Pre-Funded Warrants</B>&rdquo;) together with one Class A Warrant to purchase one Common Share at an exercise
price of $_____ per share (the Class A Warrants sold as part of the Units, the &ldquo;<B>Firm Purchase Warrants</B>&rdquo;) and
(B) at the election of the Representative, (i) up to an additional _______ Common Shares (the &ldquo;<B>Option Shares</B>&rdquo;)
and/or Pre-Funded Warrants (the &ldquo;<B>Option Pre-Funded Warrants</B>&rdquo; and together with the Firm Pre-Funded Warrants,
the &ldquo;<B>Pre-Funded Warrants</B>&rdquo;) and/or (ii) up to an additional [&#9679;] Class A Warrants (the &ldquo;<B>Option
Purchase Warrants</B>&rdquo; and together with the Firm Purchase Warrants, the &ldquo;<B>Purchase Warrants</B>&rdquo;). The Units,
including the Firm Shares and/or the Firm Pre-Funded Warrants and the Firm Purchase Warrants to be sold by the Company are collectively
referred to as the &ldquo;<B>Firm Securities</B>&rdquo; and the Option Shares, the Option Pre-Funded Warrants and the Option Purchase
Warrants are collectively referred to as the &ldquo;<B>Option Securities</B>&rdquo;. The Option Shares together with the Firm Shares
are collectively referred to as the &ldquo;<B>Shares</B>&rdquo;. The Common Shares issuable upon exercise of the Pre-Funded Warrants
are referred to as the &ldquo;<B>Pre-Funded Warrant Shares</B>&rdquo;. The Common Shares issuable upon the exercise of the Purchase
Warrants are referred to as the &ldquo;<B>Purchase Warrant Shares</B>&rdquo;. The Pre-Funded Warrant Shares and the Purchase Warrant
Shares are collectively referred to as the &ldquo;<B>Warrant Shares</B>&rdquo;. The Firm Securities, the Option Securities and
the Warrant Shares are collectively referred to as the &ldquo;<B>Securities</B>&rdquo;. The offering and sale of the Securities
contemplated by this Agreement is referred to herein as the &ldquo;<B>Offering</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Units will not be issued
or certificated. The Common Shares, Pre-Funded Warrants and Purchase Warrants that comprise the Units are immediately separable
and will be issued separately.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities; Over-Allotment Option</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purchase of Firm Securities</U>. On the basis of the representations and warranties herein contained, but subject
to the terms and conditions herein set forth, the Company agrees to issue and sell, severally and not jointly, to the several Underwriters,
an aggregate of (i)____________ Units consisting of one Firm Share and one Firm Purchase Warrant at a purchase price of $___________per
Unit which represents a 8% discount to the public offering price per Unit (ii) ________ Units consisting of one Firm Pre-Funded
Warrant and one Purchase Warrant at a purchase price of $_____ per Units which represents an 8% discount to the public offering
price per Unit, iii) _________ Units consisting of one Firm Share and one Firm Purchase Warrant at a purchase price of $_______
per Unit which represents a 2.5% discount to the public offering price per , and (iv) Units consisting of one Firm Pre-Funded Warrant
and one Purchase Warrant at a purchase price of $____________ per Unit which represents a 2.5% discount to the public offering
price per Firm Pre-Funded Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The Underwriters, severally and not jointly, agree to purchase from the Company the number of Units set forth opposite
their respective names on <U>Schedule I</U> attached hereto and made a part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment and Delivery</U>. Delivery and payment for the Firm Securities shall be made at 10:00 a.m., New York time,
on the second Business Day following the effective date (the &ldquo;<B>Effective Date</B>&rdquo;) of the Registration Statement
(as hereinafter defined) (or the third Business Day following the Effective Date, if the Registration Statement is declared effective
after 4:30 p.m. New York time) or at such other time as shall be agreed upon by the Representative and the Company at the offices
of the Representative or at such other place as shall be agreed upon by the Representative and the Company. The hour and date of
delivery and payment for the Firm Securities is called the &ldquo;<B>Closing Date</B>.&rdquo; The closing of the payment of the
purchase price for, and delivery of certificates representing, the Firm Securities is referred to herein as the &ldquo;<B>Closing</B>.&rdquo;
Payment for the Firm Securities shall be made on the Closing Date by wire transfer in immediately available funds and, upon receipt
of which, delivery of certificates (in form and substance satisfactory to the Underwriters) representing the Firm Securities (or
delivery through the full fast transfer facilities of the Depository Trust Company (the &ldquo;<B>DTC</B>&rdquo;)) for the account
of the Underwriters shall be made. The Firm Securities shall be registered in such name or names and in such authorized denominations
as the Representative may request in writing at least one Business Day prior to the Closing Date. The Company shall not be obligated
to sell or deliver the Firm Securities except upon tender of payment by the Representative for all the Firm Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Over-allotment Option</U>. For the purposes of covering any over-allotments in connection with the distribution
and sale of the Firm Securities, the Representative on behalf of the Underwriters are hereby granted an option (the &ldquo;<B>Over-Allotment
Option&rdquo;)</B> to purchase (i) up to an additional _____________ Option Shares and/or Option Pre-Funded Warrants and/or (ii)
up to an additional _____________ Option Purchase Warrants. The purchase price to be paid for the Option Shares subject to the
Over-Allotment Option will be equal to $____ per Option Share, the purchase price to be paid for the Option Pre-Funded Warrants
subject to the Over-allotment Option will be equal to $____ per Option Pre-Funded Warrant and the purchase price to be paid for
the Option Purchase Warrants, subject to the Over-allotment Option will be equal to $___ per Option Purchase Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Exercise of Option</U>. The Over-allotment Option granted pursuant to Section 1(d) hereof may be exercised by
the Representative as to all (at any time) or any part (from time to time) of the Option Shares and/or the Option Pre-Funded Warrants
and/or the Option Purchase Warrants within 45 days after the Closing Date. The Underwriters will not be under any obligation to
purchase any of such Option Shares and/or Option Pre-Funded Warrants and/or Option Purchase Warrants prior to the exercise of the
Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of written notice to the Company
from the Representative, setting forth the number of Option Shares and/or Option Pre-Funded Warrants and/or Option Purchase Warrants
to be purchased and the date and time for delivery of and payment for such Option Shares and/or Option Pre-Funded Warrants and/or
Option Purchase Warrants, which will not be earlier than two Business Days, in the event the Option Closing Date (as defined below)
does not occur on the Closing Date, or later than three Business Days after the date of the notice or such other time as shall
be agreed upon by the Company and the Representative, at the offices of the Representative or at such other place as shall be agreed
upon by the Company and the Representative. If such delivery and payment for all of the Option Shares and/or Option Pre-Funded
Warrants and/or Option Purchase Warrants does not occur on the Closing Date, the date and time of the closing for such Option Shares
and/or Option Pre-Funded Warrants and/or Option Purchase Warrants will be as set forth in the notice (hereinafter the &ldquo;<B>Option
Closing Date</B>&rdquo;). Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters,
and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option
Shares and/or Option Pre-Funded Warrants and/or Option Purchase Warrants specified in such notice. If any Option Securities are
to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of Option Securities (subject to such
adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the number of
Firm Securities to be purchased as set forth on <U>Schedule I</U> opposite the name of such Underwriter bears to the total number
of Firm Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment and Delivery of Option Securities</U> Payment for Option Shares and/or Option Pre-Funded Warrants and/or
Option Purchase Warrants shall be made on the Option Closing Date by wire transfer in immediately available funds by deposit of
the price for the Option Shares and/or Option Pre-Funded Warrants and/or Option Purchase Warrants being purchased to the Company
and, upon receipt of which, delivery to the Underwriters of certificates (in form and substance satisfactory to the Underwriters)
representing such Option Shares and/or Option Pre-Funded Warrants and/or Option Purchase Warrants (or delivery through the full
fast transfer facilities of DTC) for the account of the Underwriters shall be made. The certificates representing the Option Shares
and/or Option Pre-Funded Warrants and/or Option Purchase Warrants to be delivered will be in such denominations and registered
in such names as the Representative requests not less than one Business Day prior to the Closing Date or the Option Closing Date,
as the case may be, and will be made available to the Representative for inspection, checking and packaging at the aforesaid office
of the Company&rsquo;s transfer agent or correspondent not less than one Business Day prior to the Closing Date or the Option Closing
Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Representations
and Warranties of the Company</U>. The Company represents, warrants and covenants to, and agrees with, each of the Underwriters
that, as of the date hereof and as of the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a
registration statement on Form F-1 (Registration No. 333-238119), and amendments thereto, and related preliminary
prospectuses for the registration under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), of
the Securities which registration statement, as so amended (including post-effective amendments, if any), has been declared
effective by the Commission and copies of which have heretofore been delivered to the Underwriters if requested. The
registration statement, as amended at the time it became effective, including the prospectus, financial statements,
schedules, exhibits and other information (if any) deemed to be part of the registration statement at the time of
effectiveness pursuant to Rule 430A under the Securities Act, is hereinafter referred to as the &ldquo;<B>Registration
Statement</B>.&rdquo; If the Company has filed or is required pursuant to the terms hereof to file a registration statement
pursuant to Rule 462(b) under the Securities Act registering additional Securities (a &ldquo;<B>Rule 462(b) Registration
Statement</B>&rdquo;), then, unless otherwise specified, any reference herein to the term &ldquo;<B>Registration
Statement</B>&rdquo; shall be deemed to include such Rule 462(b) Registration Statement. Other than a Rule 462(b)
Registration Statement, which, if filed, becomes effective upon filing, no other document with respect to the Registration
Statement has heretofore been filed with the Commission. All of the Securities have been registered under the Securities Act
pursuant to the Registration Statement or, if any Rule 462(b) Registration Statement is filed, will be duly registered under
the Securities Act with the filing of such Rule 462(b) Registration Statement. The Company has responded to all requests of
the Commission for additional or supplemental information. Based on information available on the website of the Commission,
no stop order suspending the effectiveness of either the Registration Statement or the Rule 462(b) Registration Statement, if
any, has been issued and no proceeding for that purpose has been initiated or, to the Company&rsquo;s knowledge, threatened
by the Commission. The Company, if required by the Securities Act and the rules and regulations of the Commission (the
 &ldquo;<B>Rules and Regulations</B>&rdquo;), proposes to file the Prospectus with the Commission pursuant to Rule 424(b)
under the Securities Act (&ldquo;<B>Rule 424(b)</B>&rdquo;). The prospectus, in the form in which it is to be filed with the
Commission pursuant to Rule 424(b), or, if the prospectus is not to be filed with the Commission pursuant to Rule 424(b), the
prospectus in the form included as part of the Registration Statement at the time the Registration Statement became
effective, is hereinafter referred to as the &ldquo;<B>Prospectus</B>,&rdquo; except that if any revised prospectus or
prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the Offering which
differs from the Prospectus (whether or not such revised prospectus or prospectus supplement is required to be filed by the
Company pursuant to Rule 424(b)), the term &ldquo;<B>Prospectus</B>&rdquo; shall also refer to such revised prospectus or
prospectus supplement, as the case may be, from and after the time it is first provided to the Underwriters for such use. Any
preliminary prospectus or prospectus subject to completion included in the Registration Statement or filed with the
Commission pursuant to Rule 424 under the Securities Act is hereafter called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo;
Any reference herein to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to
and include the exhibits incorporated by reference therein pursuant to the Rules and Regulations on or before the Effective
Date of the Registration Statement, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may
be. Any reference herein to the terms &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect
to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include: (i) the
filing of any document under the Securities Exchange Act of 1934, as amended, and together with the Rules and Regulations
promulgated thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;) after the Effective Date, the date of such Preliminary
Prospectus or the date of the Prospectus, as the </FONT>case may be, which is incorporated therein by reference, and (ii) any
such document so filed. All references in this Agreement to the Registration Statement, the Rule 462(b) Registration
Statement, a Preliminary Prospectus and the Prospectus, or any amendments or supplements to any of the foregoing, shall be
deemed to include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and
Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;). The Prospectus delivered to the Underwriters for use in connection with the
Offering was or will be substantially identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S-T promulgated by the Commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>At the time of the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement or the effectiveness
of any post-effective amendment to the Registration Statement, when the Prospectus is first filed with the Commission pursuant
to Rule 424(b), when any supplement to or amendment of the Prospectus is filed with the Commission, and at the Closing Date, if
any, the Registration Statement and the Prospectus and any amendments thereof and supplements or exhibits thereto complied or will
comply in all material respects with the applicable provisions of the Securities Act, the Exchange Act and the Rules and Regulations,
and did not and will not, as of the date of such amendment or supplement, contain an untrue statement of a material fact and did
not and will not, as of the date of such amendment or supplement, omit to state any material fact required to be stated therein
or necessary in order to make the statements therein: (i) in the case of the Registration Statement, not misleading, and (ii) in
the case of the Prospectus, in light of the circumstances under which they were made as of its date, not misleading. When any Preliminary
Prospectus was first filed with the Commission (whether filed as part of the registration statement for the registration of the
Securities or any amendment thereto or pursuant to Rule 424(a) under the Securities Act) and when any amendment thereof or supplement
thereto was first filed with the Commission, such Preliminary Prospectus and any amendments thereof and supplements thereto complied
in all material respects with the applicable provisions of the Securities Act, the Exchange Act and the Rules and Regulations and
did not contain an untrue statement of a material fact and did not omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
No representation and warranty is made in this subsection (b), however, with respect to any information contained in or omitted
from the Registration Statement or the Prospectus or any related Preliminary Prospectus or any amendment thereof or supplement
thereto in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter
through the Representative specifically for use therein. The parties acknowledge and agree that such information provided by or
on behalf of any Underwriter consists solely of: the statements set forth in the &ldquo;Underwriting&rdquo; section of the Prospectus
only insofar as such statements relate to the names and corresponding share amounts set forth in the table of Underwriters, the
amount of selling concession and re-allowance or to over-allotment and related activities that may be undertaken by the Underwriters
and the paragraph relating to stabilization by the Underwriters (the &ldquo;<B>Underwriters&rsquo; Information</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Neither:
(i) any Issuer-Represented General Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time
(as defined below) and the Statutory Prospectus (as defined below), all considered together (collectively, the
 &ldquo;<B>General Disclosure Package</B>&rdquo;), nor (ii) any individual Issuer-Represented Limited-Use Free Writing
Prospectus(es) (as defined below) when considered together with the General Disclosure Package, includes or included as of
the Applicable Time any untrue statement of a material fact or omits or omitted as of the Applicable Time to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The preceding sentence does not apply to statements in or omissions from any Statutory Prospectus
included in the Registration Statement, the General Disclosure Package or any Issuer-Represented Limited-Use Free Writing
Prospectus (as defined below) in conformity with the Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Issuer-Represented Free Writing Prospectus, as of its issue date and at all subsequent times until the Closing
Date or until any earlier date that the Company notified or notifies the Representative as described in the next sentence, did
not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the then-current Registration Statement, Statutory Prospectus or Prospectus. If at any time following issuance of an Issuer-Represented
Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer-Represented Free Writing
Prospectus conflicted or would conflict with the information contained in the then-current Registration Statement, Statutory Prospectus
or Prospectus relating to the Securities or included or would include an untrue statement of a material fact or omitted or would
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at
that subsequent time, not misleading, the Company has notified or will notify promptly the Representative so that any use of such
Issuer-Represented Free Writing Prospectus may cease until it is promptly amended or supplemented by the Company, at its own expense,
to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has not distributed and will not distribute any prospectus or other offering material in connection with
the offering and sale of the Securities other than the General Disclosure Package, any Issuer-Represented Limited-Use Free Writing
Prospectus or the Prospectus or other materials permitted by the Securities Act to be distributed by the Company. Unless the Company
obtains the prior consent of the Representative, the Company has not made and will not make any offer relating to the Securities
that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities Act, or that
would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule 405 under the Securities Act, required to
be filed with the Commission; provided that the prior written consent of the Representative shall be deemed to have been given
in respect of any free writing prospectus referenced on <U>Schedule III</U> attached hereto. The Company has complied and will
comply with the requirements of Rules 164 and 433 under the Securities Act applicable to any Issuer-Represented Free Writing Prospectus
as of its issue date and at all subsequent times through the Closing Date, including timely filing with the Commission where required,
legending and record keeping. To the extent an electronic road show is used, the Company has satisfied and will satisfy the conditions
in Rule 433 under the Securities Act to avoid a requirement to file with the Commission any electronic road show.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Representative agrees that, unless it obtains the prior written consent of the Company, it will not make any offer relating
to the Securities that would constitute an Issuer-Represented Free Writing Prospectus or that would otherwise (without taking
into account any approval, authorization, use or reference thereto by the Company) constitute a &ldquo;free writing
prospectus&rdquo; required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the
Securities Act; provided that the prior written consent of the Company hereto shall be deemed to have been given in respect
of any Issuer-Represented General Free Writing Prospectuses referenced on <U>Schedule III</U> attached hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As used in this Agreement, the terms set forth below shall have the following meanings:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&ldquo;<B>Applicable Time</B>&rdquo; means June __, 2020, __ a.m./p.m. (Eastern time) on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&ldquo;<B>Statutory Prospectus</B>&rdquo; as of any time means the prospectus that is included in the Registration
Statement immediately prior to that time. For purposes of this definition, information contained in a form of prospectus that is
deemed retroactively to be a part of the Registration Statement pursuant to Rule 430A or 430B shall be considered to be included
in the Statutory Prospectus as of the actual time that form of prospectus is filed with the Commission pursuant to Rule 424(b)
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&ldquo;<B>Issuer-Represented Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule 433 under the Securities Act, relating to the Securities that (A) is required to be filed with the Commission
by the Company, or (B) is exempt from filing pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains a description
of the Securities or of the Offering that does not reflect the final terms or pursuant to Rule 433(d)(8)(ii) because it is a &ldquo;bona
fide electronic road show,&rdquo; as defined in Rule 433 under the Securities Act, in each case in the form filed or required to
be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule
433(g) under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&ldquo;<B>Issuer-Represented General Free Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing
Prospectus that is intended for general distribution to prospective investors, as evidenced by its being specified in <U>Schedule
III</U> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&ldquo;<B>Issuer-Represented Limited-Use Free Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing
Prospectus that is not an Issuer-Represented General Free Writing Prospectus. The term Issuer-Represented Limited-Use Free Writing
Prospectus also includes any &ldquo;bona fide electronic road show,&rdquo; as defined in Rule 433 under the Securities Act, that
is made available without restriction pursuant to Rule 433(d)(8)(ii), even though not required to be filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&ldquo;<B>Warrant Agreement</B>&rdquo; means the Warrant Agent Agreement dated as of June __, 2020 between the Company
and Computershare Investor Services or its affiliate, as Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Ernst
 &amp; Young (Hellas) Certified Auditors Accountants S.A. (the &ldquo;<B>Auditor</B>&rdquo;), whose reports relating to the
Company are included in the Registration Statement, the General Disclosure Package and the Prospectus is an independent
registered public accounting firm as required by the Securities Act, the Exchange Act and the Rules and Regulations and the
Public Company Accounting Oversight Board (the &ldquo;<B>PCAOB</B>&rdquo;). To the Company&rsquo;s knowledge, the Auditor is
not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended
(&ldquo;<B>Sarbanes-Oxley</B>&rdquo;). The Auditor has not, during the periods covered by the financial statements included
in the Registration Statement, the General Disclosure Package and the Prospectus, provided to the Company any non-audit
services, as such term is used in Section 10A(g) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subsequent to the respective dates as of which information is presented in the Registration Statement, the General
Disclosure Package and the Prospectus, and except as disclosed in the Registration Statement, the General Disclosure Package and
the Prospectus: (i) the Company has not declared, paid or made any dividends or other distributions of any kind on or in respect
of its capital stock, and (ii) there has been no material adverse change (or, to the knowledge of the Company, any development
which could reasonably expected to result in a material adverse change in the future), whether or not arising from transactions
in the ordinary course of business, in or affecting: (A) the business, condition (financial or otherwise), results of operations,
shareholders&rsquo; equity, properties or prospects of the Company and its Subsidiaries, considered as a whole; or (B) the Offering
or consummation of any of the other transactions contemplated by this Agreement, the Warrant Agreement, the Pre-Funded Warrants,
the Purchase Warrants, the Registration Statement, the General Disclosure Package and the Prospectus (a &ldquo;<B>Material Adverse
Change</B>&rdquo;). Since the date of the latest balance sheet presented in the Registration Statement, the General Disclosure
Package and the Prospectus, and other than in the ordinary course of business, the Company has not incurred or undertaken any liabilities
or obligations, whether direct or indirect, liquidated or contingent, matured or unmatured, or entered into any transactions, including
any acquisition or disposition of any business or asset, which are material to the Company and its Subsidiaries, considered as
a whole, except for liabilities, obligations and transactions which are disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has an authorized capitalization as set forth in the Registration Statement, the General Disclosure
Package and the Prospectus under the heading &ldquo;Capitalization;&rdquo; all of the issued shares of capital stock of the Company
have been duly authorized and validly issued and are fully paid and nonassessable and none of those shares was issued in violation
of any preemptive rights, rights of first refusal or other similar rights to the extent any such rights were not waived; the Securities
have been duly authorized and, when issued and delivered upon payment therefor as provided in this Agreement, will be validly
issued, fully paid and non-assessable, and the issuance of the Securities is not subject to any preemptive rights, rights of first
refusal or other similar rights that have not heretofore been waived (with copies of such waivers provided to the Underwriters);
and no holder of any Securities or any Common Shares is or will be subject to personal liability solely by reason of being such
a holder. The Securities conform in all material respects to the descriptions thereof contained in the Registration Statement,
the General Disclosure Package and the Prospectus. When issued, the Pre-Funded Warrants and the Purchase Warrants will each constitute
valid and binding obligations of the Company to issue and sell, upon exercise thereof and payment of the respective exercise prices
therefor, the number and type of securities of the Company called for thereby in accordance with the terms thereof and such Pre-Funded
Warrants and Purchase Warrants are enforceable against the Company in accordance with their respective terms, except: (i)&nbsp;as
such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights
generally; (ii)&nbsp;as enforceability of any indemnification or contribution provision may be limited under federal and state
securities laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable relief may
be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. The
Pre-Funded Warrant Shares have been duly authorized and reserved for issuance and when issued in accordance with the terms of
the Pre-Funded Warrants, will be duly and validly issued, fully paid and non-assessable; will not have been issued in violation
of or be subject to any <FONT STYLE="font-size: 10pt">preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase securities of the Company; and the holders thereof will not be subject to personal liability solely by reason
of being such holders. The Purchase Warrant Shares have been duly authorized and reserved for issuance and when issued in accordance
with the terms of the Purchase Warrants, will be duly and validly issued, fully paid and non-assessable; will not have been issued
in violation of or be subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase
securities of the Company; and the holders thereof will not be subject to personal liability solely by reason of being such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, (A)&nbsp;there
are no outstanding rights (contractual or otherwise), warrants or options to acquire, or instruments convertible into or exchangeable
for, or agreements or understandings with respect to the sale or issuance of, any shares of capital stock of or other equity interest
in the Company or any of its Subsidiaries and (B)&nbsp;there are no contracts, agreements or understandings between the Company
and/or any of its Subsidiaries and any person granting such person the right to require the Company to file a registration statement
under the Securities Act or otherwise register any securities of the Company owned or to be owned by such person by reason of this
Agreement and the transactions contemplated hereby including the Offering and any such registration rights so disclosed have been
waived by the holders thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company is a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Maritime Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Each of the vessels described in the </FONT>Registration Statement, Prospectus and the Prospectus
Supplement <FONT STYLE="background-color: white">as being owned by the Company or any Subsidiary (&ldquo;<U>Owned Vessels</U>&rdquo;)
has been duly and validly registered in the name of the owner of such Owned Vessel as disclosed in the </FONT>Registration Statement,
the General Disclosure Package and the Prospectus <FONT STYLE="background-color: white">under the laws and regulations and flag
of the nation of its registration; no other action is necessary to establish and perfect such entity&rsquo;s title to and interest
in any of the Owned Vessels as against any third party.&nbsp; Each such entity has good title to the applicable Owned Vessel, free
and clear of all mortgages, pledges, liens, security interests and claims and all defects of title of record except for maritime
liens incurred in the ordinary course and those liens arising under any Indebtedness as disclosed in or contemplated by the </FONT>Registration
Statement, the General Disclosure Package and the Prospectus<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Each of the Owned Vessels is in good standing with respect to the payment of past and current
taxes, fees and other amounts payable under the laws of the jurisdiction in which it is registered, except for any failure which
would not result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Each of the vessels described in the Registration Statement, the General Disclosure Package
and the Prospectus as being owned or bareboat chartered by the Company or any Subsidiary as described therein (&ldquo;<U>Operated&nbsp;Vessels</U>&rdquo;)
is operated in material compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements
or restrictions imposed, published or promulgated by any Governmental Authority, with moral jurisdiction over, or classification
society or insurer applicable to the respective Operated Vessel (collectively, &ldquo;<U>Maritime Guidelines</U>&rdquo;) and all
applicable international, national, state and local conventions, laws, regulations, orders, Governmental Licenses and other requirements
(including, without limitation, all Environmental Laws), in each case as in effect on the date hereof, except where such failure
to be in compliance is not resulting or would not reasonably be expected to result in a Material Adverse Effect. The Company and
each applicable Subsidiary are qualified to own or lease, as the case may be, and operate such Operated Vessels under all applicable
international, national, state and local conventions, laws, regulations, orders, Permits and other requirements (including, without
limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&rsquo;s
flag state, in each case as in effect on the date hereof, except where such failure to be so qualified is not resulting or would
not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Each of the Operated Vessels is classed by a classification society which is a full member
of the International Association of Classification Societies and such Operated Vessels are in class with valid class and trading
certificates, without any overdue recommendations, in each case based on the classification and certification requirements in effect
on the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Except as disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, neither the Company nor any Subsidiary is a party to or bound by any memorandum, option, agreement, instrument or understanding
pursuant to which it has contracted to purchase, sell or build any shipping vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The subsidiaries of the Company (the &ldquo;<B>Subsidiaries</B>&rdquo;), together with their respective jurisdictions
of incorporation are listed on Schedule IV hereto. Each of the Subsidiaries is directly or indirectly wholly-owned by the Company
and no person or entity has any right to acquire any equity interest in any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Company and each of its Subsidiaries has been duly incorporated and validly exists as a corporation, in good standing under
the laws of the jurisdiction of its incorporation or has been duly formed and validly exists as a limited liability company
under the laws of the jurisdiction of its formation. The Company and each of its Subsidiaries has all requisite power and
authority to carry on its business as it is currently being conducted and as described in the Registration Statement, the
General Disclosure Package and the Prospectus, and to own, lease and operate its properties. The Company and each of its
Subsidiaries is duly qualified to do business and is in good standing as a foreign corporation, partnership or limited
liability company in each jurisdiction in which the character or location of its properties (owned, leased or licensed) or
the nature or conduct of its business makes such qualification necessary, except, in each case, for those failures to be so
qualified or in good standing which (individually and in the aggregate) would not reasonably be expected to have a material
adverse effect on: (i) the business, condition (financial or otherwise), results of operations, shareholders&rsquo; equity,
properties or prospects of the Company and its Subsidiaries, considered as a whole; (ii) the long-term debt or capital stock
of the Company; or (iii) the Offering or consummation of any of the other transactions contemplated by this Agreement, the
Registration Statement, the General Disclosure Package and the Prospectus (any such effect being a &ldquo;<B>Material Adverse
Effect</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its Subsidiaries is: (i) in violation of its articles of incorporation or bylaws or
other organizational documents, (ii) in default under any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which it is a party or by which it is bound or to which any of its property or assets is subject; and no event
has occurred which, with notice or lapse of time or both, would constitute a default under or result in the creation or imposition
of any lien, security interest, charge or other encumbrance (a &ldquo;<B>Lien</B>&rdquo;) upon any of its property or assets pursuant
to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which
it is bound or to which any of its property or assets is subject, or (iii) in violation in any respect of any law, rule, regulation,
ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, foreign
or domestic, except, in the case of subsections (ii) and (iii) above, for such violations or defaults which (individually or in
the aggregate) would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has full right, power and authority to execute and deliver this Agreement, the Warrant Agreement, the
Pre-Funded Warrants, the Purchase Warrants and all other agreements, documents, certificates and instruments required to be delivered
pursuant to this Agreement, the Warrant Agreement, the Pre-Funded Warrants and the Purchase Warrants. The Company has duly and
validly authorized this Agreement, the Warrant Agreement, the Pre-Funded Warrants, the Purchase Warrants and each of the transactions
contemplated thereby. This Agreement has been duly and validly executed and delivered by the Company and constitutes the legal,
valid and binding obligations of the Company and is enforceable against the Company in accordance with their terms, except (i)&nbsp;as
such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights
generally; (ii)&nbsp;as enforceability of any indemnification or contribution provision may be limited under federal and state
securities laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable relief may
be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Intentionally Omitted</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
execution, delivery, and performance by the Company of this Agreement, the Warrant Agreement, the Pre-Funded Warrants, the
Purchase Warrants and all other agreements, documents, certificates and instruments required to be delivered pursuant to this
Agreement, the Warrant Agreement, the Pre-Funded Warrants and the Purchase Warrants and consummation of the transactions
contemplated hereby and thereby do not and will not: (i) conflict with, require consent under or result in a breach of any of
the terms and provisions of, or constitute a default under, or result in the creation or imposition of any Lien upon any
property or assets of the Company or any of its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement, instrument, franchise, license or permit to which the Company or any of its Subsidiaries is a
party or by which the Company or any of its Subsidiaries or any of their respective properties, operations or assets may be
bound or (ii) violate or conflict with any provision of the articles of incorporation, by-laws, or other organizational
documents of the Company or any of its Subsidiaries, or (iii) violate or conflict with any law, rule, regulation, ordinance,
directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, domestic or
foreign applicable to the Company or any of its Subsidiaries, including any maritime regulatory bodies or (iv) except as set
forth in or contemplated in the Registration Statement, the Disclosure Package and the Prospectus, trigger a reset or
repricing of any outstanding securities of the Company, except in the case of subsections (i) and (iii) for any default,
conflict or violation that would not have or reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company
and each of its Subsidiaries have all consents, approvals, authorizations, orders, registrations, qualifications, licenses, filings
and permits of, with and from all judicial, regulatory and other legal or governmental agencies and bodies and all third parties,
foreign and domestic including all maritime regulatory bodies (collectively, the &ldquo;<B>Consents</B>&rdquo;), to own, lease
and operate their respective properties and conduct their respective businesses as they are now being conducted and as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, and each such Consent is valid and in full force
and effect, except for such Consents which (individually or in the aggregate), in each such case, would not reasonably be expected
to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received notice of any investigation or
proceedings which results in or, if decided adversely to the Company or any of its Subsidiaries could reasonably be expected to
result in, the revocation of, or imposition of a materially burdensome restriction on, any Consent, except for such revocation
or imposition which would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Intentionally Omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and its Subsidiaries, taken as a whole, are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are in the Company&rsquo;s reasonable judgment prudent and customary in the
businesses in which it is engaged; the Company and its Subsidiaries are in compliance with the terms of such policies and instruments
in all material respects; and there are no claims by the Company or any of its Subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither the Company
nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Registration
Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Shares and the Warrant Shares have been approved for listing on the NASDAQ Capital Market (the
 &ldquo;<B>Exchange</B>&rdquo;), subject to official notice of issuance, and the Company has taken no action designed to, or
likely to have the effect of, delisting the Common Shares from the Exchange, nor has the Company received any notification
that the Exchange is contemplating terminating such listing except as set forth in or contemplated in the Registration
Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No consent of, with or from any judicial, regulatory or other legal or governmental agency or body or any third party,
foreign or domestic is required for the execution, delivery and performance of this Agreement, the Warrant Agreement, the Pre-Funded
Warrants or the Purchase Warrants or consummation of each of the transactions contemplated hereby and thereby including the issuance,
sale and delivery of the Securities to be issued, sold and delivered hereunder, except (i) such as may have previously been obtained
(with copies of such consents provided to the Underwriters), (ii) the registration under the Securities Act of the Securities,
which has become effective, (iii) such consents as may be required under state securities or blue sky laws or the by-laws and rules
of the Nasdaq Capital Market, and (iii) the FINRA in connection with the purchase and distribution of the Securities by the Underwriters,
each of which has been obtained and is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no
judicial, regulatory, arbitral or other legal or governmental proceeding or other litigation or arbitration, domestic or foreign,
pending to which the Company or any of its Subsidiaries is a party or of which any property, operations or assets of the Company
or any of its Subsidiaries is the subject which, individually or in the aggregate, if determined adversely to the Company or any
of its Subsidiaries would reasonably be expected to have a Material Adverse Effect. To the Company&rsquo;s knowledge, no such proceeding,
litigation or arbitration is threatened or contemplated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The financial statements, including the notes thereto, and the supporting schedules included in the Registration
Statement, the General Disclosure Package and the Prospectus comply in all material respects with the requirements of the Securities
Act and the Exchange Act, and present fairly in all material respects the consolidated financial position as of the dates indicated
and the cash flows and results of operations for the periods specified of the Company. Except as otherwise stated in the Registration
Statement, the General Disclosure Package and the Prospectus, said financial statements have been prepared in conformity with International
Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;) applied on a consistent basis throughout the periods involved, except
in the case of unaudited financials which are subject to normal year end adjustments and do not contain certain footnotes. The
supporting schedules included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in
all material respects the information required to be stated therein. No other financial statements or supporting schedules are
required to be included or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus.
The other financial information included in the Registration Statement, the General Disclosure Package and the Prospectus present
fairly in all material respects the information included therein and have been prepared on a basis consistent with that of the
financial statements that are included in the Registration Statement, the General Disclosure Package and the Prospectus and the
books and records of the respective entities presented therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no pro forma or as adjusted financial statements which are required to be included in the Registration
Statement, the General Disclosure Package and the Prospectus in accordance with Regulation S-X which have not been included as
so required.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The statistical, industry-related and market-related data included in the Registration Statement, the General Disclosure
Package and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable
and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and its Subsidiaries, taken as a whole, maintain a system of internal accounting controls sufficient
to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific
authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in
accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as set
forth in or contemplated in the Registration Statement, the General Disclosure Package and the Prospectus the Company&rsquo;s internal
controls over financial reporting are effective and the Company is not aware of any material weakness in its internal control over
financial reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has established and maintains disclosure controls and procedures over financial reporting (as defined
in Rules 13a-15 and 15d-15 under the Exchange Act) and such controls and procedures are designed to ensure that information relating
to the Company required to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company&rsquo;s management, including its principal executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure. The Company has utilized such controls and procedures
in preparing and evaluating the disclosures in the Registration Statement, in the General Disclosure Package and in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company&rsquo;s board of directors has validly appointed an audit committee whose composition satisfies the requirements
of the rules and regulations of the Nasdaq Stock Market and the board of directors and/or audit committee has adopted a charter
that satisfies the requirements of the rules and regulations of the Nasdaq Stock Market. Except as disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, neither the board of directors nor the audit committee has been informed,
nor is the Company aware, of: (i) any significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize
and report financial information; or (ii) any fraud, whether or not material, that involves management or other employees who have
a significant role in the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its Affiliates (as defined in the Securities Act) has taken, directly or indirectly,
any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or
result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Neither
the Company nor any of its Affiliates has, prior to the date hereof, made any offer or sale of any securities which are
required to be &ldquo;integrated&rdquo; pursuant to the Securities Act or the Rules and Regulations with the offer and sale
of the Securities pursuant to the Registration Statement. Except as disclosed or contemplated in the Registration Statement,
the General Disclosure Package, and the Prospectus, neither the Company nor any of its Affiliates has sold or issued any
securities during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant
to Rule 144A or Regulation D or Regulation S under the Securities Act, other than common shares issued pursuant to the
Company&rsquo;s 2012 Equity Incentive Plan and other than common shares issued to directors for their service as
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the knowledge of the Company, all information contained in the questionnaires completed by each of the Company&rsquo;s
officers and directors and provided to the Representative as well as the biographies of such officers and directors in the Registration
Statement are true and correct in all material respects and the Company has not become aware of any information which would cause
the information disclosed in the questionnaires completed by the directors and officers to become inaccurate and incorrect in any
material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the knowledge of the Company, no director or officer of the Company or any of its Subsidiaries is subject to any
non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially affect his ability
to be and act in his respective capacity of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company is not and, at all times up to and including consummation of the transactions contemplated by this Agreement,
and after giving effect to application of the net proceeds of the Offering as described in the Registration Statement, the General
Disclosure Package and the Prospectus, will not be, required to register as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No relationship, direct or indirect, exists between or among any of the Company or, to the knowledge of the Company,
any Affiliate of the Company, on the one hand, and any director, officer, shareholder, customer or supplier of the Company or,
to the knowledge of the Company, any Affiliate of the Company, on the other hand, which is required by the Securities Act, the
Exchange Act or the Rules and Regulations to be described in the Registration Statement or the Prospectus which is not so described
as required. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business)
or guarantees of indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of
their respective family members. The Company has not, in violation of Sarbanes-Oxley directly or indirectly extended or maintained
credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any director
or executive officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company is in material compliance with the rules and regulations promulgated by the Nasdaq Stock Market or any
other governmental or self regulatory entity or agency, except for such violations which, singly or in the aggregate, would not
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Except
as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there are no contracts,
agreements or understandings between the Company or any of its Subsidiaries and any Person that would give rise to a valid
claim against the Company or any Underwriter for a brokerage commission, finder&rsquo;s fee, financial consulting fee or
other like payment in connection with the transactions contemplated by this Agreement or any arrangements, agreements,
understandings, payments or issuance with respect to the Company or any of its officers, directors, shareholders, partners,
employees or Affiliates that may affect the Underwriters&rsquo; compensation as determined by FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and each of its Subsidiaries owns or leases all such properties (other than intellectual property, which
is covered by Section 2(oo)) as are necessary to the conduct of its business as presently operated as described in the Registration
Statement, the General Disclosure Package and the Prospectus. The Company and each of its Subsidiaries has good and marketable
title in fee simple to all real property and good and marketable title to all personal property owned by it that are material to
the respective businesses of the Company and its Subsidiaries, in each case free and clear of all Liens except such as are described
in the Registration Statement, the General Disclosure Package and the Prospectus or such as would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Any material real property and buildings held under lease or sublease by
the Company or any of its Subsidiaries are held by it under valid, subsisting and, to the Company&rsquo;s knowledge, enforceable
leases with such exceptions as are not material to, and do not materially interfere with, the use made and proposed to be made
of such property and buildings by the Company or its Subsidiaries. Neither the Company nor any of its Subsidiaries has received
any notice of any claim adverse to its ownership of any real or personal property or of any claim against the continued possession
of any real property, whether owned or held under lease or sublease by the Company or any of its Subsidiaries, except as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and each of its Subsidiaries: (i) owns, possesses, or has the right to use adequate right to use all
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses, formulae, customer lists, and know-how and other intellectual property (including trade secrets and other unpatented
and/or unpatentable proprietary or confidential information, systems or procedures, &ldquo;<B>Intellectual Property</B>&rdquo;)
necessary for the conduct of its businesses as being conducted and as described in the Registration Statement, the General Disclosure
and Prospectus and (ii)&nbsp;has no knowledge that the conduct of its business conflicts or will conflict with the rights of others,
and it has not received any notice of any claim of conflict with, any right of others, except as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The agreements and documents described in the Registration Statement, the General Disclosure Package and the Prospectus
conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required
by the applicable provisions of the Securities Act to be described in the Registration Statement, the General Disclosure Package
or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described
or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The disclosures in the Registration Statement, the General Disclosure Package and the Prospectus concerning the effects
of foreign, federal, state and local regulation on the Company&rsquo;s business, including without limitation, all applicable maritime
regulation, as currently contemplated are correct in all material respects and do not omit to state a material fact necessary to
make the statements therein, in light of the circumstances in which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in
a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of
all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or
of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements
filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and
for all periods to and including the dates of such consolidated financial statements. No deficiency assessment with respect to
a proposed adjustment of the Company&rsquo;s federal, state, local or foreign taxes is pending or, to the Company&rsquo;s knowledge,
threatened. There is no tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against
the assets, properties or business of the Company or any of its Subsidiaries. The term &ldquo;taxes&rdquo; mean all federal, state,
local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license,
lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall
profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any
penalties, additions to tax, or additional amounts with respect thereto. The term &ldquo;returns&rdquo; means all returns, declarations,
reports, statements, and other documents required to be filed in respect to taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No labor disturbance or dispute by or with the employees of the Company or any of its Subsidiaries which, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect, currently exists or, to the Company&rsquo;s
knowledge, is threatened. The Company and each of its Subsidiaries is in compliance in all material respects with the labor and
employment laws and collective bargaining agreements and extension orders applicable to its employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Except
as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus or would not be reasonably
expected, individually or in the aggregate, to have a Material Adverse Effect, the Company and each of its Subsidiaries has
at all times operated its business in material compliance with all Environmental Laws (as hereinafter defined), and no
material expenditures are or will be required in order to comply therewith. Neither the Company nor any of its Subsidiaries
has received any notice or communication that relates to or alleges any actual or potential violation or failure to comply
with any Environmental Laws that would, individually or in the aggregate, be reasonably expected to have a Material Adverse
Effect. As used herein, the term &ldquo;<B>Environmental Laws</B>&rdquo; means all applicable laws and regulations, including
any licensing, permits or reporting requirements, and any action by a federal state, local or foreign government entity
pertaining to the protection of the environment, protection of public health, protection of worker health and safety, or the
handling of hazardous materials, including without limitation, the Clean Air Act, 42 U.S.C. &sect; 7401, et seq., the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. &sect; 9601, et seq., the Federal
Water Pollution Control Act, 33 U.S.C. &sect; 1321, et seq., the Hazardous Materials Transportation Act, 49 U.S.C. &sect;
1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. &sect; 690-1, et seq., and the Toxic Substances Control
Act, 15 U.S.C. &sect; 2601, et seq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Intentionally Omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included
in any of the Registration Statement, the General Disclosure Package and the Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ww)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The interactive data in the eXtensible Business Reporting Language (&ldquo;<B>XBRL</B>&rdquo;) included as an exhibit
to the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance
with the Commission&rsquo;s rules and guidelines applicable thereto in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(yy)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any other person associated
with or acting on behalf of the Company or any of its Subsidiaries including, without limitation, any director, officer, agent
or employee of the Company or its Subsidiaries, has, directly or indirectly, while acting on behalf of the Company or its Subsidiaries:
(i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political
activity; (ii)&nbsp;made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic
political parties or campaigns from corporate funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977,
as amended; or (iv) made any other unlawful payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(zz)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956,
as amended (the &ldquo;<B>BHCA</B>&rdquo;) and to regulation by the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal
Reserve</B>&rdquo;). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(aaa)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The operations of the Company and each of its Subsidiaries are and have been conducted at all times in compliance
in all material respects with applicable financial record keeping and reporting requirements and money laundering statutes of the
United States and, to the Company&rsquo;s knowledge, all other jurisdictions to which the Company and each of its Subsidiaries
is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any applicable governmental agency (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(bbb)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Neither the Company nor any of its Subsidiaries, to the knowledge of the Company, any director, officer, agent,
employee or Affiliate of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;); and the Company will not directly
or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any joint venture
partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ccc)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company
as described in each of the Registration Statement, the General Disclosure Package and the Prospectus will violate Regulation&nbsp;T,
U or X of the Board of Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ddd)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(eee)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there are no
contracts, agreements or understandings between the Company and any person (other than contracts, agreements or understandings
between the Company and the Representative or any other Underwriter or contracts, agreements or understandings that have been disclosed
to the Representative that would give rise to a valid claim against the Company or any Underwriter for a brokerage commission,
finder&rsquo;s fee or other like payment in connection with the transactions contemplated by this Agreement, the Registration Statement,
the General Disclosure Package and the Prospectus or, to the Company&rsquo;s best knowledge, any arrangements, agreements, understandings,
payments or issuance with respect to the Company or any of its officers, directors, shareholders, partners, employees, Subsidiaries
or affiliates that may affect the Underwriters&rsquo; compensation as determined by FINRA..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(fff)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Neither the Company nor any of its officers, directors, employees or affiliates directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with, or is a person associated with (within
the meaning of Article I (rr) of the bylaws of the FINRA) any member firm of the FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #010000">(ggg)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates,
except as specifically authorized herein or as specified in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(hhh)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As used in this Agreement, references to matters being &ldquo;<B>material</B>&rdquo; with respect to the Company
shall mean a material event, change, condition, status or effect related to the condition (financial or otherwise), properties,
assets (including intangible assets), liabilities, business, prospects, operations or results of operations of the Company either
individually or taken as a whole, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>As
used in this Agreement, the term &ldquo;<B>knowledge of the Company</B>&rdquo; (or similar language) shall mean the knowledge
of the executive officers and the chairman of the board of directors of the Company who are named in the Prospectus, with the
assumption that such executive officers and the chairman of the board of directors of the Company shall have made reasonable
and diligent inquiry of the matters presented (with reference to what is customary and prudent for the applicable individuals
in connection with the discharge by the applicable individuals of their duties as executive officers and the chairman of the
board of directors of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(jjj)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any certificate signed by or on behalf of the Company and delivered to the Underwriters or to Loeb &amp; Loeb LLP
(&ldquo;<B>Underwriters&rsquo; Counsel</B>&rdquo;) shall be deemed to be a representation and warranty by the Company to each Underwriter
listed on <U>Schedule I</U> hereto as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Offering</U>. Upon authorization of the release of the Securities by the Representative, the Underwriters propose
to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Covenants of the Company</U>. The Company acknowledges, covenants and agrees with the Representative that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the
filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule
430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Representative
of such timely filing. The Company will file with the Commission all Issuer Free Writing Prospectuses in the time and manner required
under Rules 433(d) or 163(b)(2), as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the
opinion of Underwriters&rsquo; Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice
referred to in Rule 173(a) under the Securities Act is no longer required to be provided), in connection with sales by an underwriter
or dealer (the &ldquo;<B>Prospectus Delivery Period</B>&rdquo;), prior to amending or supplementing the Registration Statement
or the Prospectus, the Company shall furnish to the Representatives for review a copy of each such proposed amendment or supplement,
and the Company shall not file any such proposed amendment or supplement to which the Representatives reasonably object within
36 hours of delivery thereof to the Representatives and Underwriters&rsquo; Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>After
the date of this Agreement, the Company shall promptly advise the Representative in writing (i) of the receipt of any
comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any
filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the
General Disclosure Package or the Prospectus, (iii) of the time and date that any post-effective amendment to the
Registration Statement becomes effective, and (iv) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending
its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any Issuer-Represented Free Writing
Prospectus, or of any proceedings to remove, suspend or terminate from listing the Common Shares and/or the Warrants from any
securities exchange upon which they are listed for trading, or of the threatening or initiation of any proceedings for any of
such purposes. If the Commission shall enter any such stop order at any time, the Company will use its commercially
reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that
it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its
commercially reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received
in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(i) During the Prospectus Delivery Period, the Company will comply in all material respects with all requirements
imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in
force, and by the Exchange Act so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated
by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period
any event occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the
General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which such statements were made, not misleading, or if during
such period it is necessary or appropriate in the opinion of the Company or its counsel or the Representative or Underwriters&rsquo;
Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective
purchasers, the General Disclosure Package ) to comply with the Securities Act or to file under the Exchange Act any document which
would be deemed to be incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act,
the Company will promptly notify the Representative and will amend the Registration Statement or supplement the Prospectus (or
if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the
expense of the Company) so as to correct such statement or omission or effect such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If at any time following issuance of an Issuer-Represented Free Writing Prospectus there occurred or occurs an event
or development as a result of which such Issuer-Represented Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement, the Statutory Prospectus or the Prospectus or included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances prevailing at that subsequent time, not misleading, the Company has promptly notified or promptly will
notify the Representative and has promptly amended or will promptly amend or supplement, at its own expense, such Issuer-Represented
Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Company will promptly deliver to the Underwriters and Underwriters&rsquo; Counsel a signed copy of the Registration
Statement, as initially filed and all amendments thereto, including all consents and exhibits filed therewith, and will
maintain in the Company&rsquo;s files manually signed copies of such documents for at least five (5) years after the date of
filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary
Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and
all documents which are exhibits to the Registration Statement and Prospectus or any amendment thereof or supplement thereto,
as the Underwriters may reasonably request. Prior to 10:00 a.m., New York time, on the Business Day next succeeding the date
of this Agreement and from time to time thereafter, the Company will furnish the Underwriters with copies of the Prospectus
in New York City in such quantities as the Underwriters may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with
Rule 430 and Section 5(b) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If the Company elects to rely on Rule 462(b) under the Securities Act, the Company shall both file a Rule 462(b)
Registration Statement with the Commission in compliance with Rule 462(b) and pay the applicable fees in accordance with Rule 111
of the Securities Act by the earlier of: (i) 10:00 p.m., New York City time, on the date of this Agreement, and (ii) the time that
confirmations are given or sent, as specified by Rule 462(b)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will use its commercially reasonable efforts, in cooperation with the Representative, at or prior to
the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws
relating to the offering or sale of the Securities of such jurisdictions, domestic or foreign, as the Representative may reasonably
designate and to maintain such qualification in effect for so long as required for the distribution thereof, except that in no
event shall the Company be obligated in connection therewith to qualify as a foreign corporation or other entity or as a dealer
in securities in any such jurisdiction, to execute a general consent to service of process in any such jurisdiction, or to subject
itself to taxation in any such jurisdiction if it is otherwise not so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>During the 120 day period following the date of this Agreement (the &ldquo;<B>Company Lock-up Perio</B>d&rdquo;),
the Company may not, without the prior written consent of the Representative, (i) offer, sell, issue, agree or contract to sell
or issue or grant any option for the sale of any securities of the Company, except for (A) the issuance of securities under the
Company&rsquo;s 2012 Equity Incentive Plan, as described in the Registration Statement and the Prospectus, or any issuance of securities
to directors of the Company as compensation for their service as directors consistent with the Company&rsquo;s previously disclosed
past practice, (B) the issuance of the Securities, including the issuance of Common Shares upon any exercise of the Pre-Funded
Warrants and/or the Purchase Warrants, (C) the issuance of Class B common shares and/or preferred shares of the Company to one
or more members of management of the Company or their affiliates), (D) the issuance of Common Shares to the holder of the senior
convertible note issued by the Company or to Firment Shipping Inc., and (E) the issuance of Common Shares upon the exercise or
conversion of securities or loan agreements that are issued and outstanding on the date of this Agreement and are described in
(or incorporated by reference in) the Registration Statement and the Prospectus, provided that such securities have not been amended
since the date of this Agreement to increase the number of such securities or to decrease the exercise price or conversion price
of such securities (other than in connection with stock splits, adjustments or combinations as set forth in such securities) or
to extend the term of such securities, or (ii) file any registration statement (other than with respect to the Securities) relating
to the offer or sale of any of the Company&rsquo;s securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Schedule II</U> hereto contains a complete and accurate list of the Company&rsquo;s officers, directors and, to
the Company&rsquo;s knowledge, beneficial holders of 5% or more of the Common Shares (collectively, the &ldquo;<B>Lock-Up Parties</B>&rdquo;).
The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form
attached hereto as <U>Annex I</U> <B>(</B>the &ldquo;<B>Lock-Up Agreement</B>&rdquo;), prior to the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in a Lock-Up
Agreement described in Section 4(j) hereof for an officer or director of the Company and provide the Company with notice of the
impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees
to announce the impending release or waiver by (i) a press release substantially in the form of <U>Annex II</U> hereto through
a major news service or (ii) any other method that satisfies the obligations described in FINRA Rule 5131(d)(2) at least two business
days before the effective date of the release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>For a period of three years from the Closing Date, the Company shall retain Computershare as the Company&rsquo;s
transfer agent and registrar for the Common Shares or a transfer and registrar agent for the Common Shares reasonably acceptable
to the Representative. The Representative acknowledges that any transfer agent and registrar that is a participant in the Fast
Automated Securities Transfer program is acceptable to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>For a period of at least three (3) years from the Effective Date, the Company shall retain a nationally recognized
PCAOB registered independent public accounting firm reasonably acceptable to the Representative. The Representative acknowledges
that the Auditor or any other &ldquo;big four&rdquo; accounting firm, is acceptable to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will not issue press releases or engage in any other publicity, without the Representative&rsquo;s prior
written consent, for a period ending at 5:00 p.m. Eastern time on the first Business Day following the fortieth (40th) day following
the Closing Date, other than normal and customary releases issued in the ordinary course of the Company&rsquo;s business, or as
required by law, regulation or stock exchange rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will apply the net proceeds from the sale of the Securities as set forth under the caption &ldquo;Use
of Proceeds&rdquo; in the Prospectus. Without the written consent of the Representative, no proceeds of the Offering will be used
to pay outstanding loans owed by the Company to officers or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will use commercially reasonable efforts to effect and maintain the listing of the Common Shares on the
Nasdaq Stock Market, the NYSE, or the NYSE American, for at least two (2) years after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company, during the Prospectus Delivery Period, will file all documents required to be filed with the Commission
pursuant to the Securities Act, the Exchange Act and the Rules and Regulations within the time periods required thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will use its commercially best efforts to do and perform all things required to be done or performed
under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will not take, and will use its commercially best efforts to cause its Affiliates not to take, directly
or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute,
cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> The Company will, at all times while any Pre-Funded Warrants are outstanding, use its best efforts to maintain a
registration statement covering the issue and sale of the Pre-Funded Warrant Shares upon exercise of the Pre-Funded Warrant such
that the Pre-Funded Warrant Shares, when issued, will not be subject to resale restrictions under the Securities Act except to
the extent that the Pre-Funded Warrant Shares are owned by an affiliate of the Company. The Company will, at all times while any
Purchase Warrants are outstanding, use its best efforts to maintain a registration statement covering the issue and sale of the
Purchase Warrant Shares upon exercise of the Purchase Warrant such that the Purchase Warrant Shares, when issued, will not be subject
to resale restrictions under the Securities Act except to the extent that the Purchase Warrant Shares are owned by an affiliate
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will, at all times while any Pre-Funded Warrants are outstanding, reserve and keep available out of the
aggregate of its authorized but unissued and otherwise unreserved Common Shares, for the purpose of enabling it to issue Pre-Funded
Warrant Shares upon exercise of such Pre-Funded Warrants, the number of Pre-Funded Warrant Shares that are issuable and deliverable
upon the exercise of the then-outstanding Pre-Funded Warrants. The Company will, at all times while any Purchase Warrants are outstanding,
reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Shares, for the
purpose of enabling it to issue Purchase Warrant Shares upon exercise of such Purchase Warrants, the number of Purchase Warrant
Shares that are issuable and deliverable upon the exercise of the then-outstanding Purchase Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>With respect to any exercise notice(s) and the aggregate exercise price relating thereto related to the Pre-Funded
Warrants that are each delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date (as defined in the
Pre-Funded Warrants), which may be delivered at any time after the time of execution of this Agreement, the Company agrees to deliver
the Pre-Funded Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on such Initial Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As soon as practicable, the Company will make generally available to its security holders and to the Representative
an earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section&nbsp;11(a)
of the Act and Rule&nbsp;158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Company shall cause to be prepared and delivered to the Representative, at its expense, within one (1) Business Day from the
effective date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As
used herein, the term &ldquo;Electronic Prospectus&rdquo; means a form of prospectus, and any amendment or supplement
thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the
Representative, that may be transmitted electronically by the other Underwriters to offerees and purchasers of the Securities
for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Securities
Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to
the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image
material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular
representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic
format, satisfactory to the Representative, that will allow recipients thereof to store and have continuously ready access to
the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the
Internet as a whole and for on-line time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company represents and agrees that, unless it obtains the prior written consent of the Representative, and the
Representative represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will
not make any offer relating to the Securities that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined
in Rule 433 under the Securities Act, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in
Rule 405 under the Securities Act, required to be filed with the Commission; provided that the prior written consent of the parties
hereto shall be deemed to have been given in respect of the free writing prospectuses included in <U>Schedule III</U>. Any such
free writing prospectus consented to by the Company and the Representative is hereinafter referred to as a &ldquo;Permitted Free
Writing Prospectus.&rdquo; Each of the Company and the Representative represents that it has treated or agrees that it will treat
each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied
and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission
filing where required, legending and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company hereby grants the Representative the right of first refusal for a period of nine (9) months from the
Closing Date to act as sole underwriter and sole book-running manager and/or sole placement agent, as the case may be, for any
and all future public and private offerings of <FONT STYLE="font-family: Times New Roman, Times, Serif">equity, equity-linked,
convertible or debt securities of the Company or any successor to the Company, but not, for the avoidance of doubt, a right of
first refusal relating to the Company obtaining commercial or bank financing or any offerings that have no underwriter, placement
agent, finder or by third party introduction where an individual/entity is receiving compensation and/or a fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are
consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the performance
of its obligations hereunder including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all filing fees and communication expenses related to the registration of the Securities to be sold in the Offering
including all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement,
any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering
of copies thereof to the Underwriters and dealers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all fees and expenses in connection with filings with FINRA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all fees, disbursements and expenses of the Company&rsquo;s counsel and accountants in connection with the registration
of the Securities under the Securities Act and the Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all fees and expenses in connection with listing the Shares and the Warrant Shares on the Nasdaq Capital Market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> the costs of all mailing and printing of the underwriting documents (including this Agreement, any blue sky surveys
and, if appropriate, any Agreement Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and
Power of Attorney);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all reasonable travel expenses of the Company&rsquo;s officers and employees and any other expense of the Company
incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates
representing the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the cost and charges of any transfer agent or registrar for the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>any reasonable cost and expenses in conducting background checks of the Company&rsquo;s officers and directors by
a background search firm acceptable to the Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>fees of Underwriters&rsquo; Counsel;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the cost of preparing, printing and delivering certificates representing each of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>all other costs, fees and expenses incident to the performance of the Company obligations hereunder which are not
otherwise specifically provided for in this Section 5;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>provided</U>, <U>however</U>,
that the maximum amount of fees, costs and expenses payable by the Company in respect of Maxim&rsquo;s legal fees shall be $[____].
The Company and the Representative acknowledge that the Company has previously paid to the Representative an advance in an amount
of $15,000 (the &ldquo;<B>Advance&rdquo;</B>) against the Representative&rsquo;s out-of-pocket expenses. Any portion of the Advance
shall be returned back to the Company to the extent not actually incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Notwithstanding anything to the contrary in this Section 5, in the event that this Agreement is terminated by the
Company, pursuant to Section 11(b) hereof, or subsequent to a Material Adverse Change, the Company will pay the out-of-pocket expenses
actually incurred as allowed under FINRA Rule 5110 by the Underwriters through the date of such termination (including the fees
and disbursements of Underwriters&rsquo; Counsel ) in an aggregate amount not to exceed $15,500 less the Advance previously paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Conditions
to the Obligations of the Underwriters.</U> The obligations of the Underwriters to purchase and pay for the Firm Securities
or the Option Securities, as the case may be, as provided herein shall be subject to: (i) the accuracy of the representations
and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the accuracy of the
statements made by the Company and its officers included in any certificates, opinions, written statements or letters
furnished to the Representative or to Underwriters&rsquo; Counsel pursuant to this Section 6, (iii) the performance by the
Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this Section 6,
the terms &ldquo;Closing Date&rdquo; and &ldquo;Closing&rdquo; shall refer to the Closing Date for the Firm Securities or the
Option Securities as the case may be, and each of the foregoing and following conditions must be satisfied as of each
Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Registration Statement shall have become effective and all necessary regulatory or listing approvals shall have
been received not later than 5:30 p.m., New York time, on the date of this Agreement, or at such later time and date as shall have
been consented to in writing by the Representative. If the Company shall have elected to rely upon Rule 430A under the Securities
Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms hereof and a form
of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar
matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to
the Closing Date or the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or
any part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus
or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been
initiated or threatened; any request of the Commission for additional information (to be included in the Registration Statement,
the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with
to the Representative&rsquo;s satisfaction; and FINRA shall have raised no objection to the fairness and reasonableness of the
underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representative shall not have reasonably determined, and advised the Company, that the Registration Statement,
the General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus,
contains an untrue statement of fact which, in the Representative&rsquo;s reasonable opinion, is material, or omits to state a
fact which, in the Representative&rsquo;s reasonable opinion, is material and is required to be stated therein or necessary to
make the statements therein not misleading; provided, however, that if in the Representative&rsquo;s opinion such deficiency is
curable Representative shall have given the Company reasonable notice of such deficiency and a reasonable chance to cure such deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representative shall have received the written opinion of Watson Farley &amp; Williams LLP, the legal counsel
for the Company, dated as of the Closing Date in form and substance reasonably satisfactory to the Representative and Underwriters&rsquo;
Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Representative shall have received a certificate of the Chief Executive Officer and Chief Financial Officer of the Company,
dated as of each Closing Date to the effect that: (i) the condition set forth in subsection (a) of this Section 6 has been
satisfied, (ii) as of the date hereof and as of the applicable Closing Date, the representations and warranties of the
Company set forth in Section 2 hereof are accurate, (iii) as of the applicable Closing Date, all agreements, conditions and
obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or
complied with, (iv) subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus the Company has not sustained any material loss or interference with their respective businesses, whether or not
covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the
effectiveness of the Registration Statement or any post-effective amendment thereof has been issued and no proceedings
therefor have been initiated or threatened by the Commission, and (vi) subsequent to the respective dates as of which
information is given in the Registration Statement and the Prospectus there has not been any Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>On the date of this Agreement and on the Closing Date, the Representative shall have received a &ldquo;cold comfort&rdquo;
letter from the Auditor as of the date of delivery and addressed to the Representative and in form and substance satisfactory to
the Representative and Underwriters&rsquo; Counsel, confirming that they are independent certified public accountants with respect
to the Company within the meaning of the Securities Act and the Rules and Regulations, and stating, as of the date of delivery
(or, with respect to matters involving changes or developments since the respective dates as of which specified financial information
is given in the Prospectus, as of a date not more than five (5) days prior to the date of such letter), the conclusions and findings
of such firm with respect to the financial information and other matters relating to the Registration Statement and the Prospectus
covered by such letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, there shall not have been
any change in the capital stock or long-term debt of the Company or any change or development involving a change, whether or not
arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations,
shareholders&rsquo; equity, properties or prospects of the Company including but not limited to the occurrence of any fire, flood,
storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is,
in the sole judgment of the Representative, so material and adverse as to make it impracticable or inadvisable to proceed with
the Offering on the terms and in the manner contemplated in the Prospectus (exclusive of any supplement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Prior to the execution and delivery of this Agreement, the Representative shall have received a lock-up agreement
from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached hereto
as <U>Annex I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Common Shares are registered under the Exchange Act and, as of the Closing Date, the Shares and the Warrant Shares
shall be listed on the Nasdaq Capital Market and satisfactory evidence of such action shall have been provided to the Representative.
The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common
Shares under the Exchange Act or delisting or suspending from trading the Common Shares from the Nasdaq Capital Market, nor has
the Company received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such
registration of listing, except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus. The
Shares and the Warrant Shares shall be DTC eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of
the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any
federal, state or foreign governmental or regulatory authority, including any applicable maritime authority that would, as of
the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign
court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall have furnished the Representative with a Certificate of Good Standing for the Company certified
by the Registrar of Corporations of the Republic of the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall have furnished the Representative with a duly executed copy of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall have furnished the Representative and Underwriters&rsquo; Counsel with such other certificates,
opinions or other documents as they may have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the conditions
specified in this Section 6 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates,
opinions, written statements or letters furnished to the Representative or to Underwriters&rsquo; Counsel pursuant to this Section
6 shall not be reasonably satisfactory in form and substance to the Representative and to Underwriters&rsquo; Counsel, all obligations
of the Underwriters hereunder may be cancelled by the Representative at, or at any time prior to, the consummation of the Closing.
Notice of such cancellation shall be given to the Company in writing or by telephone. Any such telephone notice shall be confirmed
promptly thereafter in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>The
Company agrees to indemnify and hold harmless each Underwriter, its officers, directors and employees, and each Person, if
any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable
attorneys&rsquo; fees and any and all expenses whatsoever incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or
litigation), joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or
otherwise(including in settlement of any litigation if such settlement is effected with the written consent of the Company),
insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based
upon (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement,
including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any
subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, the General Disclosure Package, the Prospectus,
or any amendment or supplement thereto (including any documents filed under the Exchange Act and deemed to be incorporated by
reference into the Prospectus), (B) any Issuer Free Writing Prospectus or in any other materials or information provided to
investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities,
including any road show or investor presentations made to investors by the Company (whether in person or electronically)
(collectively &ldquo;<B>Marketing Materials</B>&rdquo;) or (C) any filings or reports filed by the Company under the Exchange
Act or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal
or other expenses reasonably incurred by it in connection with investigating or defending against such loss, claim, damage,
liability or action; or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company
contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder or under
law; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim,
damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the
Prospectus, or any such amendment or supplement, any Issuer Free Writing Prospectus or any other Marketing Materials, in
reliance upon and in conformity with the Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, each of the directors
of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if
any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against
any losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to attorneys&rsquo; fees
and any and all expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened,
or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they
or any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, liabilities,
claims, damages or expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, as originally filed or any amendment thereof, or any related
Preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein
in reliance upon and in conformity with the Underwriters&rsquo; Information; provided, however, that in no case shall any Underwriter
be liable or responsible for any amount in excess of the underwriting discount applicable to the Securities to be purchased by
such Underwriter hereunder. The parties agree that such information provided by or on behalf of any Underwriter through the Representative
consists solely of the material referred to in the last sentence of Section 2(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Promptly
after receipt by an indemnified party under subsection (a) or (b) above of notice of any claims or the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such
subsection, notify each party against whom indemnification is to be sought in writing of the claim or the commencement
thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which
it may have under this Section 7 to the extent that it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability that such indemnifying party may have otherwise than on account of the indemnity
agreement hereunder). In case any such claim or action is brought against any indemnified party, and it notifies an
indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate, at its own expense in
the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly
after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to
such indemnified party; provided however, that counsel to the indemnifying party shall not (except with the written consent
of the indemnified party) also be counsel to the indemnified party. Notwithstanding the foregoing, the indemnified party or
parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel
shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been
authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying
parties shall not have employed counsel to have charge of the defense of such action within a reasonable time after notice of
commencement of the action, (iii) the indemnifying party does not diligently defend the action after assumption of the
defense, or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the
positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action
or there may be legal defenses available to it or them which are different from or additional to those available to one or
all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of
such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by
the indemnifying parties and shall be paid as incurred. No indemnifying party shall, without the prior written consent of the
indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending
or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have
been sought by an indemnified party under this Section 7 or Section 8 hereof (whether or not the indemnified party is an
actual or potential party thereto), unless (x) such settlement, compromise or judgment (i) includes an unconditional release
of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (ii) does not
include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified
party, and (y) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such
settlement, compromise or judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Contribution</U>.
In order to provide for contribution in circumstances in which the indemnification provided for in Section 7 is for any
reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder,
the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the
nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in
connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after
deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received
by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who
control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, officers of the
Company who signed the Registration Statement and directors of the Company) as incurred to which the Company and one or more
of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the
Company and the Underwriters from the Offering or, if such allocation is not permitted by applicable law, in such proportions
as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and
the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities
or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the
Underwriters shall be deemed to be in the same proportion as (x) the total proceeds from the Offering (net of underwriting
discounts and commissions but before deducting expenses) received by the Company bears to (y) the underwriting discount or
commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The
relative fault of each of the Company and of the Underwriters shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or the Underwriters and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata
allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this Section. The aggregate amount of losses,
liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 8 shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission. Notwithstanding the provisions of this Section 8: (i) no Underwriter shall be
required to contribute any amount in excess of the discounts and commissions applicable to the Securities underwritten by it
and distributed to the public and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 8, each Person, if any, who controls an Underwriter within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such
Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (i) and
(ii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made
against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so
notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation
it or they may have under this Section 8 or otherwise. The obligations of the Underwriters to contribute pursuant to this
Section 8 are several in proportion to the respective number of Securities to be purchased by each of the Underwriters
hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Underwriter Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>If
any Underwriter or Underwriters shall default in its or their obligation to purchase Firm Securities hereunder, and if the
securities with respect to which such default relates (the &ldquo;<B>Default Securities</B>&rdquo;) do not (after giving
effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate 10% of
the number of Firm Securities, each non-defaulting Underwriter, acting severally and not jointly, agrees to purchase from the
Company that number of Default Securities that bears the same proportion of the total number of Default Securities then being
purchased as the number of Firm Securities set forth opposite the name of such Underwriter on <U>Schedule I</U> hereto bears
to the aggregate number of Firm Securities set forth opposite the names of the non-defaulting Underwriters, subject, however,
to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event that the aggregate number of Default Securities exceeds 10% of the number of Firm Securities, the Representative
may in its discretion arrange for themselves or for another party or parties (including any non-defaulting Underwriter or Underwriters
who so agree) to purchase the Default Securities on the terms contained herein. In the event that within 48 hours after such a
default the Representative does not arrange for the purchase of the Default Securities as provided in this Section 9, this Agreement
shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in
Sections 5, 7, 8, 9 and 11(d)) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters
of its or their liability, if any, to the other Underwriters and the Company for damages occasioned by its or their default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event that any Default Securities are to be purchased by the non-defaulting Underwriters, or are to be purchased
by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for
a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration
Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or
supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters&rsquo; Counsel, may
thereby be made necessary or advisable. The term &ldquo;Underwriter&rdquo; as used in this Agreement shall include any party substituted
under this Section 9 with like effect as if it had originally been a party to this Agreement with respect to such Firm Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Survival of Representations and Agreements</U>. All representations and warranties, covenants and agreements of
the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto,
including the agreements contained in Sections 5, 10, 14 and 15, the indemnity agreements contained in Section 7 and the contribution
agreements contained in Section 8 hereof, shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of any Underwriter or any controlling Person thereof or by or on behalf of the Company, any of its officers and
directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters.
The representations contained in Section 2 hereof and the covenants and agreements contained in Sections 5, 7, 8, this Section
10 and Sections 12, 13, 14 and 15 hereof shall survive any termination of this Agreement, including termination pursuant to Section
9 or 11 hereof. The representations and covenants contained in Sections 2, 3 and 4 hereof shall survive termination of this Agreement
if any Securities are purchased pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effective Date of Agreement; Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>This
Agreement shall become effective upon the later of: (i) receipt by the Representative and the Company of notification of the
effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this
Agreement, the provisions of this Section 11 and of Sections 5, 7, 8, 12, 13, 14 and 15, inclusive, shall remain in full
force and effect at all times after the execution hereof. If this Agreement is terminated after any Securities have been
purchased hereunder, the provisions of Sections 2, 3 and 4 hereof shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representative shall have the right to terminate this Agreement at any time prior to the consummation of the
Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the opinion of the Representative
will in the immediate future materially disrupt, the market for the Company&rsquo;s securities or securities in general; or (ii)
trading on the New York Stock Exchange or the Nasdaq Stock Market shall have been suspended or been made subject to material limitations,
or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required,
on the New York Stock Exchange or the Nasdaq Stock Market or by order of the Commission, FINRA or any other governmental authority
having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or if any material disruption
in commercial banking or securities settlement or clearance services shall have occurred; (iv) any downgrading shall have occurred
in the Company&rsquo;s corporate credit rating or the rating accorded the Company&rsquo;s debt securities by any &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined for purposes of Rule 436(g) under the Securities Act) or if any such
organization shall have been publicly announced that it has under surveillance or review, with possible negative implications,
its rating of any of the Company&rsquo;s debt securities; or (v) (A) there shall have occurred any outbreak or escalation of hostilities
or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States
or (B) there shall have been any other calamity or crisis or any change in political, financial or economic conditions if the effect
of any such event in (A) or (B), in the judgment of the Representative, is so material and adverse that such event makes it impracticable
or inadvisable to proceed with the offering, sale and delivery of the Firm Units on the terms and in the manner contemplated by
the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any notice of termination pursuant to this Section 11 shall be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If this Agreement shall be terminated pursuant to any of the provisions hereof or if the sale of the Securities provided
for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or
because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision
hereof, the Company will, subject to demand by the Representative, reimburse the Underwriters for those out-of-pocket expenses
(including the reasonable fees and expenses of Underwriters&rsquo; Counsel), actually incurred by the Underwriters in connection
herewith up to a maximum of $15,000 less the Advance previously paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Notices</U>.
All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if sent to the Representative or any Underwriter, shall be mailed, delivered, or faxed and confirmed in writing,
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Maxim Group LLC<BR>
405 Lexington Avenue<BR>
New York, New York 10174<BR>Attention: Clifford A. Teller, Executive Managing Director of Investment Banking,<BR>Fax: 212-895-3555</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">with a copy to Underwriters&rsquo; Counsel at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, New York 10154<BR>
Attention: Mitchell Nussbaum, Esq.<BR>
Fax: 212-407-4990</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if sent to the Company, shall be mailed, delivered, or faxed and confirmed in writing to the Company and its counsel
(which shall not constitute notice) at the addresses set forth in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>provided</I>, <I>however</I>,
that any notice to an Underwriter pursuant to Section 7 shall be delivered or sent by mail or facsimile transmission to such Underwriter
at its address set forth in its acceptance facsimile to the Representative, which address will be supplied to any other party hereto
by the Representative upon request. Any such notices and other communications shall take effect at the time of receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Parties; Limitation of Relationship</U>. This Agreement shall inure solely to the benefit of, and shall be binding
upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in Sections
7 and 8 hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This
Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto
and said controlling Persons and their respective successors, officers, directors, heirs and legal representative, and it is not
for the benefit of any other Person. The term &ldquo;successors and assign&rdquo;&rdquo; shall not include a purchaser, in its
capacity as such, of Securities from any of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law.</U> This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to conflict of laws principles (other than Section 5-1401 of the General Obligations Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Submission
of Jurisdiction</U>. The Company hereby submits to the non-exclusive jurisdiction of the U.S. federal and New York state
courts in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to this
Agreement, the Registration Statement, the Prospectus and the transactions contemplated hereby. The parties hereby
irrevocably and unconditionally waive any objection to the laying of venue of any lawsuit, action or other proceeding in such
courts, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any
such lawsuit, action or other proceeding brought in any such court has been brought in an inconvenient forum. To the extent
that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction
of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest
extent permitted by law, such immunity in respect of any such suit, action or proceeding. EACH OF THE COMPANY (ON BEHALF OF
ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, AND THE PROSPECTUS. The Company
irrevocably appoints Watson Farley &amp; Williams LLP as its authorized agent in the Borough of Manhattan, The City of New
York, New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The
Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such
agent in full force and effect for a period of seven years from the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Judgment Currency</U><I>.</I> The obligation of the Company in respect of any sum due to any Underwriter under
this Agreement shall, notwithstanding any judgment in a currency other than U.S. dollars (the &ldquo;<B>Judgment Currency</B>&rdquo;),
not be discharged until the first business day, following receipt by such Underwriter of any sum adjudged to be so due in the Judgment
Currency, on which (and only to the extent that) such Underwriter may in accordance with normal banking procedures purchase U.S.
dollars with the Judgment Currency; if the U.S. dollars so purchased are less than the sum originally due to such Underwriter hereunder,
the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter against such
loss. If the U.S. dollars so purchased are greater than the sum originally due to such Underwriter hereunder, such Underwriter
agrees to pay to the Company an amount equal to the excess of the U.S. dollars so purchased over the sum originally due to such
Underwriter hereunder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Entire Agreement</U>. This Agreement, together with the exhibits, schedules and annexes attached hereto and as
the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties
hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Severability</U>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable
to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this
Agreement and this Agreement shall be valid and enforced to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment</U>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Waiver,
etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be
deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any
provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is
sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Fiduciary Relationship</U>. The Company hereby acknowledges that the Underwriters are acting solely as underwriters
in connection with the offering of the Company&rsquo;s Securities. The Company further acknowledge that the Underwriters are acting
pursuant to a contractual relationship created solely by this Agreement entered into on an arm&rsquo;s length basis and in no event
do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders,
creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance
of the offering of the Company&rsquo;s Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim
any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement
or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.
The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary responsibility in
favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including any negotiation
related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has
deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each
responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed
by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect
to the price or market for the Company&rsquo;s securities, do not constitute advice or recommendations to the Company. The Company
hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters
with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions
contemplated by this Agreement or any matters leading up to such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">22.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Warrant Solicitation Fee</U>. The Company hereby agrees to pay the Representative a warrant solicitation fee of
six percent (6%) of the gross proceeds received by the Company for each exercise of a Purchase Warrant sold in the Offering that
has been solicited by the Representative at the request of the Company. The warrant solicitation fee will be payable in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">23.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart
of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">24.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Headings</U>. The headings herein are inserted for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: #010000">25.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Time is of the Essence</U>. Time shall be of the essence of this Agreement. As used herein, the term &ldquo;Business
Day&rdquo; shall mean any day other than a Saturday, Sunday or any day on which the major stock exchanges in New York, New York
are not open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Pages Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute
a binding agreement among us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">GLOBUS MARITIME LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted by the Representative, acting for themselves and
as<BR>
Representative of the Underwriters named on <U>Schedule I</U> attached hereto,<BR>
as of the date first written above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MAXIM GROUP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 37%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Clifford A. Teller</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Executive Managing Director,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Investment Banking</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule&nbsp;I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold">Underwriters</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold; text-align: center">Number&nbsp;of<BR> Units including Common Shares<BR> to&nbsp;be&nbsp;Purchased</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold; text-align: center">Number&nbsp;of<BR> Units Including Pre-Funded<BR> Warrants<BR> to&nbsp;be<BR> Purchased</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Maxim Group, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">[_____]</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">[_____]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"><B>Lock-Up Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Athanasios Feidakis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Georgios Feidakis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffrey O. Parry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ioannis Kazantzidis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Olga Lambrianidou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Free Writing Prospectus</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE IV</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subsidiaries</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Globus Shipmanagement Corp. a Marshall Islands
corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Devocean Maritime Ltd., a Marshall Islands
corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Domina Maritime Ltd., a Marshall Islands
corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dulac Maritime S.A., a Marshall Islands
corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Artful Shipholding S.A., a Marshall Islands
corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Longevity Maritime Limited, a Malta corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Lock-Up Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maxim Group LLC<BR>
405 Lexington Avenue<BR>
New York, NY 10174</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that Maxim Group
LLC (the &ldquo;<B>Representative</B>&rdquo;) proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>
 &ldquo;) with Globus Maritime Limited., a Republic of the Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), providing
for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of Common Shares, par value $0.004 per share (the &ldquo;Common
Shares&rdquo;), pre-funded warrants to purchase Common Shares of the Company (&ldquo;<B>Pre-Funded Warrants</B>&rdquo;), and certain
additional warrants to purchase Common Shares of the Company (the &ldquo;<B>Purchase Warrants</B>&rdquo; and collectively with
the Common Shares and the Pre-Funded Warrants referred to as, the &ldquo;<B>Securities</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To induce the Representative to
continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written
consent of the Representative, the undersigned will not, during the period commencing on the date of the Underwriting
Agreement and ending one hundred twenty (120) days after such date (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) offer,
pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares
or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired
by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively,
the &ldquo;<B>Lock-Up Securities</B>&rdquo;); (2) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any
demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the
intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement
relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may
transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions
relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; (b)
transfers of Lock-Up Securities (i) as a <I>bona fide</I> gift, by will or intestacy, (ii) by operation of law, such as
pursuant to a qualified domestic order or as required by a divorce settlement, or (iii) to a family member or trust for the
benefit of a family member (for purposes of this lock-up agreement, &ldquo;family member&rdquo; means any relationship by
blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or
educational institution; (d) transfer of Lock-Up Securities to the undersigned&rsquo;s affiliates (within the meaning set
forth in Rule 405 under the Securities Act) or to any investment fund or other entity controlled by or under common control
or management with the undersigned or its affiliates, or (e) if the undersigned, directly or indirectly, controls a
corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any
shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; <U>provided</U>
that in the case of any transfer pursuant to the foregoing clauses (b), (c), (d) or (e), (i) any such transfer shall not
involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement
substantially in the form of this lock-up agreement. The undersigned also agrees and consents to the entry of stop transfer
instructions with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s Lock-Up
Securities except in compliance with this lock-up agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the undersigned is an officer or director
of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any Securities that the
undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the
effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the
Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting
Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days
before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer
or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this
paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration
and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and
for the duration that such terms remain in effect at the time of such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No provision in this lock-up agreement shall
be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable
for or convertible into Common Shares, as applicable; <U>provided</U> that the undersigned does not transfer the Common Shares
acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of
this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification
of a so-called &ldquo;10b5-1&rdquo; plan at any time (other than the entry into or modification of such a plan in such a manner
as to cause the sale of any Lock-Up Securities within the Lock-Up Period) or a sale of 100% of the Company&rsquo;s outstanding
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that the Company
and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned
further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives,
successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that, if the
Underwriting Agreement is not executed by _________, 2020, or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold thereunder,
then this lock-up agreement shall be void and of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether or not the Public Offering actually
occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting
Agreement, the terms of which are subject to negotiation between the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Name - Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Name of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Title of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANNEX II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FORM OF PRESS RELEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Globus Maritime Limited (the &ldquo;Company&rdquo;) announced
today that Maxim Group LLC, the sole book-running manager in the Company&rsquo;s recent public sale of _____ Common Shares, ______
Pre-Funded Warrants and ________ Purchase Warrants, are [waiving][releasing] a lock-up restriction with respect to ____ shares
of the Company&rsquo;s Common Shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release]
will take effect on ____, 2020 and the shares may be sold on or after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This press release is not an offer for sale of the securities
in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold
in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[to be attached]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none"></FONT></P>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2022605d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 4.1</B></P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">GLOBUS MARITIME LIMITED</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPUTERSHARE INVESTOR SERVICES, as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrant Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrant Agency Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of June , 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>WARRANT AGENCY AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WARRANT AGENCY AGREEMENT,
dated as of June , 2020 (&ldquo;<U>Agreement</U>&rdquo;), between Globus Maritime Limited, a corporation organized under the laws
of the Republic of the Marshall Islands (the &ldquo;<U>Company</U>&rdquo;), and Computershare Investor Services (the &ldquo;<U>Warrant
Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
a registered offering by the Company (the &ldquo;<U>Offering</U>&rdquo;)&nbsp;of up to ______________ common shares, par value
$0.004 per share (the &ldquo;<U>Common Shares</U>&rdquo;) of the Company (or up to ________ Pre-Funded Warrants to purchase Common
Shares for any purchaser who, as a result of purchasing securities in this offering, would, together with its affiliates and other
related parties, beneficially own more than 4.99% or 9.99% of our outstanding Common Shares immediately following the consummation
of the Offering) (the &ldquo;<U>Pre-Funded Warrants</U>&rdquo; and, together with the Common Shares and the Common Shares issuable
upon exercise of the Pre-Funded Warrants, the &ldquo;<U>Shares</U>&rdquo;) and up to _________ Class A Warrants (the &ldquo;<U>Warrants</U>&rdquo;)
to purchase ________ Common Shares (the &ldquo;<U>Warrant Shares</U>&rdquo;) at a price of $____ per share; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
granted an over-allotment option to purchase up to fifteen percent (15%) of&nbsp; the aggregate number of Shares and/or Warrants
sold, including warrants to purchase an additional ______________Common Shares (the &ldquo;<U>Over-Allotment Option</U>&rdquo;)
to the Underwriters; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, upon the terms
and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form F-1, as amended
(File No. 333-238119) (the &ldquo;<U>Registration Statement</U>&rdquo;), and the terms and conditions of the Warrant Certificate,
the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the &ldquo;<U>Holders</U>,&rdquo;
which term shall include a Holder&rsquo;s transferees, successors and assigns and &ldquo;Holder&rdquo; shall include, if the Warrants
are held in &ldquo;street name,&rdquo; a Participant (as defined below) or a designee appointed by such Participant); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Common
Shares (or Pre-Funded Warrants) and Warrants to be issued in connection with the Offering shall be issued separately, but will
be purchased together in the Offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent&rsquo;s capacity as the Company&rsquo;s
transfer agent, the delivery of the Warrant Shares (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Definitions</U>. For purposes of this Agreement, all capitalized terms not herein defined shall have the
meanings hereby indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<U>Affiliate</U>&rdquo; has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934,
as amended (the &ldquo;<U>Exchange Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Business Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday
in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action
to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Close of Business</U>&rdquo; on any given date means 5:00 p.m., New York City time, on such date; <U>provided</U>,
<U>however</U>, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business
Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Person</U>&rdquo; means an individual, corporation, association, partnership, limited liability company, joint
venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<U>Warrant Certificate</U>&rdquo; means a certificate in substantially the form attached as <U>Exhibit 1</U> hereto,
representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate
in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All other capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company
in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Global Warrants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrants shall be registered securities and shall be evidenced by a global warrant (the &ldquo;<U>Global Warrants</U>&rdquo;),
in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede &amp;
Co., a nominee of The Depository Trust Company (the &ldquo;<U>DTC</U>&rdquo;), or as otherwise directed by the DTC. Ownership of
beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) the DTC or its nominee for each Global Warrant or (ii) institutions that have accounts with the DTC (such institution, with
respect to a Warrant in its account, a &ldquo;<U>Participant</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for,
or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the DTC to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent
to deliver to each Holder a Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant
Certificate Request Notice (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon written notice by a Holder to the
Warrant Agent for the exchange of some or all of such Holder&rsquo;s Global Warrants for a separate certificate substantially in
the form attached hereto as <U>Exhibit 1</U> (such separate certificate, a &ldquo;<U>Definitive Certificate</U>&rdquo;) evidencing
the same number of Warrants, which request shall be in the form attached hereto as <U>Exhibit 2</U> (a &ldquo;<U>Warrant Certificate
Request Notice</U>&rdquo; and the date of delivery of such Warrant Certificate Request Notice by the Holder, the &ldquo;<U>Warrant
Certificate Request Notice Date</U>&rdquo; and the deemed surrender upon delivery by the Holder of a number of Global Warrants
for the same number of Warrants evidenced by a Warrant Certificate, a &ldquo;<U>Warrant Exchange</U>&rdquo;), the Warrant Agent
shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such
number of Warrants in the name set forth in the Warrant Certificate Request Notice.&nbsp; Such Definitive Certificate shall be
dated the original issue date of the Warrants, shall be executed manually or by facsimile by an authorized signatory of the Company,
shall be substantially in the form attached hereto as <U>Exhibit 1</U> and shall be reasonably acceptable in all respects to such
Holder.&nbsp; In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver,
the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the
delivery instructions in the Warrant Certificate Request Notice (&ldquo;<U>Warrant Certificate Delivery Date</U>&rdquo;).&nbsp;
If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to a Warrant Certificate Request
Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants)
of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Definitive Certificate,
the Holder rescinds such Warrant Exchange.&nbsp; The Company covenants and agrees that, upon the date of delivery of the Warrant
Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything
to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions
of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein,
shall not apply to the Warrants evidenced by the Definitive Certificate.&nbsp; Notwithstanding anything to the contrary contained
in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate,
as it may from time to time be amended, the terms of such Definitive Certificate shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>A
Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from
time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below).
Upon written notice by a Holder to the Company for the exchange of some or all of such Holder&rsquo;s Warrants evidenced by a
Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the DTC evidencing the
same number of Warrants, which request shall be in the form attached hereto as <U>Exhibit 3</U> (a &ldquo;<U>Global Warrants
Request Notice</U>&rdquo; and the date of delivery of such Global Warrants Request Notice by the Holder, the &ldquo;<U>Global
Warrants Request Notice Date</U>&rdquo; and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive
Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form
through the DTC, a &ldquo;<U>Global Warrants Exchange</U>&rdquo;), the Company shall promptly effect the Global Warrants
Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of
Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants shall be delivered by the
DTC&rsquo;s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants
Request Notice.&nbsp; In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver
the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request
Notice pursuant to the delivery instructions in the Global Warrant Request Notice (&ldquo;<U>Global Warrants Delivery
Date</U>&rdquo;). The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the
Holder shall be deemed to be the beneficial holder of such Global Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form of Warrant Certificates</U>. The Warrant Certificate, together with the form of election to purchase Common
Shares (&ldquo;<U>Notice of Exercise</U>&rdquo;) and the form of assignment to be printed on the reverse thereof, shall be substantially
in the form of <U>Exhibit 1</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Countersignature and Registration</U>. The Warrant Certificates shall be executed on behalf of the Company by
its Chief Executive Officer or Chief Financial Officer, by facsimile signature. The Warrant Certificates shall be countersigned
by the Warrant Agent by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer
of the Company who shall have signed any of the Warrant Certificates shall cease to be such officer of the Company before countersignature
by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by
the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificate
had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant
Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of
the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant
Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate.&nbsp; The Warrant Agent will create a special account for the issuance of Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates</U>.
With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first
paragraph of Section 6 and subject to applicable law, rules or regulations, or any &ldquo;stop transfer&rdquo; instructions
the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close
of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Warrant Certificate or Warrant
Certificates or Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Warrant
Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling the Holder to purchase a like number of
Common Shares as the Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants surrendered then
entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Warrant Certificate or
Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the Warrant Certificate
or Warrant Certificates to be transferred, split up, combined or exchanged at the principal office of the Warrant Agent,
provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether
in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such
request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this
first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant
Certificates, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange
of Warrant Certificates. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the
parties hereto and provided separately on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate,
which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof
remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount (but shall not include the posting
of any bond by the Holder), and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto,
and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver
a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost,
stolen, destroyed or mutilated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise of Warrants; Exercise Price; Termination Date</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Warrants shall be exercisable commencing on the Issue Date. The Warrants shall cease to be exercisable and shall terminate
and become void as set forth in the Warrant Certificate.&nbsp; Subject to the foregoing and to Section 7(b) below, the Holder
of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the
executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire
transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the principal office of the
Warrant Agent or to the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case
of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise
Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant
is a beneficial interest in a Global Warrant held in book-entry form through the DTC (or another established clearing
corporation performing similar functions), shall effect exercises by delivering to the DTC (or such other clearing
corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise
that are required by the DTC (or such other clearing corporation, as applicable). The Company acknowledges that the bank
accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name
and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for
its benefit of funds held in those accounts from time to time.&nbsp; Neither the Company nor the Holders will receive
interest on any deposits or Exercise Price.&nbsp; No ink-original Notice of Exercise shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. The Company hereby
acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a
Global Warrant held in book-entry form through the DTC (or another established clearing corporation performing similar
functions), upon delivery of irrevocable instructions to such holder&rsquo;s Participant to exercise such warrants, that
solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant
Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise
to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant
Agent shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order
of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder,
no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant
in the DWAC system of the DTC and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates
for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder&rsquo;s broker
with the DTC through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders
pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not
that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise,
if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant
Shares to be purchased upon exercise of such Holder&rsquo;s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery
Date, the Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such
payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until
such payment is delivered to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account
of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing)
and shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise
of any Warrant are received of the amount so deposited to its account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cancellation
and Destruction of Warrant Certificates</U>. All Warrant Certificates surrendered for the purpose of exercise, transfer,
split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant
Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant
Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The
Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire,
any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant
Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company,
destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the
Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled
certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Representations; Reservation and Availability of Common Shares or Cash</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution
and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against
the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming
due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration
Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their
terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors&rsquo; rights generally or by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the date hereof, the authorized capital stock of the Company consists of (i) 500,000,000 Common Shares, of which approximately
6,416,666 Common Shares are issued and outstanding as of June 15, 2020, and ____________Common Shares are reserved for issuance
upon exercise of the Warrants, (ii) 100,000,000 Class B common shares, par value $0.001 per share, and (iii) 100,000,000 preferred
shares, par value $0.001 per share, of which 5,000 Series B preferred shares are issued and outstanding. Except as disclosed in
the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase
from the Company any class of capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued
Common Shares or its authorized and issued Common Shares held in its treasury, free from preemptive rights, the number of Common
Shares that will be sufficient to permit the exercise in full of all outstanding Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent will create a special account for the issuance of Common Shares upon the exercise of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates
evidencing Common Shares upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or
governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant
Certificates or the issuance or delivery of certificates for Common Shares in a name other than that of the Holder of the
Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for Common Shares
upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or
governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been
established to the Company&rsquo;s reasonable satisfaction that no such tax or governmental charge is due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Common Shares Record Date</U>. Each Person in whose name any certificate for Common Shares is issued (or to whose
broker&rsquo;s account is credited Common Shares through the DWAC system) upon the exercise of Warrants shall for all purposes
be deemed to have become the holder of record for the Common Shares represented thereby on, and such certificate shall be dated,
the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant
is duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received
on or prior to the Warrant Share Delivery Date; <U>provided</U>, <U>however</U>, that if the date of submission of the Notice of
Exercise is a date upon which the Common Shares transfer books of the Company are closed, such Person shall be deemed to have become
the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Shares transfer
books of the Company are open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustment of Exercise Price, Number of Common Shares or Number of the Company Warrants</U>. The Exercise Price,
the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time
as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant
to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares
of capital stock of the Company other than Common Shares, thereafter the number of such other shares so receivable upon exercise
of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11
and 12 of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares.&nbsp; All Warrants
originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall
evidence the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder
upon exercise of the Warrants, all subject to further adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certification of Adjusted Exercise Price or Number of Common Shares</U>. Whenever the Exercise Price or the number
of Common Shares issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a)
promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts
accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Shares a copy
of such certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fractional Common Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants.
Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall
reflect a rounding of such fraction to the nearest whole Warrant (rounded down).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Company shall not issue fractions of Common Share upon exercise of Warrants or distribute stock certificates which
evidence fractional Common Shares. Whenever any fraction of a Common Share would otherwise be required to be issued or distributed,
the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions of the Warrant Agent&rsquo;s Obligations</U>. The Warrant Agent accepts its obligations herein set
forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the
rights hereunder of the Holders from time to time of the Warrant Certificates shall be subject:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Compensation and Indemnification</I>. The Company agrees promptly to pay the Warrant Agent the compensation detailed
on the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof for all services rendered
by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred without gross negligence or willful misconduct by the Warrant Agent in connection with the services rendered hereunder
by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability
or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such
liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection
herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent&rsquo;s
satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the
termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent
be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages
of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been
advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent&rsquo;s
aggregate liability to the Company, or any of the Company&rsquo;s representatives or agents, under this Section 14(a) or under
any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not
exceed in any circumstances, one (1) year&rsquo;s fees received by the Warrant Agent as fees and charges under this Agreement,
but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Agent for the Company</I>. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the
Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for
or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Counsel</I>. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company,
and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>Documents.</I> The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken
or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other
paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Certain Transactions</I>. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire
any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to
the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations
of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent
the Warrant Agent from acting as trustee under any indenture to which the Company is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Liability for Interest</I>. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for
interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Liability for Invalidity</I>. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement
or the Warrant Certificates (except as to the Warrant Agent&rsquo;s countersignature thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Responsibility for Representations</I>. The Warrant Agent shall not be responsible for any of the recitals or representations
herein or in the Warrant Certificate (except as to the Warrant Agent&rsquo;s countersignature thereon), all of which are made solely
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Implied Obligations</I>. The Warrant Agent shall be obligated to perform only such duties as are herein and in the
Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant
Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which
may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any
of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or
for the application by the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility
in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates
or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings
at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purchase or Consolidation or Change of Name of Warrant Agent</U>. Any corporation into which the Warrant Agent
or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger
or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the
corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under
this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided
that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case
at the time such successor Warrant Agent shall succeed to the agency created by this Agreement&nbsp; any of the Warrant Certificates
shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor
Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates
shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of
the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall
have the full force provided in the Warrant Certificates and in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case at any time
the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but
not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have
the full force provided in the Warrant Certificates and in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Duties of Warrant Agent</U>. The Warrant Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the
Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any
action taken or omitted by it in good faith and in accordance with such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate
shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of
this Agreement in reliance upon such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence
or willful misconduct, or for a breach by it of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such
statements and recitals are and shall be deemed to have been made by the Company only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant
Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise
Price or the making of any change in the number of Common Shares required under the provisions of Section 11 or 13 or responsible
for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment
or change (except with respect to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment
of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any Common
Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto
for the carrying out or performing by any party of the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from
the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice
or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action
taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries
out such instructions without gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of
the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent
under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for
any other legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Change
of Warrant Agent</U>. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days&rsquo;
notice in writing sent to the Company and to each transfer agent of the Common Shares, and to the Holders of the Warrant
Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days&rsquo; notice in writing,
sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Shares,
and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become
incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such
notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply
to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this
Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant
Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the
laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate
trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its
appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant
Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant
Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in
writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or
any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance of New Warrant Certificates</U>. Notwithstanding any of the provisions of this Agreement or of the Warrants
to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of
shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the
provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices</U>.
Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant
Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any
Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant
Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following
the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another
recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by
registered or certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is
delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next
Business Day after the date of transmission, if such notice or communication is delivered via facsimile or email attachment
on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the
parties at the following addresses (or at such other address for a party as shall be specified by like notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>If to the Company, to</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">128 Vouliagmenis Avenue, 3rd
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">166 74 Glyfada, Attica, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email: a.g.feidakis@globusmaritime.gr</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Facsimile: +30 210 9608359</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>If to the Warrant Agent, to</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Computershare Investor Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">462 South 4th Street, Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Louisville, KY, 40202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Facsimile: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attn: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any notice delivered
by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on
the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such
email.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company.
Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of
the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a
Holder of any Warrant, such notice shall be sufficiently given if given to the DTC (or its designee) pursuant to the procedures
of the DTC or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Supplements and Amendments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders
of Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global
Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition
or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material
respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In
addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than
a majority of the Common Shares issuable under Warrants which are not beneficially owned by Affiliates of the Company, the
Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights of the Holders of the
Global Warrants; <U>provided</U>, <U>however</U>, that no modification of the terms (including but not limited to the
adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive
liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification
of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby. As
a condition precedent to the Warrant Agent&rsquo;s execution of any amendment, the Company shall deliver to the Warrant Agent
a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms
of this Section 20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Successors</U>. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Benefits of this Agreement</U>. Nothing in this Agreement shall be construed to give any Person other than the
Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement.&nbsp;
This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.&nbsp;
Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with
any provision of this Agreement, the provisions of the Warrant Certificate shall govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law</U>. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
25.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Captions</U>. The captions of the sections of this Agreement have been inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
26.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Information</U>. The Company agrees to promptly provide to the Holders of the Warrants any information it&nbsp;
provides to the holders of the Common Shares, except to the extent any such information is publicly available on the EDGAR system
(or any successor thereof) of the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>[Signature page to
follow]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GLOBUS MARITIME LIMITED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Athanasios Feidakis</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">COMPUTERSHARE INVESTOR SERVICES</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Warrant Certificate</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF CLASS A COMMON SHARE PURCHASE
WARRANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBUS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify; font-size: 10pt">Warrant Shares: [_______]</TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">Issue Date: June&nbsp;&nbsp;, 2020</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS COMMON SHARE PURCHASE
WARRANT (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the &ldquo;<U>Holder</U>&rdquo;)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on June , 2025 (the &ldquo;<U>Termination Date</U>&rdquo;)
but not thereafter, to subscribe for and purchase from Globus Maritime Limited, a Marshall Islands corporation (the &ldquo;<U>Company</U>&rdquo;),
up to ______ Common Shares (as subject to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;).&nbsp; The purchase price
of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (&ldquo;DTC&rdquo;)
shall initially be the sole registered holder of this Warrant, subject to a Holder&rsquo;s right to elect to receive a Warrant
in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>.&nbsp; In addition to the terms defined elsewhere in this Warrant, the following terms have the
meanings indicated in this Section 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bid Price</B>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Share is then listed
or quoted on a Trading Market, the bid price of the Common Share for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Share is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Share for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Share is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Share are then reported on the Pink
Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Shares</B>&rdquo;
means common shares of the Company, par value $0.004 per share, and any other class of securities into which such securities may
hereafter be reclassified or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Share
Equivalents</B>&rdquo; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Statement</B>&rdquo; means the Company&rsquo;s registration statement on Form F-1 (File No. 333-238119).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Trading Day</B>&rdquo;
means a day on which the Common Share is traded on a Trading Market. &ldquo;Trading Market&rdquo; means any of the following markets
or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq
Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to
any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transfer
Agent</B>&rdquo; means Computershare Inc. with offices located at 462 South 4th Street, Suite 1600, Louisville, KY, 40202, and
any successor transfer agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Underwriting
Agreement</B>&rdquo; means the underwriting agreement, dated as of June , 2020 among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>VWAP</B>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are
then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the
nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if
prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair
market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant Agency
Agreement</B>&rdquo; means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the
Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant Agent</B>&rdquo;
means the Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrants</B>&rdquo;
means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>.&nbsp; Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented
by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination
Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the &ldquo;<U>Notice of Exercise</U>&rdquo;).&nbsp; Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or by certified or official bank check in United States dollars unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.<B>&nbsp;</B>No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required.&nbsp; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&nbsp; The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.&nbsp; <B>The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other
clearing corporation, as applicable), subject to a Holder&rsquo;s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary
contained herein, a beneficial holder of the Warrant shall have all of the rights and remedies of the &ldquo;Holder&rdquo; hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>.&nbsp; The exercise price per Common Share under this Warrant shall be <B>$ </B>, subject to adjustment
hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cashless Exercise</U>.&nbsp; If at the time of exercise hereof, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder then this Warrant may
also be exercised, in whole or in part, at such time by means of a &ldquo;cashless exercise&rdquo; in which the Holder shall be
entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(A) = as applicable: (i) the VWAP on the
Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to
Section 2(a) hereof on a Trading Day prior to the opening of &ldquo;regular trading hours&rdquo; (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&rsquo;s execution of the
applicable Notice of Exercise if such Notice of Exercise is executed during &ldquo;regular trading hours&rdquo; on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &ldquo;regular trading hours&rdquo;
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of &ldquo;regular trading hours&rdquo; on such Trading Day;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(B) = the Exercise Price of this Warrant,
as adjusted hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(X) = the number of Warrant Shares that
would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of
a cash exercise rather than a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company
agrees not to take any position contrary to this Section 2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to
this Section 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Warrant Shares Upon Exercise</U>.&nbsp; The Company shall cause the Warrant Shares purchased hereunder to
be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance
account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&ldquo;DWAC&rdquo;) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the
instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such date, (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate
Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such
date (such date, the &ldquo;Warrant Share Delivery Date&rdquo;). Upon delivery of the Notice of Exercise and the Exercise Price
relating thereto, the Holder shall be deemed, as of the earlier of (i) the following Trading Day or (ii) the date of issuance of
the Warrant Shares relating thereto, for all corporate purposes to have become the holder of record of such Warrant Shares, irrespective
of the date of delivery of such Warrant Shares. If the Company fails for any reason (other than failure of the Holder to timely
deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise) to deliver or cause
the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
 &ldquo;Standard Settlement Period&rdquo; means the standard settlement period, expressed in a number of Trading Days, on the Company&rsquo;s
primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>.&nbsp; If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
or cause the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased
Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iii.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Rescission Rights</U>.&nbsp; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iv.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>.&nbsp; In addition to any other
rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in
accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than as a result of failure of the Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised
by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder&rsquo;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.&nbsp; For example, if the Holder purchases
Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant
to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss.&nbsp; Nothing herein shall limit a Holder&rsquo;s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company&rsquo;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">v.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Fractional Shares or Scrip</U>.&nbsp; No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall round down to the nearest whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">vi.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Charges,
Taxes and Expenses</U>.&nbsp; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be
paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; <U>provided</U>, <U>however</U>, that in the event that Warrant Shares are to be issued in a name
other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form
attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.&nbsp; The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">vii.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Books</U>.&nbsp; The Company will not close its shareholder books or records in any manner which prevents
the timely exercise of this Warrant, pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Holder&rsquo;s
Exercise Limitations</U>.&nbsp; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such
Persons, &ldquo;<U>Attribution Parties</U>&rdquo;)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).&nbsp; For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the
Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be
issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other&nbsp; Common Share Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes of this Section 2(e),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such
calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith.&nbsp;&nbsp; To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the
sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the
foregoing determination.&nbsp;&nbsp; In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For
purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
outstanding Common Shares as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&nbsp; Upon the written or oral
request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
Common Shares then outstanding.&nbsp; In any case, the number of outstanding Common Shares shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding Common Shares was reported.&nbsp; The
 &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% (or, upon election by the Holder prior to the issuance of
any Warrants, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares issuable upon exercise of this Warrant.&nbsp; The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no
event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is
delivered to the Company.&nbsp; The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable
in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares
any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged.&nbsp; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Subsequent
Rights Offerings</U>.&nbsp; In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of any class of Common Shares (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase
Rights (<U>provided</U>, <U>however</U>, that, to the extent that the Holder&rsquo;s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be
entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of
such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pro Rata Distributions</U>.&nbsp; During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of Common Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction),
except to the extent an adjustment was already made pursuant to Section 3(a) (a &ldquo;<U>Distribution</U>&rdquo;), at any time
after the issuance of this Warrant, then, in each such case, then the Exercise Price shall be decreased, effective immediately
after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the Company&rsquo;s
Board of Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution
in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Fundamental
Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and
all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii)
any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of
Persons (other than Georgios Feidakis, Athanasios Feidakis, Firment Shipping Inc. or Goldenmare Limited or associated or
affiliated persons) whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including
any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a
 &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the
exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as
a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant).&nbsp; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&nbsp; If holders
of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction.&nbsp; Notwithstanding anything to the contrary, in the event of a Fundamental
Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&rsquo;s option, exercisable at any
time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of
the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction.&nbsp; &ldquo;<U>Black Scholes Value</U>&rdquo; means
the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &ldquo;OV&rdquo; function on
Bloomberg, L.P. (&ldquo;<U>Bloomberg</U>&rdquo;) determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a
period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Termination Date, (B) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the HVT
function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately
prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation
of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of
the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.&nbsp; The payment of the Black
Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder&rsquo;s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;) to assume
in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holders
holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in
exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then
outstanding Warrants. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity
had been named as the Company herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of
a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notice to Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a Distribution on the Common Shares, (B) the Company shall
declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the
granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of
any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any
reclassification of the Common Shares, any consolidation or merger to which the Company (and its Subsidiaries, taken as a
whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the
Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it
shall appear upon the Warrant Register of the Company, at least 10 Trading Days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&nbsp; To the
extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voluntary Adjustment by Company</U>.&nbsp; Subject to the rules and regulations of the Trading Market, the Company may
at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer of Warrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>.&nbsp; This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.&nbsp; Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled.&nbsp; Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full.&nbsp; The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.&nbsp; Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Warrant
Register</U>. The Warrant Agent (or the Company, if this Warrant is not held in global form through DTC (or any successor
depository)) shall register this Warrant, upon records to be maintained by the Warrant Agent (or the Company, as applicable)
for that purpose (the &ldquo;<U>Warrant Register</U>&rdquo;), in the name of the record Holder hereof from time to
time.&nbsp; The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise; No Settlement in Cash</U>.&nbsp; This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section
2(d)(i), except as expressly set forth in Section 3.&nbsp; Without limiting any rights of a Holder to receive Warrant Shares on
a &ldquo;cashless exercise&rdquo; pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section
2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of an affidavit
of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such
Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor
and dated as of such cancellation, in lieu of such Warrant or stock certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>.&nbsp; If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised
on the next succeeding Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Authorized
Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant.&nbsp; The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the
exercise of the purchase rights under this Warrant.&nbsp; The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&nbsp; The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with
such issue).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except and to the extent
as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares
underlying such Warrants), the Company shall not by any action, including, without limitation, amending its articles of incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment.&nbsp; Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>.&nbsp; A<FONT STYLE="background-color: white">ll questions concerning the construction, validity, enforcement
and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the
State of New York, without regard to the principles of conflicts of law thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Jurisdiction;
Agent for Process</U>. <FONT STYLE="background-color: white">Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York.&nbsp; Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the
prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable
attorneys&rsquo; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district
court and the state court in which a Holder may bring a claim under the federal securities laws.&nbsp;The Company hereby
irrevocably designates and appoints Watson Farley &amp; Williams LLP, 250 West 55th Street, 31st Floor, New York, New York
10019 (the &ldquo;Process Agent&rdquo;) as its authorized agent upon whom process may be served in any claim brought against
the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall
become effective immediately without any further action on the part of the Company. The Company represents to each Purchaser
that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the
same.&nbsp; The Company hereby irrevocably authorizes and directs the Process Agent to accept such service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>.&nbsp; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>.&nbsp; No course of dealing or any delay or failure to exercise any right hereunder on the
part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies.&nbsp;
Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall
be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those
of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of
its rights, powers or remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.&nbsp; Any and all notices or other communications or deliveries to be provided by the Holders hereunder
including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, e-mail (except
with respect to the Warrant Agent) or sent by a nationally recognized overnight courier service, addressed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to the Warrant Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare Investor Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">462 South 4th Street, Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Louisville, KY 40202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail address: _________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>If to the Company</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 960 8300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: a.g.feidakis@globusmaritime.gr</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Facsimile: +30 210 9608359</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or such other facsimile number, email address
or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or
deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior
to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>.&nbsp; No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Share or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>.&nbsp; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, will be entitled to specific performance of its rights under this Warrant.&nbsp;The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby
agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>.&nbsp; Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the
successors and permitted assigns of Holder.&nbsp; The provisions of this Warrant are intended to be for the benefit of any Holder
from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>.&nbsp; This Warrant may be modified or amended (or the provisions hereof waived) in accordance with the
provisions set forth in Section 20 of the Warrant Agency Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Severability</U>.&nbsp; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>.&nbsp; The headings used in this Warrant are for the convenience of reference only and shall not, for any
purpose, be deemed a part of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Agency Agreement</U>. If this Warrant is held in global form through DTC (or any successor depository) this Warrant
is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions
of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">********************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GLOBUS MARITIME LIMITED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXERCISE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLOBUS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
required if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
shall take the form of (check applicable box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&nbsp; ] wire transfer or certified or
official bank check in lawful money of the United States; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&nbsp; ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Shares
shall be delivered to the following DWAC Account Number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">DTC number:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Account name:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Account number:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[SIGNATURE OF HOLDER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity:</I></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Date:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(To assign the foregoing Warrant,
execute this form and supply required information.&nbsp; Do not use this form to purchase shares.)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Address:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Phone Number:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Email Address:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Dated: _______________ __, ______</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Holder&rsquo;s Signature: _______________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Holder&rsquo;s Address: _______________</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Warrant Certificate Request
Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WARRANT CERTIFICATE REQUEST NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To: Computershare Investor Services., as
Warrant Agent for Globus Maritime Limited (the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned Holder of Common Share
Purchase Warrants (&ldquo;<U>Warrants</U>&rdquo;) in the form of Global Warrants issued by the Company hereby elects to receive
a Warrant Certificate evidencing the Warrants held by the Holder as specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Name of Holder of Warrants in form of Global Warrants: _____________________________</TD></TR>                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of
Global Warrants): ________________________________</TD></TR>                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Number of Warrants in name of Holder in form of Global Warrants: ___________________</TD></TR>                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Number of Warrants for which Warrant Certificate shall be issued: __________________</TD></TR>                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate,
if any: ___________</TD></TR>                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Warrant Certificate shall be delivered to the following address:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby acknowledges and
agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have
surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced
by the Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[SIGNATURE OF HOLDER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Investing Entity: ____________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Signature of Authorized Signatory of
Investing Entity</I>: ______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Authorized Signatory: ________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title of Authorized Signatory: _________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: _______________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit 3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Global Warrant Request Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL WARRANT REQUEST NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To: Computershare Investor Services, as
Warrant Agent for Globus Maritime Limited (the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned Holder of Common Share
Purchase Warrants (&ldquo;<U>Warrants</U>&rdquo;) in the form of Warrants Certificates issued by the Company hereby elects to receive
a Global Warrant evidencing the Warrants held by the Holder as specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Name of Holder of Warrants in form of Warrant Certificates: _____________________________</TD></TR>                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant
Certificates): ________________________________</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Number of Warrants in name of Holder in form of Warrant Certificates: ___________________</TD></TR>                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Number of Warrants for which Global Warrant shall be issued: __________________</TD></TR>                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant,
if any: ___________</TD></TR>                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: left">Global Warrant shall be delivered to the following address:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby acknowledges and
agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is deemed to have
surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced
by the Global Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[SIGNATURE OF HOLDER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Investing Entity: ____________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Signature of Authorized Signatory of
Investing Entity</I>: ______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Authorized Signatory: ________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title of Authorized Signatory: _________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: _______________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>tm2022605d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF CLASS A COMMON SHARE PURCHASE
WARRANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBUS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify; font-size: 10pt">Warrant Shares: [_______]</TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">Issue Date: June&nbsp;&nbsp;, 2020</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS COMMON SHARE PURCHASE
WARRANT (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the &ldquo;<U>Holder</U>&rdquo;)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on June , 2025 (the &ldquo;<U>Termination Date</U>&rdquo;)
but not thereafter, to subscribe for and purchase from Globus Maritime Limited, a Marshall Islands corporation (the &ldquo;<U>Company</U>&rdquo;),
up to ______ Common Shares (as subject to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;).&nbsp; The purchase price
of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (&ldquo;DTC&rdquo;)
shall initially be the sole registered holder of this Warrant, subject to a Holder&rsquo;s right to elect to receive a Warrant
in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>.&nbsp; In addition to the terms defined elsewhere in this Warrant, the following terms have the
meanings indicated in this Section 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bid Price</B>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Share is then listed
or quoted on a Trading Market, the bid price of the Common Share for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Share is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Share for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Share is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Share are then reported on the Pink
Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Shares</B>&rdquo;
means common shares of the Company, par value $0.004 per share, and any other class of securities into which such securities may
hereafter be reclassified or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Share
Equivalents</B>&rdquo; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Registration
Statement</B>&rdquo; means the Company&rsquo;s registration statement on Form F-1 (File No. 333-238119).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Trading Day</B>&rdquo;
means a day on which the Common Share is traded on a Trading Market. &ldquo;Trading Market&rdquo; means any of the following markets
or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq
Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to
any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transfer
Agent</B>&rdquo; means Computershare Inc. with offices located at 462 South 4th Street, Suite 1600, Louisville, KY, 40202, and
any successor transfer agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Underwriting
Agreement</B>&rdquo; means the underwriting agreement, dated as of June , 2020 among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>VWAP</B>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are
then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the
nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if
prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair
market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant Agency
Agreement</B>&rdquo; means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the
Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrant Agent</B>&rdquo;
means the Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Warrants</B>&rdquo;
means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>.&nbsp; Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented
by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination
Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the &ldquo;<U>Notice of Exercise</U>&rdquo;).&nbsp; Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or by certified or official bank check in United States dollars unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.<B>&nbsp;</B>No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required.&nbsp; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&nbsp; The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.&nbsp; <B>The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other
clearing corporation, as applicable), subject to a Holder&rsquo;s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary
contained herein, a beneficial holder of the Warrant shall have all of the rights and remedies of the &ldquo;Holder&rdquo; hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>.&nbsp; The exercise price per Common Share under this Warrant shall be <B>$ </B>, subject to adjustment
hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cashless Exercise</U>.&nbsp; If at the time of exercise hereof, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder then this Warrant may
also be exercised, in whole or in part, at such time by means of a &ldquo;cashless exercise&rdquo; in which the Holder shall be
entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(A) = as applicable: (i) the VWAP on the
Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to
Section 2(a) hereof on a Trading Day prior to the opening of &ldquo;regular trading hours&rdquo; (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&rsquo;s execution of the
applicable Notice of Exercise if such Notice of Exercise is executed during &ldquo;regular trading hours&rdquo; on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &ldquo;regular trading hours&rdquo;
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of &ldquo;regular trading hours&rdquo; on such Trading Day;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(B) = the Exercise Price of this Warrant,
as adjusted hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(X) = the number of Warrant Shares that
would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of
a cash exercise rather than a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company
agrees not to take any position contrary to this Section 2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to
this Section 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Warrant Shares Upon Exercise</U>.&nbsp; The Company shall cause the Warrant Shares purchased hereunder to
be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance
account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&ldquo;DWAC&rdquo;) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the
instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such date, (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate
Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such
date (such date, the &ldquo;Warrant Share Delivery Date&rdquo;). Upon delivery of the Notice of Exercise and the Exercise Price
relating thereto, the Holder shall be deemed, as of the earlier of (i) the following Trading Day or (ii) the date of issuance of
the Warrant Shares relating thereto, for all corporate purposes to have become the holder of record of such Warrant Shares, irrespective
of the date of delivery of such Warrant Shares. If the Company fails for any reason (other than failure of the Holder to timely
deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise) to deliver or cause
the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
 &ldquo;Standard Settlement Period&rdquo; means the standard settlement period, expressed in a number of Trading Days, on the Company&rsquo;s
primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>.&nbsp; If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
or cause the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased
Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Rescission Rights</U>.&nbsp; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iv.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>.&nbsp; In addition to any other
rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in
accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than as a result of failure of the Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised
by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder&rsquo;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.&nbsp; For example, if the Holder purchases
Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant
to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss.&nbsp; Nothing herein shall limit a Holder&rsquo;s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company&rsquo;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">v.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Fractional Shares or Scrip</U>.&nbsp; No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall round down to the nearest whole share.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">vi.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Charges,
Taxes and Expenses</U>.&nbsp; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be
paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; <U>provided</U>, <U>however</U>, that in the event that Warrant Shares are to be issued in a name
other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form
attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.&nbsp; The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">vii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Books</U>.&nbsp; The Company will not close its shareholder books or records in any manner which prevents
the timely exercise of this Warrant, pursuant to the terms hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Holder&rsquo;s
Exercise Limitations</U>.&nbsp; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such
Persons, &ldquo;<U>Attribution Parties</U>&rdquo;)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).&nbsp; For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the
Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be
issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other&nbsp; Common Share Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes of this Section 2(e),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such
calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith.&nbsp;&nbsp; To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the
sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the
foregoing determination.&nbsp;&nbsp; In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For
purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
outstanding Common Shares as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&nbsp; Upon the written or oral
request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
Common Shares then outstanding.&nbsp; In any case, the number of outstanding Common Shares shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding Common Shares was reported.&nbsp; The
 &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% (or, upon election by the Holder prior to the issuance of
any Warrants, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares issuable upon exercise of this Warrant.&nbsp; The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no
event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is
delivered to the Company.&nbsp; The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable
in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares
any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged.&nbsp; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Subsequent
Rights Offerings</U>.&nbsp; In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of any class of Common Shares (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase
Rights (<U>provided</U>, <U>however</U>, that, to the extent that the Holder&rsquo;s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be
entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of
such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pro Rata Distributions</U>.&nbsp; During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of Common Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction),
except to the extent an adjustment was already made pursuant to Section 3(a) (a &ldquo;<U>Distribution</U>&rdquo;), at any time
after the issuance of this Warrant, then, in each such case, then the Exercise Price shall be decreased, effective immediately
after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the Company&rsquo;s
Board of Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution
in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Fundamental
Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and
all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii)
any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of
Persons (other than Georgios Feidakis, Athanasios Feidakis, Firment Shipping Inc. or Goldenmare Limited or associated or
affiliated persons) whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including
any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a
 &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the
exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as
a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant).&nbsp; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&nbsp; If holders
of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction.&nbsp; Notwithstanding anything to the contrary, in the event of a Fundamental
Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&rsquo;s option, exercisable at any
time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of
the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction.&nbsp; &ldquo;<U>Black Scholes Value</U>&rdquo; means
the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &ldquo;OV&rdquo; function on
Bloomberg, L.P. (&ldquo;<U>Bloomberg</U>&rdquo;) determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a
period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Termination Date, (B) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the HVT
function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately
prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation
of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of
the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.&nbsp; The payment of the Black
Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder&rsquo;s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;) to assume
in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holders
holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in
exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then
outstanding Warrants. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity
had been named as the Company herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of
a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notice to Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a Distribution on the Common Shares, (B) the Company shall
declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the
granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of
any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any
reclassification of the Common Shares, any consolidation or merger to which the Company (and its Subsidiaries, taken as a
whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the
Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it
shall appear upon the Warrant Register of the Company, at least 10 Trading Days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&nbsp; To the
extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voluntary Adjustment by Company</U>.&nbsp; Subject to the rules and regulations of the Trading Market, the Company may
at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer of Warrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>.&nbsp; This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.&nbsp; Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled.&nbsp; Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full.&nbsp; The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.&nbsp; Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Warrant
Register</U>. The Warrant Agent (or the Company, if this Warrant is not held in global form through DTC (or any successor
depository)) shall register this Warrant, upon records to be maintained by the Warrant Agent (or the Company, as applicable)
for that purpose (the &ldquo;<U>Warrant Register</U>&rdquo;), in the name of the record Holder hereof from time to
time.&nbsp; The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise; No Settlement in Cash</U>.&nbsp; This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section
2(d)(i), except as expressly set forth in Section 3.&nbsp; Without limiting any rights of a Holder to receive Warrant Shares on
a &ldquo;cashless exercise&rdquo; pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section
2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of an affidavit
of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such
Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor
and dated as of such cancellation, in lieu of such Warrant or stock certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>.&nbsp; If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised
on the next succeeding Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Authorized
Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant.&nbsp; The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the
exercise of the purchase rights under this Warrant.&nbsp; The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&nbsp; The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with
such issue).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except and to the extent
as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares
underlying such Warrants), the Company shall not by any action, including, without limitation, amending its articles of incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment.&nbsp; Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>.&nbsp; A<FONT STYLE="background-color: white">ll questions concerning the construction, validity, enforcement
and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the
State of New York, without regard to the principles of conflicts of law thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Jurisdiction;
Agent for Process</U>. <FONT STYLE="background-color: white">Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York.&nbsp; Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the
prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable
attorneys&rsquo; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district
court and the state court in which a Holder may bring a claim under the federal securities laws.&nbsp;The Company hereby
irrevocably designates and appoints Watson Farley &amp; Williams LLP, 250 West 55th Street, 31st Floor, New York, New York
10019 (the &ldquo;Process Agent&rdquo;) as its authorized agent upon whom process may be served in any claim brought against
the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall
become effective immediately without any further action on the part of the Company. The Company represents to each Purchaser
that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the
same.&nbsp; The Company hereby irrevocably authorizes and directs the Process Agent to accept such service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>.&nbsp; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>.&nbsp; No course of dealing or any delay or failure to exercise any right hereunder on the
part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies.&nbsp;
Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall
be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those
of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of
its rights, powers or remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.&nbsp; Any and all notices or other communications or deliveries to be provided by the Holders hereunder
including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, e-mail (except
with respect to the Warrant Agent) or sent by a nationally recognized overnight courier service, addressed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to the Warrant Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare Investor Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">462 South 4th Street, Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Louisville, KY 40202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail address: _________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>If to the Company</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 960 8300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: a.g.feidakis@globusmaritime.gr</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Facsimile: +30 210 9608359</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or such other facsimile number, email address
or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or
deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior
to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>.&nbsp; No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Share or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>.&nbsp; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, will be entitled to specific performance of its rights under this Warrant.&nbsp;The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby
agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>.&nbsp; Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the
successors and permitted assigns of Holder.&nbsp; The provisions of this Warrant are intended to be for the benefit of any Holder
from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>.&nbsp; This Warrant may be modified or amended (or the provisions hereof waived) in accordance with the
provisions set forth in Section 20 of the Warrant Agency Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Severability</U>.&nbsp; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>.&nbsp; The headings used in this Warrant are for the convenience of reference only and shall not, for any
purpose, be deemed a part of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Agency Agreement</U>. If this Warrant is held in global form through DTC (or any successor depository) this Warrant
is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions
of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">********************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GLOBUS MARITIME LIMITED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXERCISE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLOBUS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
required if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
shall take the form of (check applicable box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&nbsp; ] wire transfer or certified or
official bank check in lawful money of the United States; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&nbsp; ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Shares
shall be delivered to the following DWAC Account Number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">DTC number:</TD>
    <TD STYLE="width: 50%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Account name:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Account number:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[SIGNATURE OF HOLDER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="width: 75%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity:</I></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="width: 75%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-size: 10pt">Date:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(To assign the foregoing Warrant,
execute this form and supply required information.&nbsp; Do not use this form to purchase shares.)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 50%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Address:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Phone Number:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Email Address:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Dated: _______________ __, ______</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Holder&rsquo;s Signature: _______________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt">Holder&rsquo;s Address: _______________</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRE-FUNDED COMMON SHARES PURCHASE WARRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GLOBUS
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Warrant Shares: [_______]</TD>
    <TD STYLE="text-align: right; width: 50%">Initial Exercise Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS PRE-FUNDED COMMON
SHARES PURCHASE WARRANT (the &#8220;<U>Warrant</U>&#8221;) certifies that, for value received, _____________ or its assigns (the
 &#8220;<U>Holder</U>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the &#8220;<U>Initial Exercise Date</U>&#8221;) and <FONT STYLE="text-underline-style: double">until
this Warrant is exercised in full</FONT> (the &#8220;<U>Termination Date</U>&#8221;) but not thereafter, to subscribe for and
purchase from Globus Maritime Limited, a Republic of the Marshall Islands corporation (the &#8220;<U>Company</U>&#8221;), up to
______ Common Shares (as subject to adjustment hereunder, the &#8220;<U>Warrant Shares</U>&#8221;. The purchase price of one Common
Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 1</U>.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. In addition to the terms defined elsewhere in this Warrant,
the following terms have the meanings indicated in this Section 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Affiliate</U>&#8221;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Bid
Price</U>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for
the Common Shares are then reported in the &#8220;Pink Sheets&#8221; published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Shares so reported,
or (d)&nbsp;in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in
good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Business
Day</U>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Commission</U>&#8221;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Common
Shares</U>&#8221; means the common shares of the Company, par value $0.004 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Common
Share Equivalents</U>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Exchange
Act</U>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Person</U>&#8221;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Registration
Statement</U>&#8221; means the Company&#8217;s registration statement on Form S-1 (File No. 333-238119).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Securities
Act</U>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Subsidiary</U>&#8221;
means any subsidiary of the Company which is actively engaged in a trade or business, and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Trading
Day</U>&#8221; means a day on which the Common Shares are traded on a Trading Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Trading
Market</U>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;<U>Transfer Agent</U>&#8221;
means Computershare Inc., the current transfer agent of the Company with a mailing address of 462 South 4th Street, Suite 1600,
Louisville, KY, 40202, and any successor transfer agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>VWAP</U>&#8221;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for
the Common Shares are then reported in the &#8220;Pink Sheets&#8221; published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d)&nbsp;in
all other cases, the fair market value of Common Share as determined by an independent appraiser selected in good faith by the
holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<U>Warrants</U>&#8221;
means this Warrant and other Pre-Funded Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 2</U>.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the
 &#8220;<U>Notice of Exercise</U>&#8221;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company
shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver
any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. <B>The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time
may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exercise
Price</U>. <FONT STYLE="text-underline-style: double">The aggregate exercise price of this Warrant, except for a nominal exercise
price of $0.01 per Warrant Share, was pre-funded to the Company on or</FONT> prior to the Initial Exercise Date and, consequently,
no additional consideration (other than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by
the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all,
or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the
event this Warrant shall not have been exercised prior to the Termination Date. The exercise price per Warrant Share under this
Warrant shall be [$__], subject to adjustment hereunder. The remaining unpaid exercise price per Warrant Share under this Warrant
shall be $0.01, subject to adjustment hereunder (the &#8220;<FONT STYLE="text-underline-style: double"><U>Exercise Price</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Cashless Exercise</U>. If at the time of exercise hereof, there is no effective registration statement registering the
Warrant Shares or the prospectus contained therein is not available for issuance of the Warrant Shares to the Holder, then this
Warrant may be exercised, in whole or in part by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled
to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.3in">(A)</TD>
    <TD STYLE="text-align: justify; width: 0.2in">=</TD>
    <TD STYLE="text-align: justify">as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221;
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the
Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during &#8220;regular trading
hours&#8221; on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of &#8220;regular trading hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the
applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed
and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.3in">(B)</TD>
    <TD STYLE="text-align: justify; width: 0.2in">=</TD>
    <TD STYLE="text-align: justify">the Exercise Price of this Warrant, as adjusted hereunder; and</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.3in">(X)</TD>
    <TD STYLE="text-align: justify; width: 0.2in">=</TD>
    <TD STYLE="text-align: justify">the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If Warrant
Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees
not to take any position contrary to this Section 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: -31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Mechanics of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt">i.</TD><TD STYLE="text-align: justify"><U>Delivery of Warrant Shares Upon
                                         Exercise</U>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
                                         by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or
                                         its designee&#8217;s balance account with The Depository Trust Company through its Deposit
                                         or Withdrawal at Custodian system (&#8220;<U>DWAC</U>&#8221;) if the Company is then
                                         a participant in such system and either (A) there is an effective registration statement
                                         permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder
                                         or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
                                         delivery of a certificate, registered in the Company&#8217;s share register in the name
                                         of the Holder or its designee, for the number of Warrant Shares to which the Holder is
                                         entitled pursuant to such exercise to the address specified by the Holder in the Notice
                                         of Exercise by the date that is the earliest of, subject to the last sentence of this
                                         Section 2(d)(i), (i) two (2) Trading Days after the delivery to the Company of the Notice
                                         of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price
                                         to the Company and (iii) the number of Trading Days comprising the Standard Settlement
                                         Period after the delivery to the Company of the Notice of Exercise (such date, subject
                                         to the last sentence of this Section 2(d)(i), the &#8220;<U>Warrant Share Delivery Date</U>&#8221;).
                                         Upon delivery of the Notice of Exercise and the Exercise Price relating thereto, the
                                         Holder shall be deemed, as of the earlier of (i) the following Trading Day or (ii) the
                                         date of issuance of the Warrant Shares relating thereto, for all corporate purposes to
                                         have become the holder of record of such Warrant Shares, irrespective of the date of
                                         delivery of such Warrant Shares. If the Company fails for any reason to deliver to the
                                         Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
                                         Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
                                         a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP
                                         of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading
                                         Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated
                                         damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
                                         until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
                                         agrees to maintain a transfer agent that is a participant in the FAST program so long
                                         as this Warrant remains outstanding and exercisable. As used herein, &#8220;<U>Standard
                                         Settlement Period</U>&#8221; means the standard settlement period, expressed in a number
                                         of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common
                                         Shares as in effect on the date of delivery of the Notice of Exercise. Notwithstanding
                                         the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00
                                         p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any
                                         time after the time of execution of the Underwriting Agreement, dated June __, 2020 between
                                         the Company and Maxim Group LLC, the Company agrees to deliver the Warrant Shares subject
                                         to such notice(s) by 4:00 p.m. (New York City time) on the Initial
Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder (assuming it also
receives payment of the Exercise Price prior to 12:00 p.m. (New York City time) on the Initial Exercise Date). Notwithstanding
anything to the contrary contained herein, the Company shall not be required to deliver any Common Shares upon a cash exercise
of a Warrant unless or until one Trading Day after the aggregate Exercise Price with respect to such exercise has been delivered
to the Company.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">iii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">iv.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise
purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a &#8220;<U>Buy-In</U>&#8221;), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so
purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number
of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company&#8217;s failure to timely deliver Common Shares upon exercise of the Warrant as
required pursuant to the terms hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">v.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fractional Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall round down to the nearest whole share.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">vi.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; <U>provided</U>, <U>however</U>, that, in the event that Warrant Shares are to be issued in a name
other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached
hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of
any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">vii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holder&#8217;s Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons,
 &#8220;<U>Attribution Parties</U>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of shares of Common Shares that are issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon
(i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the
Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp;
For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination, and the submission of a Notice of Exercise shall
be deemed a representation and warranty by the Holder of the foregoing determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may
rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report
filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&nbsp; Upon the written or oral
request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common
Shares then outstanding.&nbsp; In any case, the number of outstanding Common Shares shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding Common Shares was reported. The &#8220;<U>Beneficial Ownership Limitation</U>&#8221;
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of the Common Shares
outstanding immediately after giving effect to the issuance of shares of Common Shares are issuable upon exercise of this Warrant.
The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section
2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding
immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until
the 61<SUP>st</SUP> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 3</U>.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Adjustments</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities
payable in Common Shares (which, for avoidance of doubt, shall not include any shares of Common Shares are issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding Common Share into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of
the Common Shares, any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price
of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re&#45;classification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intentionally omitted</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of Common Shares (the &#8220;<U>Purchase Rights</U>&#8221;), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
that, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent
(or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such
extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pro Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
except to the extent an adjustment was already made pursuant to Section 3(a) (a &#8220;<U>Distribution</U>&#8221;), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution
(<U>provided</U>, <U>however</U>, that, to the extent that the Holder's right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: 40.5pt">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
(other than Georgios Feidakis, Athanasios Feidakis, Firment Shipping Inc. or Goldenmare Limited or associated or affiliated persons)
whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a &#8220;<U>Fundamental Transaction</U>&#8221;), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<U>Alternate
Consideration</U>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for
which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section
2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Shares in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the &#8220;<U>Successor Entity</U>&#8221;) to assume in writing all of the obligations of the Company under
this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall,
at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by
a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the &#8220;Company&#8221; shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had
been named as the Company herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as
of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for
or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company
shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the
Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it
shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or
any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form
6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 4</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Warrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder
shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment
form to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the &#8220;<U>Warrant Register</U>&#8221;), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 5</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Rights as Shareholder Until Exercise; No Settlement in Cash</U>. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221;
pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall
the Company be required to net cash settle an exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised
on the next succeeding Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in
the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this
Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value
of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
(ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Governing
Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their
respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the
prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys'
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder
may bring a claim under the federal securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without
limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece, Attention: Chief Executive Officer, facsimile number +30 210 9608359, E-mail: a.g.feidakis@globusmaritime.gr, or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the purchase price of any Common Shares or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company, on the one hand, and the Holder, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">********************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">GLOBUS MARITIME LIMITED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: &nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXERCISE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">To: GLOBUS MARITIME
LIMITED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Payment shall take the form of (check applicable box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT> wire transfer
in lawful money of the United States; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT> the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Shares shall be delivered to
the following DWAC Account Number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.8in">Name of Investing Entity:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 3.3in"><I>Signature of Authorized Signatory of Investing Entity</I>:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.8in">Name of Authorized Signatory:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.8in">Title of Authorized Signatory: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">Date: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt"><I>(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Please Print)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Please Print)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Phone Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Email Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Dated: _______________ __, ______</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 15%">Holder&#8217;s
    Signature:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 23%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 12%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Holder&#8217;s Address:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>tm2022605d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2022605d1_ex5-1img01.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">166 74 Glyfada, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Our
reference: 25810.50008/80746061v3</FONT> </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 15, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Globus Maritime Limited: Exhibit 5.1
Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel to Globus Maritime
Limited, a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the preparation of the Company&rsquo;s
Registration Statement on Form F-1 (File No. 333-238119, as amended, the &ldquo;<B>Registration Statement</B>&rdquo;) filed by the
Company with the Securities and Exchange Commission with respect to the registration of the issuance and sale of up to 14,375,000 units (the &ldquo;<B>Units</B>&rdquo;) of the Company, each unit consisting of (i) one common share, par value $0.004 per share
(each, a &ldquo;<B>Common Share</B>&rdquo;) of the Company (collectively, the &ldquo;<B>Unit Shares</B>&rdquo;) or one pre-funded
warrant to purchase one Common Share at an exercise price equal to US$0.01 per Common Share (&ldquo;<B>Pre-Funded&nbsp;Warrants,</B>&rdquo;
and the Common Shares issuable upon exercise thereof, the &ldquo;<B>Pre-Funded Warrant Shares</B>&rdquo;), and (ii) one Class A
warrant to purchase one Common Share (the &ldquo;<B>Class A Warrants</B>&rdquo;, together with the Pre-Funded Warrants, the &ldquo;<B>Warrants</B>&rdquo;,
and the Common Shares issuable upon exercise thereof, together with the Pre-Funded Warrant Shares, the &ldquo;<B>Warrant Shares</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022605d1_ex5-1img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022605d1_ex5-1img03.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As such counsel, we have examined originals
or copies (certified or otherwise identified to our satisfaction) of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Registration Statement and the prospectus included therein (as amended and supplemented, the
 &ldquo;<B>Prospectus</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">the form of Class A Warrant to be entered into by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">the form of Pre-Funded Warrant to be entered into by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Company&rsquo;s amended and restated articles of incorporation and amended and restated bylaws
(each as amended to date, together, the &ldquo;<B>Articles</B>&rdquo; and &ldquo;<B>Bylaws</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">such other papers, documents, agreements, certificates of public officials and certificates of
representatives of the Company as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In such examination, we have assumed (a)
the legal competence or capacity of persons or entities (other than the Company) to complete the execution of documents, (b) the
genuineness of all signatures and the authenticity of all documents submitted to us as originals, (c) the conformity to original
documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection
with the rendering of the opinions set forth herein are true, correct and complete, and (e) the truthfulness of each statement
as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by us.
As to matters of fact material to this opinion that have not been independently established, we have relied upon the representations
and certificates of officers or representatives of the Company and of public officials, in each case as we have deemed relevant
and appropriate. We have not independently verified the facts so relied on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have assumed that the Company will,
at the time of any issuance of Warrant Shares, have a sufficient number of authorized but unissued shares of common stock pursuant
to its Articles to so issue the relevant number of Warrant Shares, after taking into account any shares reserved for issuance.
We have also assumed that, at or prior to the time of the delivery of any of the Warrant Shares, there will not have occurred any
change in the law or the facts affecting the validity of the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter is limited to Marshall
Islands law and New York law and is as of the date hereof. We expressly disclaim any responsibility to advise of any development
or circumstance of any kind, including any change of law or fact that may occur after the date of this opinion letter that might
affect the opinion expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing and having regard
to legal considerations which we deem relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Units, the Unit Shares, the Warrants, and the Warrant Shares have been duly authorized by the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Unit Shares, when issued after full receipt of payment therefor in accordance with the terms
of the Articles and Bylaws, the Registration Statement, and Prospectus, will be validly issued, fully paid, and nonassessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2022605d1_ex5-1img03.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Assuming each of the Warrants is issued and delivered as contemplated in the Prospectus, the relevant
Warrant Shares, when issued and delivered after full receipt of payment therefor upon the exercise of such Warrants in accordance
with their respective terms, will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">When the Units and Warrants are issued and delivered as contemplated in the Prospectus, the Units
and Warrants will constitute valid and legally binding obligations of the Company in accordance with their terms, except as the
enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent
transfer, fraudulent obligation, moratorium or other similar laws affecting generally the enforceability of creditors&rsquo; rights
and remedies or the collection of debtor&rsquo;s obligations from time to time in effect, and (ii) is subject to general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, including the application
of principles of good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability
and conflict with public policy and other similar principles, or other law relating to or affecting creditors&rsquo; rights generally
and general principles of equity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the filing of this opinion
as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement, and the references to
our firm in the Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent
is required under Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &ldquo;<B>Securities
Act</B>&rdquo;), nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning
of the term &ldquo;expert&rdquo; as used in the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify"><B>Watson Farley &amp; Williams
LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify">/s/ Watson Farley &amp; Williams
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="text-align: right; margin: 0"></P>

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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>tm2022605d1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2022605d1_ex8-1img01.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">166 74 Glyfada, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Our reference: 25810.50008/80738304v3 </FONT> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> June 15, 2020 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Globus Maritime Limited - Exhibit 8.1
Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Whom It May Concern:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have acted as counsel to Globus
Maritime Limited, a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company's registration
statement on Form F-1 (File No. 333-238119, inclusive of all exhibits and amendments, the &ldquo;<B>Registration Statement</B>&rdquo;),
relating to the registration under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), of units
(the &ldquo;<B>Units</B>&rdquo;) of the Company, each unit consisting of (i) one common share, par value $0.004 per share (each,
a &ldquo;<B>Common Share</B>&rdquo;) of the Company (collectively, the &ldquo;<B>Unit Shares</B>&rdquo;) or one pre-funded warrant
to purchase one Common Share at an exercise price equal to US$0.01 per Common Share (&ldquo;<B>Pre-Funded&nbsp;Warrants,</B>&rdquo;),
and (ii) one Class A warrant to purchase one Common Share (the &ldquo;<B>Class A Warrants</B>&rdquo;, together with the Pre-Funded
Warrants, the &ldquo;<B>Warrants</B>&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering this opinion, we have examined
originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Registration Statement and the prospectus included therein (as amended, the &ldquo;<B>Prospectus</B>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such other papers, documents, agreements, certificates of public officials and certificates of
representatives of the Company, as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022605d1_ex8-1img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022605d1_ex8-1img03.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In such examination, we have assumed (a)
the legal capacity of each natural person, (b) the genuineness of all signatures and the authenticity of all documents submitted
to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies,
(d) that the documents reviewed by us in connection with the rendering of the opinion set forth herein are true, correct and complete
and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within
the due diligence review undertaken by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to matters of fact material to this
opinion that have not been independently established, we have relied upon the representations and certificates of public officials,
directors and officers of the Company and others, in each case as we have deemed relevant and appropriate. We have not independently
verified the facts so relied on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have reviewed the discussion set
forth in the Prospectus under the caption &ldquo;Tax Considerations&mdash;United States Tax Considerations&mdash;United States
Federal Income Taxation of United States Holders&rdquo;. Based on the representations, covenants, assumptions, conditions and
qualifications described in such section, and taking into account the fact that the discussions set forth in such section do not
purport to discuss all possible U.S. federal income tax consequences of the ownership and disposition of the Common Shares, and
of the ownership, exercise and disposition of the Warrants, and subject to the qualifications, limitations and assumptions set
forth herein, we confirm that the discussions set forth in such section, to the extent they constitute summaries of law or legal
conclusions, unless otherwise noted, constitute our opinion with respect to the material U.S. federal income tax consequences
of the ownership and disposition of the Common Shares, and of the ownership, exercise and disposition of the Warrants, as of the
date of the Registration Statement, and accurately state our views as to the tax matters discussed therein (except for the representations
and statements of fact of the Company included under such caption, as to which we express no opinion). We express no opinion as
to any U.S. federal income tax consequences other than the opinion set forth above. Except as set forth in the paragraph below
concerning Marshall Islands tax considerations, we express no opinion with respect to tax consequences under any state, local,
or non-U.S. tax law. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have reviewed the discussion set forth
in the Prospectus under the caption &ldquo;Tax Considerations&mdash;Marshall Islands Tax Considerations&rdquo;. Based on the facts
as set forth in the Registration Statement and the Prospectus, and having regard to legal considerations which we deem relevant,
and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the statements in such discussion,
to the extent they constitute legal conclusions, unless otherwise noted, are the opinion of Watson Farley &amp; Williams LLP with
respect to Marshall Islands tax consequences as of the date of the Prospectus (except for the representations and statements of
fact of the Company included under such caption, as to which we express no opinion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our opinions and the tax discussion as
set forth in the Registration Statement are based on the current provisions of the Internal Revenue Code of 1986, as amended, the
Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used
as precedents and case law, and the law of the Republic of the Marshall Islands as in effect on the date hereof, any of which may
be changed at any time with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022605d1_ex8-1img03.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is expressed as of the
date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual
matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement,
representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the filing of this opinion
as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement and to the references
to our firm in the Registration Statement and the Prospectus. In giving this consent, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder,
nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &ldquo;expert&rdquo;
as used in the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Watson Farley &amp; Williams LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Watson Farley &amp; Williams LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>tm2022605d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We consent to the reference to our
firm under the caption &quot;Experts&quot; in Amendment No.1 to the Registration Statement (Form F-1/A no. 333-238119) and related
Prospectus of Globus Maritime Limited for the registration of its common stock, Class A Warrants, or pre-funded warrants and to
the incorporation by reference therein of our report dated March 31, 2020, with respect to the consolidated financial statements
of Globus Maritime Limited included in its Annual Report (Form 20-F) for the year ended December 31, 2019, filed with the Securities
and Exchange Commission. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants
S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> June 15, 2020 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
