<SEC-DOCUMENT>0001104659-20-089124.txt : 20200731
<SEC-HEADER>0001104659-20-089124.hdr.sgml : 20200731
<ACCEPTANCE-DATETIME>20200731164141
ACCESSION NUMBER:		0001104659-20-089124
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		4
REFERENCES 429:			333-238119
FILED AS OF DATE:		20200731
DATE AS OF CHANGE:		20200731

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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239250
		FILM NUMBER:		201066501

	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>POS AM
<SEQUENCE>1
<FILENAME>tm2024934d3_posam.htm
<DESCRIPTION>POS AM
<TEXT>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on July&nbsp;</B></FONT><B>31, 2020</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No.&nbsp;</B></FONT><B>333-238119</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-239250</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"></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO. 1</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TO</B></FONT>&nbsp;<B>FORM&nbsp;F-1</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ON FORM&nbsp;F-3</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Globus Maritime Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Republic of the Marshall Islands</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State or other jurisdiction of<BR>
incorporation or organization)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer<BR>
Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-align: center; vertical-align: top; width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Globus Maritime Limited</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>128 Vouliagmenis Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>166 74 Glyfada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Athens, Greece</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Tel: +30 213 0181507</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Address and telephone number
of Registrant&rsquo;s<BR>
principal executive offices)</B></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Watson Farley&nbsp;&amp; Williams LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>250
        West 55</B></FONT><B><FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>&nbsp;Street</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, New York 10019</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 922-2200 (telephone number)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name, Address and telephone number<BR>
        of agent for service)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>
                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>With
copies to:</I></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Steven J. Hollander,&nbsp;Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Watson Farley&nbsp;&amp; Williams LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>250
        West 55</B></FONT><B><FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>&nbsp;Street</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, New York 10019</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 922-2200 (telephone number)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 922-1512 (facsimile number)</B></P></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; text-align: center"><B>Approximate date of commencement of
proposed sale to the public:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>From time to time after this registration
statement becomes effective.</B></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%">
<TR>
    <TD STYLE="vertical-align: top; width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any of the securities being registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, please check the following box.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the following box.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;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.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;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.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form&nbsp;is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form&nbsp;is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933. Emerging growth company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&dagger; provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="width: 99%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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)&nbsp;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: 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"></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"><B>EXPLANATORY NOTE</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
Maritime Limited, or the Company, filed with the U.S. Securities and Exchange Commission, or the Commission, (i)&nbsp;a registration
statement on Form&nbsp;F-1 (File No.&nbsp;333-238119) on May&nbsp;8, 2020, which was amended by a pre-effective amendment filed
on June&nbsp;15, 2020 and declared effective on June&nbsp;17, 2020 and was </FONT><FONT STYLE="background-color: white">further
supplemented on June&nbsp;23, 2020 </FONT>and June&nbsp;29, 2020 and (ii)&nbsp;a registration statement on Form&nbsp;F-1 MEF (File
No.&nbsp;333-239250) on June&nbsp;18, 2020 <FONT STYLE="background-color: white">that became effective upon filing in accordance
with Rule&nbsp;462(b)&nbsp;under the Securities Act of 1933, as amended, or the Securities Act. We refer to these registration
statements as the &ldquo;Registration Statements.&rdquo; Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses contained
in the Registration Statements have been combined into the prospectus contained in this Post-Effective Amendment No.&nbsp;1 to
Form&nbsp;F-1 on Form&nbsp;F-3. Accordingly, this Post-Effective Amendment No.&nbsp;1 to Form&nbsp;F-1 on Form&nbsp;F-3 amends
both of the Registration Statements.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registration Statements covered the offering of an aggregate of </FONT>34,285,714 units consisting of one common share or pre-funded
warrant and one Class&nbsp;A Warrant to purchase one common share, which units separated immediately upon their issuance. Each
Class&nbsp;A Warrant was exercisable upon its issuance and expires five years after the issuance date. The Company granted the
underwriters <FONT STYLE="font-size: 10pt">an option for a period of up to 45 days to purchase up to </FONT>5,142,857 <FONT STYLE="font-size: 10pt">additional
units. </FONT>The underwriter partially exercised this over-allotment option and purchased an additional 5,139,286 units.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Post-Effective Amendment No.&nbsp;1 to Form&nbsp;F-1 on Form&nbsp;F-3 (this &ldquo;Post-Effective Amendment&rdquo;) is being filed
to (i)&nbsp;convert the Registration Statements on Form&nbsp;F-1 to Form&nbsp;F-3 and (ii)&nbsp;</FONT>register the common shares
currently issuable on exercise of the Class&nbsp;A Warrants already issued and currently outstanding, consisting of an aggregate
of 38,870,000 common shares. No further offering will be made pursuant to this Post-Effective Amendment. All filing fees payable
in connection with the registration of the 38,870,000 common shares issuable upon exercise of the outstanding Class&nbsp;A Warrants
were previously paid by the Company in connection with the filing of the Registration Statement.</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: center"><B>Registration of Common Stock Upon Exercise
of Warrants</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Post-Effective Amendment also contains an updated prospectus relating to an aggregate of </FONT>38,870,000 common shares issuable
upon exercise of the outstanding Class&nbsp;A Warrants previously issued in connection with the offering of initial securities
under the Registration Statement, which closed on June&nbsp;22, 2020, including the over-allotment exercise.</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; color: red"><B>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.</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; text-align: center; color: red"><B>SUBJECT TO COMPLETION, DATED
JULY 31, 2020</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; text-align: justify"><B>PROSPECTUS</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 38,870,000 Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable Upon Exercise of Outstanding
Warrants</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; text-align: center"><IMG SRC="tm2024934d3_posamimg001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Globus Maritime Limited</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the issuance of up to 38,870,000 of our common shares issuable upon the exercise of 38,870,000 outstanding
Class&nbsp;A Warrants to purchase common shares, which we refer to as the Class&nbsp;A Warrants. The Class&nbsp;A Warrants were
issued in connection with a registered public offering which closed on June&nbsp;22, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Class&nbsp;A Warrant
has an exercise price of $0.35 per share, subject to adjustment, was exercisable upon issuance and will expire five years from
issuance.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common shares are listed on the Nasdaq Capital Market under the symbol &ldquo;GLBS.&rdquo; On July&nbsp;</FONT>29, 2020, the last
reported sale price of our common shares on the Nasdaq Capital Market was $0.15 per share.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in our securities involves a high degree of risk. See &ldquo;<U>Risk Factors</U>&rdquo; beginning on page 2 of this prospectus
for a discussion of information that should be considered in connection with an investment in our securities.</B></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; 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; , 2020.</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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TABLE OF CONTENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page</Font></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_100">CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_100">47</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES RELATING TO THIS OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER OF ATTORNEY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED REPRESENTATIVE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-7</FONT></A></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"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</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; text-align: justify; text-indent: 0.5in">As permitted under
the rules&nbsp;of the U.S. Securities and Exchange Commission, or the SEC, this prospectus incorporates important information about
us that is contained in documents that we have previously filed with the SEC but that are not included in or delivered with this
prospectus. You may obtain copies of these documents, without charge, from the website maintained by the SEC at www.sec.gov, as
well as other sources. You may also obtain copies of the incorporated documents, without charge, upon written or oral request to
Globus Maritime Limited, 128 Vouliagmenis Avenue, 166 74 Glyfada, Athens, Greece. Our telephone number is +30&nbsp;210&nbsp;960&nbsp;8300.
See &ldquo;Where You Can Find More Information.&rdquo;</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">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 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.</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">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</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; text-align: justify; text-indent: 0.5in">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&rsquo;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 &ldquo;anticipate&rdquo;, &ldquo;approximately&rdquo;, &ldquo;believe&rdquo;, &ldquo;continue&rdquo;, &ldquo;could&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;, &ldquo;may&rdquo;, &ldquo;might&rdquo;,
&ldquo;pending&rdquo;, &ldquo;perceive&rdquo;, &ldquo;plan&rdquo;, &ldquo;possible&rdquo;, &ldquo;potential&rdquo;, &ldquo;predict&rdquo;,
&ldquo;project&rdquo;, &ldquo;seek&rdquo;, &ldquo;should&rdquo;, &ldquo;would&rdquo;, &ldquo;view&rdquo; and similar expressions
or the negatives of those words or phrases, or statements that events, conditions or results &ldquo;can,&rdquo; &ldquo;will,&rdquo;
&ldquo;may,&rdquo; &ldquo;must,&rdquo; &ldquo;would,&rdquo; &ldquo;could&rdquo; or &ldquo;should&rdquo; 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Risk Factors.&rdquo; 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: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in shipping industry trends, including charter rates, vessel values and factors affecting
vessel supply and demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in seaborne and other transportation patterns;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried
by sea, generally or in particular regions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the number of newbuildings under construction in the dry bulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the useful lives and the value of our vessels and the related impact on our compliance
with loan covenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the aging of our fleet and increases in operating costs;</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>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in our ability to complete future, pending or recent acquisitions or dispositions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our business strategy, areas of possible expansion or expected capital spending
or operating expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in our ability to leverage our relationships and reputation in the dry bulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the availability of crew, number of off-hire days, classification survey requirements
and insurance costs for the vessels in our fleet;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in our relationships with our contract counterparties, including the failure of any of
our contract counterparties to comply with their agreements with us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">loss of our customers, charters or vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">damage to our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">potential liability from future litigation and incidents involving our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our future operating or financial results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">acts of terrorism, other hostilities, pandemics or other calamities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in global and regional economic and political conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in governmental rules&nbsp;and regulations or actions taken by regulatory authorities,
particularly with respect to the dry bulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to continue as a going concern; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">other factors listed from time to time in registration statements, reports or other materials that
we have filed with or furnished to the SEC, including our most recent annual report on Form&nbsp;20-F, which is incorporated by
reference into this prospectus.</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; text-align: justify; text-indent: 0.5in">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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: 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"><B><A NAME="a_003"></A>ENFORCEABILITY OF CIVIL LIABILITIES</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; text-align: justify; text-indent: 0.5in">We are a Marshall Islands
corporation and our principal executive offices are located outside the United States. Certain of our directors and officers reside
outside the United States. In addition, substantially all of our assets and the assets of certain of our directors and 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, there
is substantial doubt that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets
of our subsidiaries, directors or officers and such experts are located (i)&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: 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"><B><A NAME="a_004"></A>PROSPECTUS SUMMARY</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; text-align: justify; text-indent: 0.5in"><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 &ldquo;Cautionary Statement Regarding
Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo; in this prospectus and in our Annual Report on Form&nbsp;20-F
for the year ended December&nbsp;31, 2019, which is incorporated herein by reference.</I></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"><I>Unless the context
otherwise requires, as used in this prospectus, the terms &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, and &ldquo;our&rdquo;
refer to Globus Maritime Limited and all of its subsidiaries, and &rdquo; Globus Maritime Limited&rdquo; or &ldquo;Globus&rdquo;
refers only to Globus Maritime Limited and not to its subsidiaries. We use the term deadweight ton, or dwt, in describing the size
of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo
and supplies that a vessel can carry. Unless otherwise indicated, all references to &ldquo;$&rdquo; and &ldquo;dollars&rdquo; in
this prospectus are to United States dollars, and financial information presented in this prospectus is derived from financial
statements that are incorporated by reference and were prepared in accordance with International Financial Reporting Standards
(IFRS). We have a fiscal year end of December&nbsp;31.</I></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: center"><B>Overview</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; text-align: justify; text-indent: 0.5in">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 five dry bulk vessels: four Supramaxes and one Panamax, with an aggregate 300,571 dwt carrying capacity and an average age
of 12.3 years as of June&nbsp;30, 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Fleet</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; text-align: justify"><B>Our Current Fleet</B></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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Vessel</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year <BR>
Built</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Flag</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Direct Owner</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Shipyard</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Vessel<BR>
 Type</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of<BR> Employment</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Delivery Date</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Carrying<BR> Capacity<BR> (dwt)</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: left">m/v River Globe</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center">2007</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">Marshall Islands</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Devocean Maritime Ltd.</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">Yangzhou Dayang</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">Supramax</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">December&nbsp;2007</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%; text-align: right">53,627</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">m/v Sky Globe</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">2009</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Marshall Islands</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Domina Maritime Ltd.</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Taizhou Kouan</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Supramax</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May&nbsp;2010</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">56,855</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">m/v Star Globe</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">2010</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Marshall Islands</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Dulac Maritime S.A.</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Taizhou Kouan</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Supramax</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">May&nbsp;2010</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">56,867</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">m/v&nbsp;Moon&nbsp; Globe</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">2005</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Marshall Islands</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Artful Shipholding S.A.</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Hudong-Zhonghua</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Panamax</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;2011</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">74,432</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">m/v Sun Globe</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-bottom: 1pt; text-align: center">2007</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Malta</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Longevity Maritime Limited</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Tsuneishi Cebu</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Supramax</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;2011</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">58,790</TD><TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">Ave. Age: <BR> 12.3*</TD>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total dwt:<BR>
 300,571</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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; 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">*As of June&nbsp;30, 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; text-align: justify; text-indent: 0.5in">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 June&nbsp;30, 2020 was 12.3 years, and their carrying capacity was 300,571 dwt.</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">M/V Sky Globe, Star
Globe, River Globe, Sun Globe are Supramax vessels that primarily trade in the Far East,&nbsp;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: 0pt 0">&nbsp;</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Information</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; text-align: justify; text-indent: 0.5in">We originally incorporated
as Globus Maritime Limited on July&nbsp;26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended) and re-domiciled into
the Marshall Islands on November&nbsp;24, 2010. Our registered address is located at Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH 96960. Our registered agent in the Republic of the Marshall Islands is The Trust Company of the Marshall Islands,&nbsp;Inc.,
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960. 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 http://www.globusmaritime.gr. 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 and other issuers file electronically at http://www.sec.gov.</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: center"><B>Going Concern</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; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements as of and for the year ended December&nbsp;31, 2019 and our unaudited interim consolidated financial statements for
the three months ended March&nbsp;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&nbsp;&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&nbsp;31, 2019 included in our annual
report that includes an emphasis of matter in relation to the substantial doubt about our ability to continue as a going concern.</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"></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"><B><A NAME="a_005"></A>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares presently outstanding</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">175,593,007 common shares</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities offered by us</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 38,870,000 of our common shares issuable from time to time upon exercise of the Class&nbsp;A Warrants. See &ldquo;Description of Capital Stock.&rdquo; The Class&nbsp;A Warrants are exercisable immediately upon issuance and will expire on June&nbsp;22, 2025.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common shares to be outstanding immediately</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">after this offering</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">214,463,007 common shares, assuming the Class&nbsp;A Warrants are exercised in full</FONT><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate that we will receive gross proceeds of approximately $</FONT>13.6 million if all of the Class&nbsp;A Warrants are exercised in full on a cash basis. We intend to use the proceeds from the exercise of the Class&nbsp;A Warrants for general corporate purposes. It is possible that some or all of the Class&nbsp;A Warrants may expire and may never be exercised. See &ldquo;Use of Proceeds&rdquo;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our
    securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; below, beginning on page 2</FONT>, and in our Annual
    Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2019, which is incorporated herein by reference, to read about
    the risks you should consider before investing in our securities.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of this prospectus, our common shares are traded on the Nasdaq Capital Market under the symbol &ldquo;GLBS.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes the </FONT>38,870,000
common shares registered in this offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">(2)</TD><TD STYLE="text-align: justify">Excludes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">3,571 common shares and/or pre-funded warrants (and 3,571 common shares issuable upon the exercise
of 3,571 additional Class&nbsp;A warrants) issuable on further exercise of the overallotment option granted to the representative
of the underwriters in our public offering which closed on June&nbsp;22, 2020; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">45,850,000 common shares issuable upon the exercise of warrants issued in a transaction exempt
from registration with the Commission which closed on June&nbsp;30, 2020, and 83,333,333 common shares issuable upon the exercise
of warrants issued in a transaction exempt from registration with the Commission which closed on July&nbsp;21, 2020 (collectively,
the &ldquo;PP Warrants&rdquo;).</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; 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: center"><B><A NAME="a_006"></A>RISK FACTORS</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; text-align: justify; text-indent: 0.5in"><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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Risks Relating
to the Offering and the Ownership of our Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to Our Industry</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"><B><I>The international dry bulk shipping industry is cyclical
and volatile.</I></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; text-align: justify; text-indent: 0.5in">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.</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">Factors that influence
demand for vessel capacity include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">port and canal congestion charges;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel
values and demand for and production of dry bulk products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">global and regional economic and political conditions, including exchange rates, trade deals, and
the rate and geographic distributions of economic growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental and other regulatory developments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the distance dry bulk cargoes are to be moved by sea;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in seaborne and other transportation patterns; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">natural disasters and/or world pandemics such as the COVID-19 that has disrupted the markets worldwide.</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; text-align: justify; text-indent: 0.5in">Factors that influence
the supply of vessel capacity include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the size of the newbuilding orderbook;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the price of steel and vessel equipment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">technological advances in vessel design and capacity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the scrapping rate of older vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">port and canal congestion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of vessels that are in or out of service, including due to vessel casualties; and</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>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in environmental and other regulations that may limit the useful lives of vessels.</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; text-align: justify; text-indent: 0.5in">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.</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">We anticipate that
the future demand for our dry bulk vessels and charter rates will be dependent upon continued economic growth in the world&rsquo;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.</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"><B><I>The international shipping industry and dry bulk market
are highly competitive.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">On March&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have thus far been
affected by COVID-19 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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">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">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="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">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&nbsp;31,
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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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&rsquo; services could negatively
affect our charterers&rsquo; 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.</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">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.</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">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.</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"><B><I>An over-supply of dry bulk carrier capacity may depress
charter rates.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above was true
even before the worldwide and unprecedented work stoppages&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&rsquo;
ability to refinance their sovereign debt, including Greece, despite the country&rsquo;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: 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">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&nbsp;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&nbsp;2018, the U.S. President announced tariffs on imported steel and aluminum into
the United States, which were in January&nbsp;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&rsquo;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)&nbsp;the cost of goods exported from regions globally, particularly the Asia Pacific region, (ii)&nbsp;the length
of time required to transport goods and (iii)&nbsp;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&rsquo; 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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,&nbsp;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 COVID-19, 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.</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">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.</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">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.</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"><B><I>We depend on spot charters in volatile shipping markets.</I></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; text-align: justify; text-indent: 0.5in">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&rsquo;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.</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">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">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">prevailing level of charter rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">age of vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the environmental friendliness of our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">general economic and market conditions affecting the shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">competition from other shipping companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">configurations, sizes and ages of vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">other modes of transportation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">cost of newbuildings;</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>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="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.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">governmental or other regulations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">technological advances.</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; text-align: justify; text-indent: 0.5in">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our loan agreement
with EnTrust Global&rsquo;s Blue Ocean Fund (&ldquo;EnTrust Loan Facility&rdquo;) is secured by mortgages on our vessels, and requires
us to maintain to satisfy financial covenants, including based on the market value of our vessels and 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.</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">As of March&nbsp;31,
2020, the Company was not in compliance with all of the covenants included in the loan agreement with EnTrust. On May&nbsp;5, 2020,
the Company obtained waivers and relaxations of the breached covenants for the period commencing on March&nbsp;31, 2020 and ending
September&nbsp;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&nbsp;20-F, which is incorporated by reference into this 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; text-align: justify; text-indent: 0.5in">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.</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">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&rsquo;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.</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">If a determination
is made that a vessel&rsquo;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&rsquo; equity. These impairment costs could be very substantial.</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"><B><I>The Euro may not be stable and countries may not be able
to refinance their debts.</I></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; text-align: justify; text-indent: 0.5in">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: 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"><B><I>We are exposed to political, social and macroeconomic
risks relating to the United Kingdom&rsquo;s exit from the European Union.</I></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; text-align: justify; text-indent: 0.5in">In January&nbsp;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. 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>

<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"><B><I>Our industry is subject to complex laws and regulations.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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&nbsp;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.</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">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.</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 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 &ldquo;Safety Management System&rdquo; 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 &ldquo;Environmental and Other Regulations&rdquo;. 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&nbsp;20-F, each of our vessels was ISM Code-certified.</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">On December&nbsp;31,
2018, EU-flagged vessels became subject to Regulation (EU) No.&nbsp;1257/2013 of the European Parliament and of the Council of
20 November&nbsp;2013 on ship recycling (the &ldquo;EU Ship Recycling Regulation&rdquo; or &ldquo;ESRR&rdquo;) and exempt from
the Regulation (EC) No.&nbsp;1013/2006 of the European Parliament and of the Council of 14 June&nbsp;2006 on shipments of waste
(the &ldquo;European Waste Shipment Regulation&rdquo; or &ldquo;EWSR&rdquo;), which had previously governed their disposal and
recycling. The EWSR continues to be applicable to Non-European Union Member State-flagged (&ldquo;non-EU-flagged&rdquo;) vessels.</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">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&nbsp;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.</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 U.S. Coast Guard
and Customs and Border Protection, or other local governmental agencies, may enact additional and/or temporary measures, nationally
or regionally, in relation to the novel coronavirus (COVID-19). For example, in March&nbsp;2020, Customs and Border Protection
issued temporary restrictions on crew leave in the Port of New Orleans, and the U.S. Coast Guard issued a Marine Safety Information
Bulletin reminder that notification of deaths and illnesses of persons on board a vessel must be reported to the Coast Guard, and
mandating immediate notification to the Coast Guard and the Center for Disease Control and Prevention of such death or illness
related to COVID-19.</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"><B><I>Climate change and greenhouse gas restrictions may be
imposed.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;1, 2020. Our vessels do not have scrubbers&mdash;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&rsquo;s cap on
sulphur in marine fuels&mdash;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.</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">We discuss this further
in our annual report, which we incorporate herein by reference. See &ldquo;Business Overview&mdash;Environmental and Other Regulations&mdash;Regulations
to Prevent Pollution from Ships&rdquo; included in our annual report on Form&nbsp;20-F, which is incorporated by reference into
this 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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Sulphur regulations to reduce air pollution from ships
may require retrofitting of vessels and may cause us to incur significant costs.</I></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; text-align: justify; text-indent: 0.5in">January&nbsp;1, 2020
was the implementation date for vessels to comply with the IMO&rsquo;s low sulphur fuel oil requirement, which cuts sulphur levels
from 3.5% to 0.5%. The interpretation of &ldquo;fuel oil used on board&rdquo; includes use in main engine, auxiliary engines and
boilers. Shipowners may comply with this regulation by (i)&nbsp;using 0.5% sulphur fuels on board, which costs more than higher
sulphur fuel; (ii)&nbsp;installing scrubbers for cleaning of the exhaust gas; or (iii)&nbsp;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.
Effective March&nbsp;1, 2020, amendments to MARPOL Annex VI prohibit the carriage of non-compliant fuel oil for combustion purposes
for propulsion or operation on board a ship unless the ship is equipped with an accepted exhaust gas cleaning system. 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. 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.</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"><B><I>Capital expenditures and other costs necessary to operate
and maintain our vessels may increase.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Our revenues are subject to seasonal fluctuations.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;30 and September&nbsp;30,
and, conversely, our revenues may be stronger in fiscal quarters ending December&nbsp;31 and March&nbsp;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. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Environmental, social and governance matters may impact
our business and reputation.</I></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; text-align: justify; text-indent: 0.5in">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&rsquo; performance.</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">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&rsquo;s efforts and impacts on climate change and human rights, ethics and
compliance with law, and the role of the company&rsquo;s board of directors in supervising various sustainability issues.</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">In light of investors&rsquo;
increased focus on ESG matters, there can be no certainty that we will manage such issues successfully, or that we will successfully
meet society&rsquo;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>

<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"><B><I>Regulations relating to ballast water discharge may adversely
affect our revenues and profitability.</I></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; text-align: justify; text-indent: 0.5in">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&rsquo;s ballast water. Depending on the date of the IOPP renewal survey, existing vessels constructed before September&nbsp;8,
2017 must comply with the updated D-2 standard on or after September&nbsp;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&nbsp;8, 2017 are to comply with the D-2 standards on or after September&nbsp;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&nbsp;2019, BWMSs installed on or after October&nbsp;28, 2020 shall be approved in accordance
with BWMS Code, while BWMSs installed before October&nbsp;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>

<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">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&nbsp;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 by December&nbsp;2020, and requires the Coast Guard to develop regulations within two years of the EPA&rsquo;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. Vessels that are constructed after December&nbsp;1, 2013 are subject to the ballast water
numeric effluent limitations. Several U.S. states have added specific requirements to the VGP and, in some cases, may require vessels
to install ballast water treatment technology to meet biological performance standards.</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"><B><I>Increased inspection procedures, tighter import and export
controls and new security regulations could increase costs and disrupt our business.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;11, 2001, there have been a variety of initiatives intended to enhance vessel security, such
as the Marine Transportation Security Act of 2002. 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>

<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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;and regulations of the country
of registry of the vessel and the SOLAS.</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">A vessel must undergo
annual, intermediate and special surveys. The vessel&rsquo;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>

<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">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>

<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"><B><I>Our insurance may not be adequate to cover our losses
that may result from our operations.</I></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; text-align: justify; text-indent: 0.5in">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.</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">Moreover, insurers
have, over the last few years, increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally.</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">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>

<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">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.</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"><B><I>Our vessels are exposed to risks.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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,&nbsp;Iran,&nbsp;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 &ldquo;war risk&rdquo; zones or Joint War Committee &ldquo;war, strikes, terrorism and related perils&rdquo;
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 (&ldquo;bunkers&rdquo;), a spill of oil from
one of our vessels or losses as a result of fire or explosion could be catastrophic under certain circumstances.</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">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 &ldquo;on-hire&rdquo; 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>

<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">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.</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">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.</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">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">&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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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&rsquo;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.</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"><B><I>Rising fuel prices may adversely affect our profits.</I></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; text-align: justify; text-indent: 0.5in">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.</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">A global 0.5% sulphur
cap on marine fuels came into force on January&nbsp;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.</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"><B><I>Increases in crew costs may adversely affect our profits.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>The operation of dry bulk vessels has certain unique operational
risks.</I></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; text-align: justify; text-indent: 0.5in">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>

<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"><B><I>Maritime claimants could arrest our vessels.</I></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; text-align: justify; text-indent: 0.5in">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 &ldquo;Operating and Financial Review and Prospects &ndash; Liquidity and Capital Resources&mdash;Indebtedness&rdquo; included
in our annual report on Form&nbsp;20-F, which is incorporated by reference into this 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; text-align: justify; text-indent: 0.5in">In addition, in some
jurisdictions, such as South Africa, under the &ldquo;sister ship&rdquo; theory of liability, a claimant may arrest both the vessel
which is subject to the claimant&rsquo;s maritime lien and any &ldquo;associated&rdquo; vessel, which is any vessel owned or controlled
by the same owner. Claimants could attempt to assert &ldquo;sister ship&rdquo; liability against one vessel in our fleet for claims
relating to another of our vessels.</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"><B><I>Governments could requisition our vessels during a period
of war or emergency.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Compliance with safety and other vessel requirements imposed
by classification societies may be costly.</I></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; text-align: justify; text-indent: 0.5in">The hull and machinery
of every commercial vessel must be certified as safe and seaworthy in accordance with applicable rules&nbsp;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. Vessels must undergo annual surveys, immediate surveys and special surveys. In lieu of a special survey,
a vessel&rsquo;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 &ldquo;Operating and Financial Review and Prospects &ndash; Liquidity and Capital Resources&mdash;Indebtedness&rdquo;
included in our annual report on Form&nbsp;20-F, which is incorporated by reference into this 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"><B><I>A further economic slowdown or changes in the economic,
regulatory and political environment in the Asia Pacific region could reduce dry bulk trade demand.</I></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; text-align: justify; text-indent: 0.5in">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&rsquo;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&rsquo;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.</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">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.</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"><B><I>We conduct a substantial amount of business in China.</I></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; text-align: justify; text-indent: 0.5in">The Chinese legal system
is based on written statutes and their legal interpretation by the Standing Committee of the National People&rsquo;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.</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">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 &ldquo;market economy&rdquo; and enterprise reform, although it still acts with greater control than a truly free-market
economy. Many of the Chinese government&rsquo;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.</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"><B>Risks Relating to the Company</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"><B><I>At March&nbsp;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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March&nbsp;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&nbsp;31, 2020, the Company was not in compliance with
all of the covenants included in the loan agreement with EnTrust. But on May&nbsp;5, 2020, the Company obtained waivers and relaxations
of the breached covenants for the period commencing on March&nbsp;31, 2020, and ending September&nbsp;30, 2020. Our total assets
exceeded our total liabilities as of March&nbsp;31, 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; text-align: justify; text-indent: 0.5in">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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 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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">The EnTrust Loan Facility
imposes operating and financial restrictions on us. These restrictions may limit our ability to, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">create or permit liens on our assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">engage in mergers or consolidations, or sales of certain of our assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">change the flag or classification society of our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">pay dividends; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">change the management of our vessels.</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; text-align: justify; text-indent: 0.5in">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, some of which are based upon the market value
of our fleet. 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.</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">For a more detailed
discussion on our loan covenants, including breaches of them and relaxations and/or waivers we obtained, see &ldquo;Operating and
Financial Review and Prospects &ndash; Liquidity and Capital Resources&mdash;Indebtedness&rdquo; included in our annual report
on Form&nbsp;20-F, which is incorporated by reference into this 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"><B><I>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.&nbsp;Feidakis and any
breach of these covenants could trigger cross-default provisions in our other loan agreements.</I></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; text-align: justify; text-indent: 0.5in">The Firment Shipping
Credit Facility includes covenants regarding the continued service of our officers and directors, including the continued service
of Mr.&nbsp;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 securities offered by this 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; text-align: justify; text-indent: 0.5in">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. 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.</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"><B><I>We may be unable to attract and retain key management
personnel and other employees in the shipping industry.</I></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; text-align: justify; text-indent: 0.5in">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 &ldquo;key man&rdquo; life insurance for any of our management.</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"><B><I>We cannot assure you that we will be able to refinance
our existing indebtedness or obtain additional financing.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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.</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"><B><I>We have depended on an entity affiliated with our principal
shareholder for financing.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;Transactions&rdquo; and in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2019 which
is incorporated by reference herein. As of March&nbsp;31, 2020, we were indebted to Firment pursuant to the loan facilities in
the amount of $0.9 million inclusive of interest, it being noted that all amounts currently owed pursuant to the facilities were
repaid on July&nbsp;27, 2020. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Due to our limited fleet diversification, adverse developments
in the maritime dry bulk shipping industry would adversely affect our business, financial condition, and operating results.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Newbuilding projects are subject to risks that could cause
delays.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;and
other labor disputes, adverse weather conditions or any other events of force majeure. A shipyard&rsquo;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.</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"><B><I>Our vessels may suffer damage, and we may face unexpected
repair costs, which could adversely affect our cash flow and financial condition.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">Our strategy involves
employing our vessels primarily on time charters generally with durations between three months and five years. As of June&nbsp;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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As we expand our business, we may have difficulty improving
our operating and financial systems and recruiting suitable employees and crew for our vessels.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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.</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"><B><I>The smuggling of drugs or other contraband onto our vessels
may lead to governmental claims against us.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Labor interruptions could disrupt our business.</I></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; text-align: justify; text-indent: 0.5in">Our vessels are manned
by masters, officers and crews (totaling 113 as of March&nbsp;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.</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"><B><I>Our charterers may renegotiate or default on their charters.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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.</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"><B><I>The aging of our fleet may result in increased operating
costs in the future.</I></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; text-align: justify; text-indent: 0.5in">In general, the cost
of maintaining a vessel in good operating condition increases with the age of the vessel. As of June&nbsp;30, 2020 and 2019, the
weighted average age of the vessels in our fleet was 12.3 and 11.3 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may have difficulty managing our planned growth properly.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">locating and acquiring suitable vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">identifying and consummating acquisitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">enhancing our customer base;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">managing our expansion; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">obtaining required financing on acceptable terms.</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; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">work stoppages&nbsp;or other hostilities or political or economic disturbances that disrupt the
operations of the shipyard;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">quality or engineering problems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">bankruptcy or other financial crisis of the shipyard;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a backlog of orders at the shipyard;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">weather interference or catastrophic events, such as major earthquakes or fires;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</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="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">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.</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">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.</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">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.</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">To the extent we scrap
or sell vessels, we may decide to terminate the employment of some of our staff.</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"><B><I>Legislative or regulatory changes in Greece may adversely
affect our results from operations.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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.</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 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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>We rely on our information systems to conduct our business.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>We expect that a limited number of financial institutions
will hold our cash including financial institutions that may be located in Greece.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>Purchasing and operating secondhand vessels may result
in increased operating costs and reduced fleet utilization.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">Under Section&nbsp;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&nbsp;20-F a report containing our management&rsquo;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&nbsp;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&nbsp;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.</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"><B><I>Unless we set aside reserves or are able to borrow funds
for vessel replacement, at the end of a vessel&rsquo;s useful life our revenues will decline.</I></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; text-align: justify; text-indent: 0.5in">As of June&nbsp;30,
2020 and June&nbsp;30, 2019, the vessels in our current fleet had a weighted average age of 12.3 and 11.3 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.</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"><B><I>We depend upon a few significant customers for a large
part of our revenues.</I></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; text-align: justify; text-indent: 0.5in">We may derive a significant
part of our revenue from a small number of customers. During the years ended December&nbsp;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.</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">We could lose a customer
or the benefits of a time charter if, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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">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.</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"><B><I>We generate revenues from the trading of our vessels in
U.S. dollars but incur a portion of our expenses in other currencies.</I></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; text-align: justify; text-indent: 0.5in">We generate substantially
all of our revenues from the trading of our vessels in U.S. dollars, but during the years ended December&nbsp;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.</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"><B><I>Increases in interest rates may cause the market price
of our shares to decline.</I></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; text-align: justify; text-indent: 0.5in">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 &ldquo;Item 11. Quantitative and Qualitative Disclosures About Market Risk&rdquo; included in our
annual report on Form&nbsp;20-F, which is incorporated by reference into this 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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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">On July&nbsp;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.</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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>We may have to pay tax on U.S. source shipping income.</I></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; text-align: justify; text-indent: 0.5in">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&nbsp;883 Exemption, or through the application of a comprehensive income tax treaty between the
United States and the corporation&rsquo;s country of residence. The eligibility of Globus Maritime and our subsidiaries to qualify
for the Section&nbsp;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&nbsp;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&nbsp;883 Exemption.</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">If we are not entitled
to the Section&nbsp;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.</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">For a more complete
discussion, please read the section in our annual report on Form&nbsp;20-F, which we incorporate by reference into this prospectus,
entitled &ldquo;Item 10.E. Taxation&mdash; United States Tax Considerations&mdash; United States Federal Income Taxation of the
Company.&rdquo;</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"><B><I>U.S. tax authorities could treat us as a &ldquo;passive
foreign investment company,&rdquo; which could result in adverse U.S. federal income tax consequences to U.S. shareholders.</I></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; text-align: justify; text-indent: 0.5in">A foreign corporation
will be treated as a &ldquo;passive foreign investment company,&rdquo; 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 &ldquo;passive income&rdquo; or at least 50%
of the average value of the corporation&rsquo;s assets produce or are held for the production of those types of &ldquo;passive
income.&rdquo; For purposes of these tests, &ldquo;passive income&rdquo; 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 &ldquo;passive income.&rdquo;</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">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 &ldquo;Tax Considerations&mdash;United States Tax Considerations&mdash;United States Federal Income Taxation of United
States Holders&rdquo; 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.</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">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 &ldquo;passive income,&rdquo;
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 &ldquo;passive income.&rdquo;</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">There are legal uncertainties
involved in this determination because there is no direct legal authority under the PFIC rules&nbsp;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&nbsp;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.</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">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 &ldquo;Tax Considerations&mdash;United States Tax Considerations&mdash;United
States Federal Income Taxation of United States Holders&rdquo; in this 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"><B><I>We could face penalties under European Union, United States
or other economic sanctions.</I></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; text-align: justify; text-indent: 0.5in">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.</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">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&nbsp;2014,
is an example of economic sanctions with a potentially widespread and unpredictable impact on shipping. 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.</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">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&nbsp;13(a)&nbsp;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.</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">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.</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"><B><I>Our vessels may call on ports subject to economic sanctions
or embargoes.</I></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; text-align: justify; text-indent: 0.5in">From time to time on
charterers&rsquo; 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&nbsp;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.</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">On July&nbsp;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&rsquo;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&nbsp;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.</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">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: 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"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">On March&nbsp;12, 2019,
the Council of the European Union approved and published conclusions containing a list of &ldquo;non-cooperative jurisdictions&rdquo;
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&nbsp;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&rsquo; 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.</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">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)&nbsp;is directed and managed in the Marshall Islands in relation to that relevant
activity, (ii)&nbsp;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)&nbsp;having regard to the level of relevant activity carried out in the Marshall Islands
has (a)&nbsp;an adequate amount of expenditures in the Marshall Islands, (b)&nbsp;adequate physical presence in the Marshall Islands
and (c)&nbsp;an adequate number of qualified employees in the Marshall Islands.</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">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.</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">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.</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"><B><I>The international nature of our operations may make the
outcome of any bankruptcy proceedings difficult to predict.</I></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; text-align: justify; text-indent: 0.5in">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. 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. 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. bankruptcy court&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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>A cyber-attack could materially disrupt our business.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B>Risks Relating to this Offering and
the Ownership of our Securities</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"><B><I>Our stock price has been volatile and no assurance can
be made that it will not substantially depreciate.</I></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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;11,
2019 to a low of $0.96 on December&nbsp;23, 2019, representing a decrease of 89%. Our share price further declined in 2020 and
hit a low of $0.</FONT>15 on July&nbsp;27, 2020. We can offer no comfort or assurance that our stock price will stop being volatile
or not substantially depreciate.</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"><B><I>The superior voting rights of our Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our common shares
have one vote per share, each of our 30,000 Series&nbsp;B preferred shares presently outstanding has 25,000 votes per share; however,
the voting power of the Series&nbsp;B preferred shares is limited such that no holder of Series&nbsp;B preferred shares may exercise
voting rights pursuant to any Series&nbsp;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 49.99% of the total number of votes eligible
to be cast on such matter. The Series&nbsp;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">&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 and until and unless we issue a significant number of securities, Goldenmare Limited, a company affiliated with our
Chief Executive Officer, can therefore control 49.99% 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The superior voting
rights of our Series&nbsp;B preferred shares limit our common shareholders&rsquo; ability to influence corporate matters. The interests
of the holder of the Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have broad discretion in the use of the net proceeds
from the exercise of our warrants 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management will
have broad discretion in the application of the net proceeds from the exercise of our warrants 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 the exercise of the warrants
in a manner that does not produce income or that loses value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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>Our existing
shareholders&rsquo; ownership interests will be diluted each time we issue securities or our outstanding warrants are exercised
and such issuances may depress the market price of our common shares.</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">As of July 29, 2020,
collectively, holders of our outstanding warrants had the right to purchase an aggregate of 168,053,333 common shares. The number
of common shares issuable upon exercise and price of exercise are subject to adjustment. The exercise of such outstanding warrants
may dilute the value of our shares. In addition, we may issue common shares to repay all or a portion of any amounts outstanding
under our loan with Firment Shipping Inc., noting that, currently, no amounts are outstanding under the facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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 may issue additional
common shares or other equity securities of equal or senior rank in the future without shareholder approval in connection with,
among other things, future vessel acquisitions, the repayment of outstanding indebtedness, and the conversion of convertible financial
instruments. Furthermore, in the future, we may issue additional common shares or other equity or debt securities convertible
into common shares in connection with a financing, acquisition, litigation settlement, employee arrangements, or otherwise. Any
such issuance could result in substantial dilution to our existing shareholders and could cause our stock price to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may issue additional common shares, Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue additional
common shares, Class&nbsp;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, conversion of convertible financial instruments, repayment of outstanding
indebtedness or our equity incentive plan, without shareholder approval.</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">Our issuance of additional
common shares, Class&nbsp;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">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our existing shareholders&rsquo; proportionate ownership interest in us will decrease;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the relative voting strength of each previously outstanding share will be diminished; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the market price of our common shares may decline, and we could be forced to delist our hares from
Nasdaq.</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; text-align: justify; text-indent: 0.5in">In addition, we may
be obligated to issue, upon exercise or conversion of outstanding agreements, warrants and credit facilities pursuant to the terms
thereof:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,850,000
common shares issuable upon the exercise of outstanding PP Warrants issued in June&nbsp;2020 at an exercise price of $0.18 per
share and which expire in December&nbsp;2025;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,333,333
common shares issuable upon the exercise of outstanding PP Warrants issued in July&nbsp;2020 at an exercise price of $0.18 per
share and which expire in January&nbsp;2026;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,870,000
common shares issuable upon the exercise of outstanding Class&nbsp;A Warrants at an exercise price of $0.35 per share and expire
in June&nbsp;2025;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,571
common shares and/or pre-funded warrants in lieu thereof (and 3,571 common shares issuable upon the exercise of 3,571 additional
Class&nbsp;A Warrants) issuable on further exercise of the overallotment option granted to the representative of the underwriters
in our public offering which closed on June&nbsp;22, 2020; and</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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares issuable to repay any future amounts outstanding under the $15 million credit facility with Firment Shipping Inc., which
could be issuable if we borrow additional funds under that credit facility.</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; background-color: white">We
also issue, on a quarterly basis, common shares to certain of our directors.</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">Our issuance of additional
common shares upon the exercise of such warrants and credit facilities would cause the proportionate ownership interest in us of
our existing shareholders, other than the exercising warrant or credit facility holder, to decrease; the relative voting strength
of each previously outstanding common share held by our existing shareholders to decrease; and, depending on our share price when
and if these warrants or notes are exercised, may result in dilution to our existing shareholders.</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">Furthermore, we may
sell securities at less than the prevailing market price. Because we are a foreign private issuer, we are not bound by Nasdaq rules&nbsp;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&nbsp;20-F, which is incorporated by reference into this 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"><B><I>Our existing shareholders may be diluted each time amounts
owed under the Firment Shipping Credit Facility are converted into common shares.</I></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; text-align: justify; text-indent: 0.5in">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 &ldquo;Certain
Relationships and Related Party Transactions&mdash;Firment Shipping Credit Facility&rdquo; in our annual report on Form&nbsp;20-F,
which is incorporated by reference into this prospectus. Although no amounts are currently owed under the Firment Shipping Credit
Facility, common shares could be issued to repay future borrowings under the Firment Shipping Credit Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our stock price has fluctuated below the minimum required
to continue the listing of our common shares on Nasdaq.</I></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; text-align: justify">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, and a market value of publicly held securities of $1 million), as well as other corporate governance
standards, to maintain the listing of our common shares on the Nasdaq Capital Market. In calendar year 2020 to July&nbsp;27, 2020,
our stock price has fluctuated from a high of $1.09 on January&nbsp;3, 2020 to a low of $0.15 on July&nbsp;27, 2020, which low
price falls beneath the $1.00 per share requirement imposed by the Nasdaq Capital Market to continue listing our shares.</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">On March&nbsp;6, 2020, we announced that
we had received written notification from The Nasdaq Stock Market dated March&nbsp;2, 2020, indicating that because the closing
bid price of our common stock 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&nbsp;5450(a)(1). Pursuant
to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until August&nbsp;31, 2020, but citing
extraordinary market conditions, Nasdaq filed an immediately effective rule&nbsp;change with the Securities and Exchange Commission
which, with effect from April&nbsp;16, 2020, tolled the listing process until July&nbsp;1, 2020. Consequently, the Company&rsquo;s
compliance period has effectively been extended until November&nbsp;12, 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; text-align: justify">There can be no assurance that we will
be able to maintain compliance with the minimum bid price, shareholders&rsquo; equity, number of publicly held shares or other
listing standards in the future. We may receive notices from Nasdaq that we have failed to meet its requirements, and proceedings
to delist our stock could be commenced. 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 of our shares would breach a number of our credit facilities and loan arrangements,
some of which contain cross default provisions. Delisting may also impair our ability to raise capital. We refer you to our annual
report on Form&nbsp;20-F for more information about our listing requirements.</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"><B><I>The public market may not continue to be active and liquid
enough for you to resell our common shares in the future.</I></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; text-align: justify; text-indent: 0.5in">The price of our common
shares may be volatile and may fluctuate due to factors such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">actual or anticipated fluctuations in our quarterly and annual results and those of other public
companies in our industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">mergers and strategic alliance sin the dry bulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">market conditions in the dry bulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in government regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">shortfalls in our operating results from levels forecast by securities analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements concerning us or our competitors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the general state of the securities market.</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; text-align: justify; text-indent: 0.5in">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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Resales of our common shares in the public market by our
shareholders may cause the market price of our common shares to fall.</I></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; text-align: justify; text-indent: 0.5in">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An investment in our securities is speculative and there
can be no assurance of any return on any such investment.</I></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; text-align: justify; text-indent: 0.5in">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: 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"><B><I>The warrants are speculative in nature.</I></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; text-align: justify; text-indent: 0.5in">The Class&nbsp;A Warrants
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 Class&nbsp;A Warrants
may acquire the common shares issuable upon the exercise of such warrants at an exercise price of $0.35 per common share. Moreover,
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There is no public market for the Class&nbsp;A Warrants
and we do not expect one to develop.</I></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; text-align: justify; text-indent: 0.5in">There is presently
no established public trading market for the Class&nbsp;A Warrants and we do not expect a market to develop. In addition, we do
not intend to apply to list the Class&nbsp;A Warrants on any securities exchange or nationally recognized trading system, including
the Nasdaq Capital Market. Without an active market, the liquidity of the Class&nbsp;A Warrants is 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"><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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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.</I></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; text-align: justify; text-indent: 0.5in">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. 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&nbsp;20-F
for the year ended December&nbsp;31, 2019, as supplemented by our unaudited interim consolidated financial statements for the three
months ended March&nbsp;31, 2020 in our report on Form&nbsp;6-K filed with the Commission on June&nbsp;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&nbsp;B preferred shares do
not participate in dividends.</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 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&nbsp;B shares, to the extent any are issued and outstanding.
Our Series&nbsp;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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">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: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the level of our operating costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of unscheduled off-hire days and the timing of, and number of days required for, scheduled
drydocking of our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">vessel acquisitions and related financings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions in the EnTrust Loan Facility and in any future debt arrangements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain debt and equity financing on acceptable terms as contemplated by our growth
strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">prevailing global and regional economic and political conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of governmental regulations and maritime self-regulatory organization standards on the
conduct of our business;</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>

<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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our overall financial condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our cash requirements and availability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount of cash reserves established by our board of directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions under Marshall Islands law.</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; text-align: justify; text-indent: 0.5in">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.</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">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.</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 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.</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"><B><I>Provisions of our articles of incorporation and bylaws
may have anti-takeover effects, which could depress the trading price of our common shares.</I></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; text-align: justify; text-indent: 0.5in">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Multi
Class&nbsp;Stock</I></FONT>. Our multi-class stock structure, which consists of common shares, Class&nbsp;B common shares, and
preferred shares, can provide holders of our Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For instance, while
our common shares have one vote on matters before the shareholders, each of our 30,000 outstanding Series&nbsp;B preferred shares
has 25,000 votes on matters before the shareholders; provided however, that no holder of Series&nbsp;B preferred shares may exercise
voting rights pursuant to any Series&nbsp;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 49.99% 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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Class&nbsp;B common
shares are presently outstanding, but if and when we issue any, each Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Blank
Check Preferred Shares</I></FONT>. 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">&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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Classified
Board of Directors</I></FONT>. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Election
of Directors</I></FONT>. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Advance
Notice Requirements for Shareholder Proposals and Director Nominations</I></FONT>. 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&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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a &ldquo;foreign private issuer&rdquo;, which could
make our securities less attractive to some investors or otherwise harm our stock price.</I></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; text-align: justify; text-indent: 0.5in">We are a &ldquo;foreign
private issuer&rdquo;, as such term is defined in Rule&nbsp;405 under the Securities Act. As a &ldquo;foreign private issuer&rdquo;
the rules&nbsp;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&nbsp;10-Q or provide current reports
on Form&nbsp;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&nbsp;16 of the Exchange Act and related
rules&nbsp;with respect to their purchase and sales of our securities. Our exemption from the rules&nbsp;of Section&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult to serve us with legal process or
enforce judgments against us, our directors, our significant shareholders, or our management.</I></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; text-align: justify; text-indent: 0.5in">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.</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"><B><I>We are subject to Marshall Islands corporations law, which
is not well-developed.</I></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; text-align: justify; text-indent: 0.5in">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.</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: center"><B><A NAME="a_007"></A>USE OF PROCEEDS</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; text-align: justify; text-indent: 0.5in">We estimate that we
will receive gross proceeds of approximately $13.6 million if all of the Class&nbsp;A Warrants are exercised in full on a cash
basis. We intend to use the proceeds from the exercise of the Class&nbsp;A Warrants for general corporate purposes. It is possible
that some or all of the Class&nbsp;A Warrants may expire and may never be exercised, or that some will be exercised on a cashless
basis.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>CAPITALIZATION</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; text-align: justify">The following table sets forth our capitalization
as of March&nbsp;31, 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>

<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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">on an actual basis, based on 6,416,666 common shares
outstanding as of March&nbsp;31, 2020, and excludes, as of such date 100,000 common shares available for issuance under our 2012
Equity Incentive Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">on an as adjusted basis, to reflect (a)&nbsp;the issuance between March&nbsp;31, 2020 and the date
of this prospectus of 5,000 Series&nbsp;B preferred shares on June&nbsp;12, 2020, (b)&nbsp;the issuance of 39,425,000 common shares
and 39,425,000 Class&nbsp;A Warrants exercisable into 39,425,000 common shares (and assuming no exercises of the Class&nbsp;A warrants
other than the 555,000 Class&nbsp;A Warrants exercised in June&nbsp;2020) for a purchase price of $0.35 per common share and Class&nbsp;A
Warrant, (c)&nbsp;the payment in full on June&nbsp;25, 2020 of all amounts owed pursuant to our Convertible Note, (d)&nbsp;the
issuance on June&nbsp;30, 2020 of 45,850,000 common shares and 45,850,000 PP Warrants exercisable into 45,850,000 common shares
(and assuming no exercises of these PP Warrants) for a purchase price of $0.27 per common share and PP Warrant, (e)&nbsp;the issuance
on July&nbsp;21, 2020 of 83,333,333 common shares and 83,333,333 PP Warrants exercisable into 83,333,333 common shares (and assuming
no exercises of these PP Warrants) for a purchase price of $0.18 per common share and PP Warrant, (f)&nbsp;the issuance of 13,008
common shares to our independent directors in July&nbsp;2020; (g)&nbsp;the issuance of 25,000 Series&nbsp;B preferred shares in
July&nbsp;2020; and (h)&nbsp;the payment in full on July&nbsp;27, 2020 of all amounts owed under the Firment Shipping Credit Facility;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">on an as further adjusted basis to give effect to 38,870,000 commons shares issuable upon exercise
of the Class&nbsp;A Warrants at an exercise price of $0.35 per share.</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; text-align: justify; text-indent: 0.5in">There have been no
significant adjustments to our capitalization since March&nbsp;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 incorporated
by reference into 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&nbsp;20-F, incorporated by reference
herein.</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="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Actual<BR>
(unaudited)</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>As&nbsp;Adjusted<BR> (unaudited)</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>As&nbsp;Further<BR> Adjusted<BR>
(unaudited)</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="10" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(dollars
in thousands except <BR>
per share and share data)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Capitalization:</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EnTrust Loan
Facility</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Firment Shipping Credit Facility</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">307</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Convertible Note</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">798</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Total debt (including
current portion)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">38,105</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37,000</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Preferred shares, $0.001 par value; 100,000,000
shares authorized, none issued*, actual and adjusted</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Common shares, $0.004 par
value; 500,000,000 shares authorized, 6,416,666 shares issued and outstanding actual, 175,593,007 shares issued and outstanding
as adjusted, 214,463,007 shares issued and outstanding as further adjusted</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">702</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">857</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Class&nbsp;B Shares, $0.001
par value; 100,000 shares authorized, none issued, actual and adjusted</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Series&nbsp;B Preferred Shares,
$0.001 par value; none issued actual; 30,000 issued as adjusted and further adjusted</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Share premium</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">146,326</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">184,297</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">197,746</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(144,650</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(144,650</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(144,650</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Total shareholders&rsquo;
equity</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,702</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">40,349</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">53,953</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Total capitalization</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">39,807</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">77,349</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">90,953</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Except as otherwise noted, all information in this prospectus
reflects and assumes (i)&nbsp;no further exercise of the overallotment option granted to the representative of the underwriters
in our public offering which closed on June&nbsp;22, 2020, and (ii)&nbsp;no exercise of Class&nbsp;A Warrants or the PP Warrants.</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">*Excludes 30,000 Series&nbsp;B Preferred Shares accounted for
elsewhere in this table.</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"></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: center"><B><A NAME="a_009"></A>DESCRIPTION OF CAPITAL STOCK</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; text-align: justify; text-indent: 0.5in">For the complete terms
of our capital stock, please refer to our articles of incorporation and our amended and restated bylaws, which are incorporated
by reference as exhibits to the registration statement of which this prospectus forms a part. The Business Corporations Act of
the Republic of the Marshall Islands, or the BCA, may also affect the terms of our capital stock.</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">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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our objects and purposes,
as provided in Section&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Authorized Capitalization</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; text-align: justify; text-indent: 0.5in">The authorized number
of shares of us consist of (1)&nbsp;500,000,000 common shares, par value $0.004 per share, (2)&nbsp;100,000,000 Class&nbsp;B common
shares, par value $0.001 per share, which we refer to as the Class&nbsp;B shares, and (3)&nbsp;100,000,000 preferred shares, par
value $0.001 per share, which we refer to as the preferred shares. No Class&nbsp;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&nbsp;B shares then authorized.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
classes of preferred shares have been designated, and 30,000 Series&nbsp;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 had 175,593,007 common shares outstanding
as of </FONT>July&nbsp;29, 2020, 30,000 Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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
directors, officers and employees.</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"><B>Share History</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; text-align: justify; text-indent: 0.5in">On February&nbsp;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&nbsp;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.</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">In connection with
the closing of the February&nbsp;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">&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&nbsp;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&nbsp;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&nbsp;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">&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&nbsp;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&nbsp;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">&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">On October&nbsp;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&nbsp;2017 Private Placement and the common shares underlying the October&nbsp;2017 warrant. (These figures do not reflect
the 10-1 reverse stock split which occurred in October&nbsp;2018.) The October&nbsp;2017 warrant was exercisable for 24 months
after its issuance.</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">On October&nbsp;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).</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">In November&nbsp;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.&nbsp;Georgios Feidakis, for the purpose of financing our general working capital needs. This credit
facility was amended and restated in May&nbsp;2020. The Firment Shipping Credit Facility is unsecured and remains available until
its final maturity on October&nbsp;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&nbsp;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)&nbsp;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.&nbsp;New
York City time and ending at 4.00 p.m.&nbsp;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)&nbsp;$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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&nbsp;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&nbsp;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&nbsp;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. Waivers relating to the 40% shareholding requirement were obtained
for the June&nbsp;and July&nbsp;2020 share and warrant issuances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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 March&nbsp;13,
2019, the Company entered into a securities purchase agreement and issued a convertible note (the &ldquo;Convertible Note&rdquo;)
in a transaction exempt from registration under the Securities Act with an unrelated investor. The Convertible Note, which was
repaid in June 2020, was originally issued for gross proceeds of $5 million and is convertible into our common shares, par value
$0.004 per share. 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&nbsp;13, 2020,
the first anniversary of its issue, but its holder waived the Convertible Note&rsquo;s maturity until March&nbsp;13, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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&nbsp;8,
2020, the holder of our Convertible Note waived (the &ldquo;May&nbsp;8, 2020 Waiver&rdquo;) its right to participate in (a)&nbsp;public
offerings which would have closed before August&nbsp;31, 2020, and (b)&nbsp;issuances of shares and other securities (including
common shares, Class&nbsp;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)&nbsp;without the Company having admitted fault, certain potential prior
technical breaches of the Convertible Note; (b)&nbsp;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 resulted from
certain underwritten offering or issuances of our securities to directors, officers, their respective affiliates, and to affiliates
of the Company; (c)&nbsp;temporarily reduced, until August&nbsp;31, 2020, the amount the noteholder would have received upon a
redemption of the Convertible Note at the Company&rsquo;s option, such that the Convertible Note could be redeemed at the Company&rsquo;s
option by paying the greater of (i)&nbsp;the aggregate amounts then outstanding pursuant to the Convertible Note (rather than
120% of such amounts) and (ii)&nbsp;the product of (x)&nbsp;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)&nbsp;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 would be 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)&nbsp;the
aggregate amounts then outstanding pursuant to the Convertible Note and (b)&nbsp;25% of the net proceeds of any public offering
of its securities that would have closed before August&nbsp;31, 2020. The Convertible Note was repaid in June&nbsp;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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<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">On June&nbsp;12, 2020,
we entered into a stock purchase agreement and issued 5,000 of our newly-designated Series&nbsp;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. The amount that remains owing to Goldemare Limited as of June&nbsp;30,
2020 was approximately $465,000. The issuance of the Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&nbsp;</FONT>27, 2020, we issued 25,000 of our Series&nbsp;B preferred shares to Goldenmare Limited in return for $150,000.
The $150,000 was paid by reducing, on a dollar for dollar basis, the amount payable as compensation by the Company to Goldenmare
Limited pursuant to a consultancy agreement. In addition, we increased the maximum voting rights under the Series&nbsp;B preferred
shares from 49.0% to 49.99%. The issuance of the Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June&nbsp;22, 2020,
the Company completed its public offering of 34,285,714 units of the Company, each unit consisting of one common share and one
Class&nbsp;A Warrant to purchase one common share, for $0.35 per unit. At the time of the closing, the underwriters exercised and
closed on part of their over-allotment option, and purchased an additional 5,139,286 Common Shares and 5,139,286 Class&nbsp;A Warrants.</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">On June&nbsp;30, 2020,
the Company issued 45,850,000 of its common shares in a registered direct offering and 45,850,000 of its PP Warrants in a concurrent
private placement for a purchase price of $0.27 per common share and PP Warrant.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&nbsp;21, 2020, the Company </FONT>issued 83,333,333 of its common shares in a registered direct offering and 83,333,333 of
its PP Warrants to purchase common shares in a concurrent private placement for a purchase price of $0.18 per common share and
PP Warrant.</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">From June&nbsp;22,
2020 to July&nbsp;29, 2020, the Company issued 555,000 common shares pursuant to exercises of outstanding Class&nbsp;A Warrants.
As of July&nbsp;29, 2020, no PP Warrants had been 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">In 2019, 2018 and 2017, non-executive directors (excluding our non-executive
Chairman, Mr.&nbsp;Georgios Feidakis) received an aggregate of 17,998 common shares, 8,797 common shares and 2,094 common shares,
respectively. During the current fiscal year, to date, we issued an aggregate of 34,748 common shares to our two independent 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"><B>Common Shares, Class&nbsp;B Shares,
and Series&nbsp;B Preferred Shares</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; text-align: justify; text-indent: 0.5in">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&nbsp;B preferred shares, and Class&nbsp;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&nbsp;B shares are entitled to 20 votes per share and the holder of our Series&nbsp;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&nbsp;B
shares (not including the Company and the Company&rsquo;s subsidiaries) may convert, at its option, any or all of the Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided by the BCA, holders of our common shares, Class&nbsp;B shares, and Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights, preferences
and privileges of holders of our shares are subject to the rights of the holders of our Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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">&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">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">&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">&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
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">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of preferred shares in the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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">In April&nbsp;2012
we issued an aggregate of 3,347 Series&nbsp;A Preferred Shares to two persons who were then executive officers, but as of December&nbsp;31,
2016 and as of the date hereof no Series&nbsp;A Preferred Shares were outstanding. The holders of our Series&nbsp;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&nbsp;A Preferred Shares do not have any voting rights. Upon
our liquidation, dissolution or winding up, the holders of our Series&nbsp;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&nbsp;A
Preferred Shares are not convertible into any of our other capital stock. The Series&nbsp;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&nbsp;A Preferred Shares in January&nbsp;2013 and the remaining 2,567 were redeemed and cancelled in July&nbsp;2016.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&nbsp;12, 2020, we entered into a stock purchase agreement and issued 5,000 of our newly-designated Series&nbsp;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. On July&nbsp;</FONT>27, 2020, we entered into a stock
purchase agreement and issued 25,000 of our Series&nbsp;B Preferred Shares to Goldenmare Limited 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. We also increased the maximum voting rights of the Series&nbsp;B preferred shares
from 49.0% to 49.99%.</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 issuances of the
Series&nbsp;B preferred shares to Goldenmare Limited were each approved by an independent committee of the Board of Directors of
the Company, which in each case 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series&nbsp;B preferred
shares have the following characteristics:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voting.</I></B></FONT>
To the fullest extent permitted by law, each Series&nbsp;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, provided however, that no holder of Series&nbsp;B preferred
shares may exercise voting rights pursuant to Series&nbsp;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&nbsp;B preferred shares, common
shares or otherwise) to exceed 49.99% 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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion.</I></B></FONT>
The Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemption.</I></B></FONT>
The Series&nbsp;B preferred shares are not redeemable.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dividends.</I></B></FONT>
The Series&nbsp;B preferred shares have no dividend rights.</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Liquidation
Preference.</I></B></FONT> Upon any liquidation, dissolution or winding up of the Company, the Series&nbsp;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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Transferability.</I></B></FONT>
All issued and outstanding Series&nbsp;B preferred shares must be held of record by one holder, and the Series&nbsp;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">&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"><B><I>Proportional
Adjustment.</I></B></FONT> In the event the Company (i)&nbsp;declares any dividend on its common shares, payable in common shares,
(ii)&nbsp;subdivides the outstanding common shares or (iii)&nbsp;combines the outstanding common shares into a smaller number of
shares, there shall be a proportional adjustment to the number of outstanding Series&nbsp;B preferred shares.<B></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"><B>Liquidation</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; text-align: justify; text-indent: 0.5in">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&nbsp;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&nbsp;B shares, and the holders of common shares and the holders of Class&nbsp;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&nbsp;B preferred share,
the holder of our Series&nbsp;B Preferred Shares do not participate in distributions upon liquidation.</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"><B>Dividends</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; text-align: justify; text-indent: 0.5in">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to preferences
that may apply to any shares of preferred stock outstanding at the time, the holders of our common shares and Class&nbsp;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&nbsp;B preferred shares do not participate in dividends.</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"><B>Conversion</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; text-align: justify; text-indent: 0.5in">Our common shares are
not convertible into any other shares of our capital stock. Each of our Class&nbsp;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&nbsp;B shares that shall have been
converted into common shares.</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"><B>Directors</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; text-align: justify; text-indent: 0.5in">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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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">&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"><B>Classified Board of Directors</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; text-align: justify; text-indent: 0.5in">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">&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">&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 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">&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">&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
prohibit cumulative voting.</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"><B>Shareholder Meetings</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; text-align: justify; text-indent: 0.5in">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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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)&nbsp;listed on a securities exchange or admitted
for trading on an interdealer quotation system or (2)&nbsp;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">&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">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Multi
Class&nbsp;Stock.</I></FONT> Our multi-class stock structure, which consists of common shares, Class&nbsp;B common shares, and
preferred shares, can provide holders of our Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For instance, while
our common shares have one vote on matters before the shareholders, each of our 30,000 outstanding Series&nbsp;B preferred shares
has 25,000 votes on matters before the shareholders; provided however, that no holder of Series&nbsp;B preferred shares may exercise
voting rights pursuant to any Series&nbsp;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 49.99% of the total number of votes eligible
to be cast on such matter. No Class&nbsp;B common shares are presently outstanding, but if and when we issue any, each Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At present, and until
a substantial number of additional securities are issued, our holder of Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Blank
Check Preferred Shares.</I></FONT> 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Classified
Board of Directors.</I></FONT> 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Election
of Directors.</I></FONT> 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Advance
Notice Requirements for Shareholder Proposals and Director Nominations.</I></FONT> 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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">&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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Calling
of Special Meetings of Shareholders.</I></FONT> 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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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)&nbsp;persons who are directors and officers
and (2)&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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">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)&nbsp;the interested shareholder or any of its affiliates or (2)&nbsp;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">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">owns 15.0% or more of our outstanding voting shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol; font-size: 10pt">&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="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">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">&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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Description of our Warrants</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; text-align: justify; text-indent: 0.5in">The following summary
of certain terms and provisions of the Class&nbsp;A Warrants is not complete and is subject to, and qualified in its entirety by
the provisions of the form of Class&nbsp;A Warrant, which are incorporated by reference as an exhibit to the registration statement
of which this prospectus forms a part.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I></FONT>
The Class&nbsp;A Warrants are exercisable at any time after their original issuance up to the date that is five years after their
original issuance. Each of the Class&nbsp;A Warrants is 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 Class&nbsp;A 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 Class&nbsp;A Warrants under the Securities Act is not effective or available, the holder may, in its
sole discretion, elect to exercise the Class&nbsp;A 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 Class&nbsp;A Warrant. We
may be required to pay certain amounts as liquidated damages as specified in the Class&nbsp;A Warrants in the event we do not deliver
common shares upon exercise of the Class&nbsp;A Warrants within the time periods specified in the Class&nbsp;A Warrants. No fractional
common shares will be issued in connection with the exercise of a Class&nbsp;A Warrant.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Limitation.</I></FONT> A holder does not have the right to exercise any portion of a Class&nbsp;A Warrant if the holder (together
with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any Class&nbsp;A
Warrants, 9.99%) 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 Class&nbsp;A Warrants. 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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Price.</I></FONT> The exercise price per whole common share purchasable upon exercise of the Class&nbsp;A Warrants is $0.35 per
share. The exercise price of the Class&nbsp;A Warrants and number of common shares issuable on exercise of the Class&nbsp;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. The exercise price of the Class&nbsp;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 of the Class&nbsp;A Warrants is
subject to adjustment in the event of dividends and certain distributions as specified in the Class&nbsp;A Warrant.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I></FONT>
Subject to applicable laws, the Class&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing.</I></FONT> We do not intend to apply for the listing of the Class&nbsp;A Warrants on any stock exchange. Without an active
trading market, the liquidity of the Class&nbsp;A Warrants will be 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Warrant
Agent.</I></FONT> The Class&nbsp;A Warrants are issued in registered form under a warrant agreement among Computershare Inc., Computershare
Trust Company, N.A., as warrant agent, and us. The Class&nbsp;A Warrants were 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Shareholder.</I></FONT> Except as otherwise provided in the Class&nbsp;A Warrants or by virtue of such holder&rsquo;s ownership
of our common shares, the holder of a Class&nbsp;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 Class&nbsp;A Warrant.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
Transactions.</I></FONT> In the event of a fundamental transaction, as described in the Class&nbsp;A 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 Class&nbsp;A Warrants will be entitled to receive
upon exercise of the Class&nbsp;A Warrants the kind and amount of securities, cash or other property that the holders would have
received had they exercised the Class&nbsp;A Warrants immediately prior to such fundamental transaction. In addition, we or the
successor entity, at the request of Class&nbsp;A Warrant holders, will be obligated to purchase any unexercised portion of the
Class&nbsp;A Warrants in accordance with the terms of such Class&nbsp;A Warrants.</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
Law.</I></FONT> The Class&nbsp;A Warrants and the warrant agreement are governed by New York law.</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 following summary
of certain terms and provisions of the PP Warrants issued on June&nbsp;30, 2020 and July&nbsp;21, 2020 is not complete and is subject
to, and qualified in its entirety by the provisions of the form PP Warrants, which are incorporated by reference as an exhibit
to the registration statement of which this prospectus forms a part.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I></FONT>
Each PP Warrant has a term of 5.5 years from its date of issuance. The PP Warrants are exercisable, at the option of each holder,
in whole or in part by delivering to us a duly executed exercise notice with payment in full in immediately available funds for
the number of common shares purchased upon such exercise. If a registration statement registering the resale of the Common Shares
underlying the PP Warrants under the Securities Act of 1933 is not effective or available at any time after the six month anniversary
of the date of issuance of the PP Warrants, the holder may, in its sole discretion, elect to exercise the PP 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 PP Warrant. If we do not issue the shares in a timely fashion, the PP Warrant contains certain
damages provisions. No fractional common shares will be issued in connection with the exercise of a PP Warrant.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Limitation.</I></FONT> A holder will not have the right to exercise any portion of the PP Warrant if the holder (together with
its affiliates) would beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the number of our Common
Shares outstanding immediately after giving effect to the exercise, as such percentage of beneficial ownership is determined in
accordance with the terms of the PP Warrants. However, any holder may increase or decrease such percentage, but not in excess of
9.99%, provided that any increase will not be effective until the 61st day after such election.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Price.</I></FONT> The exercise price per whole common share purchasable upon exercise of the PP Warrants is $0.18 per share. The
exercise price of the PP Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions
of assets, including cash, stock or other property to our shareholders. The exercise price may also be reduced to any amount and
for any period of time deemed appropriate at the sole discretion of our board of directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing.</I></FONT> There is no established trading market for the PP Warrants and we do not expect a market to develop. In addition,
we do not intend to apply for the listing of the PP Warrants on any national securities exchange or other trading market.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
Transactions.</I></FONT> If a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for
us, and may exercise every right and power that we may exercise and will assume all of our obligations under the PP Warrants with
the same effect as if such successor entity had been named in the PP Warrant itself. If holders of our common shares are given
a choice as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given the
same choice as to the consideration it receives upon any exercise of the PP Warrant following such fundamental transaction. In
addition, we or the successor entity, at the request of PP Warrant holders, will be obligated to purchase any unexercised portion
of the PP Warrants in accordance with the terms of such PP Warrants.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Shareholder.</I></FONT> Except as otherwise provided in the PP Warrants or by virtue of such holder&rsquo;s ownership of our
common shares, the holder of Warrants will not have the rights or privileges of a holder of our common shares, including any voting
rights, until the holder exercises the PP Warrants.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I></FONT>
Subject to applicable laws, the PP 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Resale/Registration
Rights.</I></FONT> Pursuant to the Securities Purchase Agreements for each PP Warrant, we are required to file a registration statement
providing for the resale of the common shares issued and issuable upon the exercise of the PP Warrants. Subject to certain exceptions,
we are required to use commercially reasonable efforts to cause such registration to become effective and to keep such registration
statement effective at all times until no investor owns any PP Warrants or common shares issuable upon exercise thereof.</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
Law.</I></FONT> The PP Warrants are governed by New York law.</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"><B>Transfer Agent</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; text-align: justify; text-indent: 0.5in">The registrar and transfer
agent for our common shares is Computershare Inc. Its address is Computershare Investor Services, 462 South 4th Street, Suite&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing</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; text-align: justify; text-indent: 0.5in">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>

<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"><B><A NAME="a_100"></A>CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Marshall Islands</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 100%"><B>Shareholder Meetings</B></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Held at a time and place as designated in the bylaws.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May&nbsp;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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May&nbsp;be held in or outside of the Marshall Islands.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May&nbsp;be held in or outside of Delaware.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notice</I></FONT>:</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notice</I></FONT>:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written notice shall be given not less than 10 nor more than 60 days before the meeting.</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%"><P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>Shareholders&rsquo;
                            Voting Rights</B></P></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any person authorized to vote may authorize another person or persons to act for him by proxy.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any person authorized to vote may authorize another person or persons to act for him by proxy.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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. (If the articles of incorporation provide for more or less than one vote for any share, on any matter, every reference in BCA to a majority or other proportion of stock or shares shall refer to such majority or other proportion of the votes of such stock or shares.)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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. (</FONT>If the certificate of incorporation provides for more or less than one vote for any share, on any matter, every reference in the Delaware General Corporation Law to a majority or other proportion of stock, voting stock or shares shall refer to such majority or other proportion of the votes of such stock, voting stock or shares.)</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The articles of incorporation may provide for cumulative voting in the election of directors.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The certificate of incorporation may provide for cumulative voting in the election of directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Removal</I></FONT>:</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Removal</I></FONT>:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="text-align: justify; margin-left: 0.5in; margin-top: 0; margin-bottom: 0">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="text-align: justify; margin-left: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</P>Any or all of the directors may
        be removed for cause by vote of the shareholders.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The board of directors must consist of at least one member.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The board of directors must consist of at least one member.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dissenter&rsquo;s Rights of Appraisal</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alters or abolishes any preferential right of any outstanding shares having preference; or</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Creates, alters or abolishes any provision or right in respect to the redemption of any outstanding shares.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 100%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shareholders&rsquo; Derivative Actions</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reasonable expenses including attorney&rsquo;s fees may be awarded if the action is successful.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>TAX CONSIDERATIONS</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"><B>Marshall Islands Tax Considerations</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; 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">&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 were and will be executed outside of the Republic of the Marshall Islands, under current Marshall Islands law holders
of our common shares will not be subject to Marshall Islands taxation or withholding on dividends. In addition, holders of our
common shares will not be subject to Marshall Islands stamp, capital gains or other taxes on the purchase, ownership or disposition
of common shares, 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.</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">It is the responsibility
of each shareholder 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 is urged to consult its tax counsel or other advisor with regard
to those matters. Further, it is the responsibility of each shareholder to file all state, local and non-U.S., as well as U.S.
federal, tax returns which may be required of such shareholder.</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"><B>United States Tax Considerations</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; 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 that may be relevant to prospective shareholders and, unless otherwise noted in the following discussion, is the opinion
of Watson Farley&nbsp;&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">&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 deal with all United States federal income tax consequences applicable to any given holder of our common shares, 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 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 that will hold their common shares as &ldquo;capital
assets&rdquo; within the meaning of Section&nbsp;1221 of the Code. Each shareholder 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. Further, it is the responsibility of each shareholder 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">&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">&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 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 that is not a United States Holder, other than a
partnership. If a partnership holds common shares, 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 should consult their own tax
advisors regarding the tax consequences of an investment in the common shares (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">&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"><I>Distributions</I></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">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)&nbsp;the
common shares are readily tradable on an established securities market in the United States; (2)&nbsp;the Company is not a PFIC
for the taxable year during which the dividend is paid or in the immediately preceding taxable year; (3)&nbsp;the United States
Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common
shares become ex-dividend and (4)&nbsp;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">&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)&nbsp;the Company is 10% or more owned, by vote
or value, by United States persons, or is a PFIC and (2)&nbsp;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">&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">&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)&nbsp;75% or more of its gross income is &ldquo;passive&rdquo; income or (2)&nbsp;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&nbsp;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">&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">&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&nbsp;31, 2019.</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">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">&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.</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">If Globus Maritime
Limited were to be classified as a PFIC in any year, each United States Holder of the Company&rsquo;s shares will be subject (in
that year and all subsequent years) to special rules&nbsp;with respect to: (1)&nbsp;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)&nbsp;any gain realized upon the sale or other disposition of the common shares. Under these rules:</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess distribution or gain will be allocated ratably over the United States Holder&rsquo;s holding period;</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</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; 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&nbsp;1295
of the Code in respect of their common shares. 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 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&nbsp;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&nbsp;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 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, 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. In general, a QEF election should be made by filing
a Form&nbsp;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. 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, upon request, with the
information necessary for such United States Holder to make the QEF election.</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">In addition to the
QEF election, Section&nbsp;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, such United States Holder generally
would, in each taxable year: (1)&nbsp;include as ordinary income the excess, if any, of the fair market value of the common shares
at the end of the taxable year over such United States Holder&rsquo;s adjusted tax basis in the common shares, and (2)&nbsp;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 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 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">&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 in a PFIC.</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">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sale, Exchange or Other Disposition of Common Shares</I></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">A United States Holder
generally will recognize taxable gain or loss upon a sale, exchange or other disposition of common shares 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. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Net Investment Income Tax</I></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">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)&nbsp;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)&nbsp;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,
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.</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"><B><I>United States Federal Income Taxation of Non-United States
Holders</I></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; 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 provided that the Non-United States Holder
makes certain tax representations regarding the identity of the beneficial owner of the common shares, 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 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, 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">&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"><B><I>Backup Withholding and Information Reporting</I></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; 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. 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">&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">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a holder of the common shares 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);</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&Oslash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in certain circumstances, such holder has failed to comply with applicable certification requirements.&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; 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">&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&nbsp;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">&nbsp;</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 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)&nbsp;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)&nbsp;the acquisition of our common shares, 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">&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&nbsp;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, is a specified foreign asset for this purpose. Penalties apply for failure to properly complete and file Form&nbsp;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">&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, 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">&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"><B><A NAME="a_011"></A>PLAN OF DISTRIBUTION</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will deliver shares of our common stock upon exercise of the Class&nbsp;A Warrants. As of the date of this prospectus, the Class&nbsp;A
Warrants were exercisable for a total of 38,870,000 common shares</FONT>. For additional information about the Class&nbsp;A Warrants,
please see the section of this prospectus entitled &ldquo;Description of Capital Stock.&rdquo;</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: center"><B><A NAME="a_012"></A>EXPENSES RELATING TO THIS OFFERING</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; text-align: justify; text-indent: 0.5in">The expenses of the
offering of the securities to which this prospectus relates were substantially paid in connection with the initial offering of
the Class&nbsp;A Warrants.</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: center"><B><A NAME="a_013"></A>LEGAL MATTERS</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; text-align: justify; text-indent: 0.5in">The validity of the
securities offered by this prospectus will be passed upon for us by Watson Farley&nbsp;&amp; Williams LLP, New York, New York with
respect to matters of United States and Marshall Islands law.</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: center"><B><A NAME="a_014"></A>EXPERTS</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; 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&nbsp;20-F) for the year
ended December&nbsp;31, 2019, have been audited by Ernst&nbsp;&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&rsquo;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&nbsp;&amp;
Young (Hellas) Certified Auditors Accountants S.A. is located at 8B Chimarras street, 15125, Maroussi, Greece and is registered
as a corporate body with the public register for company auditors-accountants kept with the Body of Certified-Auditors-Accountants
(&ldquo;SOEL&rdquo;), Greece with registration number 107.</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: center"><B><A NAME="a_015"></A>WHERE YOU CAN FIND MORE INFORMATION</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; text-align: justify; text-indent: 0.5in">As required by the
Securities Act of 1933, as amended, we filed a registration statement relating to the securities offered by this prospectus with
the SEC. This prospectus is a part of that registration statement, which includes additional information.</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"><B>Government Filings</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; text-align: justify; text-indent: 0.5in">We file annual and
other reports with the SEC. You may read and copy any document that we file and obtain copies at prescribed rates from the SEC&rsquo;s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public
Reference Room by calling 1 (800) SEC-0330. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information
statements and other information regarding us and other issuers that file electronically with the SEC. Further information about
our company is available on our website at http://www.globusmaritime.gr. The information on our website, however, is not, and should
not be, deemed to be a part of this 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; text-align: justify"><B>Information Incorporated by Reference</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; text-align: justify; text-indent: 0.5in">The SEC allows us to
&ldquo;incorporate by reference&rdquo; information that we file with it. This means that we can disclose important information
to you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this
prospectus, and information that we file later with the SEC prior to the termination of this offering will also be considered to
be part of this prospectus and will automatically update and supersede previously filed information, including information contained
in this prospectus. In all cases, you should rely on the later information over different information included in this 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; text-align: justify; text-indent: 0.5in">We incorporate by reference
the documents listed below and any future filings made with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange
Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920041302/tm2014261d1_20f.htm" STYLE="-sec-extract: exhibit">our annual report on Form 20-F for the year ended December&nbsp;31, 2019, filed with the SEC on April 1, 2020</A>,</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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920058782/tm2019059-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on May 8, 2020</A>,</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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072905/tm2022414-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on June 12, 2020</A> including Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
and unaudited interim condensed consolidated financial statements as of March 31, 2020 and for the three-month periods ended March
31, 2020 and 2019 (but excluding Exhibit 99.1 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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920072901/tm2022472d1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on June 12, 2020</A> <FONT STYLE="background-color: white">reporting, among other things, entry into a stock purchase
agreement and issuance of Series B Preferred Shares</FONT>,</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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on June 23, 2020</A>,</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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on June 29, 2020</A>,</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; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920084141/tm2025026d1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on July 16, 2020</A>,</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"></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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on July 17, 2020</A>,</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: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920086816/tm2025760-1_6k.htm" STYLE="-sec-extract: exhibit">Form 6-K filed on July 27, 2020</A>, 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: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a report on <A HREF="https://www.sec.gov/Archives/edgar/data/1499780/000110465920089067/tm2026093d1_6k.htm">Form 6-K filed on July 31, 2020</A>.</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">We are also incorporating
by reference any documents that we file with the SEC after the date of the filing of this post-effective amendment and prior to
its effectiveness, and all subsequent annual reports on Form&nbsp;20-F that we file with the SEC and reports on Form&nbsp;6-K that
we furnish to the SEC after the date of this prospectus that state they are incorporated by reference into this prospectus until
we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated.
In all cases, you should rely on the later information over different information included in this prospectus.</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">You should rely only
on the information contained in or incorporated by reference in this prospectus, the accompanying prospectus and any free writing
prospectus. We have not authorized anyone to provide you with information that is different. If anyone provides you with different
or inconsistent information, you should not rely on it. We are offering to sell our common shares only in jurisdictions where offers
and sales are permitted. The information contained in or incorporated by reference in this document is accurate only as of the
date such information was issued, regardless of the time of delivery of this prospectus or any sale of our common shares.</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">Upon written or oral
request, we will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all
of the information that has been incorporated by reference in the prospectus but not delivered with the prospectus at no cost to
the requester. You may request a free copy of the above mentioned filings or any subsequent filing we incorporate by reference
into this prospectus by contacting us at the following address:</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 COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Globus Maritime Limited</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">c/o Globus Shipmanagement Corp.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">128 Vouliagmenis Avenue</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">3rd Floor</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">166 74 Glyfada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Athens, Greece</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">+30 210 960 8300</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; text-align: justify"><B>Information Provided by the Company</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; 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&nbsp;under the Securities and Exchange Act of 1934, as amended, or 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&nbsp;of Nasdaq, those proxy statements do not conform to Schedule 14A of the proxy rules&nbsp;promulgated under the Exchange
Act. In addition, as a &ldquo;foreign private issuer&rdquo;, our officers and directors are exempt from the rules&nbsp;under the
Exchange Act relating to short swing profit reporting and liability.</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"><B>Disclosure of SEC Position on Indemnification
for Securities Act Liabilities</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; 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 or persons controlling the registrant
pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Commission such indemnification
is against public policy as expressed in the Act and is therefore unenforceable.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: center; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Up
to </B></FONT><B><FONT STYLE="font-size: 14pt">38,870,000 Common Shares<BR>
</FONT>Issuable Upon Exercise of Outstanding Class A Warrants</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2024934d3_posamimg002.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 14pt 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"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</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"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: White"><B>Exhibits
and Financial Statement Schedules</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>PART&nbsp;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"></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"><B>Item 8. Indemnification of Directors
and Officers</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; 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">&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">&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">&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">&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">&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">&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">&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">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&nbsp;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">&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 SEC, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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)&nbsp;for any breach of the director&rsquo;s duty
of loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not undertaken in good faith or which involve
intentional misconduct or a knowing violation of law; or (iii)&nbsp;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 for certain lawsuits.
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9. Exhibits</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; text-align: justify; text-indent: 0.5in">The exhibit index at
the end of this registration statement identifies the exhibits which are included in this registration statement and are incorporated
herein by reference (the &ldquo;Exhibit&nbsp;Index&rdquo;).</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"><B>Item 10. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></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 SEC
pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than a 20 percent 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></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="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">Provided, however,
that paragraphs (a)(1)(i), (a)(1)(ii)&nbsp;and (a)(1)(iii)&nbsp;of this section do not apply if the registration statement is on
Form&nbsp;S-3 or Form&nbsp;F-3 and the information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d)&nbsp;of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus
filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</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>

<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">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act of 1933, as amended,
each such post-effective amendment 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: 0pt 0">&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(4)</TD><TD STYLE="text-align: justify">To file a post-effective amendment to the registration statement to include any financial statements
required by Item 8.A. of Form&nbsp;20-F at the start of any delayed offering or throughout a continuous offering. Financial statements
and information otherwise required by Section&nbsp;10(a)(3)&nbsp;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 (a)(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. Notwithstanding the foregoing, with respect to registration statements on Form&nbsp;F-3, a post-effective
amendment need not be filed to include financial statements and information required by Section&nbsp;10(a)(3)&nbsp;of the Securities
Act of 1933 or Rule&nbsp;3-19 of Regulation S-X if such financial statements and information are contained in periodic reports
filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Securities Exchange
Act of 1934 that are incorporated by reference in the Form&nbsp;F-3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(5)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">If the registrant is relying on Rule&nbsp;430B:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to
be part of this registration statement as of the date the filed prospectus was deemed part of and included in this registration
statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as
part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i),
(vii), or (x)&nbsp;for the purpose of providing the information required by section 10(a)&nbsp;of the Securities Act of 1933 shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(6)</TD><TD STYLE="text-align: justify">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: 0pt 0">&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: 1in"></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&nbsp;424;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></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: 0pt 0">&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: 1in"></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: 0pt 0">&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: 1in"></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: 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>

<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">(b)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the registrant&rsquo;s Annual Report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s Annual Report pursuant to
Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
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: 0pt 0">&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)&nbsp;-
(f)&nbsp;&nbsp;&nbsp;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(g)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(h)</TD><TD STYLE="text-align: justify">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 Securities Act of 1933 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 Securities Act of 1933 and will be governed by the final adjudication of such
issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(i-k)</TD><TD STYLE="text-align: justify">Not applicable</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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    <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit&nbsp;List</B></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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
    Number</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Description</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex1-1.htm" STYLE="-sec-extract: exhibit">Underwriting Agreement dated June&nbsp;18, 2020 between the Company and Maxim Group LLC, as representative of the underwriters listed on Schedule A therein (incorporated by reference to Exhibit&nbsp;1.1 of the registrant&rsquo;s report on Form&nbsp;6-K furnished with the Commission on June&nbsp;23, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1499780/000110465920089067/tm2026093d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1499780/000110465920089067/tm2026093d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Specimen Common Share Certificate (incorporated herein by reference to Exhibit&nbsp;4.1 to the registrant&rsquo;s report on Form&nbsp;6-K filed with the Commission on July&nbsp;31, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Class&nbsp;A Warrant (incorporated by reference to Exhibit&nbsp;4.2 of the registrant&rsquo;s report on Form&nbsp;6-K furnished with the Commission on June&nbsp;23, 2020)</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Watson Farley&nbsp;&amp; Williams LLP as to the validity of the securities (incorporated by reference to Exhibit&nbsp;5.1 to the registrant&rsquo;s registration statement on Form&nbsp;F-1 filed with the Commission on May&nbsp;8, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.2</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Watson Farley&nbsp;&amp; Williams LLP as to the validity of the securities (incorporated by reference to Exhibit&nbsp;5.1 to the registrant&rsquo;s registration statement on Form&nbsp;F-1MEF filed with the Commission on June&nbsp;18, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex8-1.htm" STYLE="-sec-extract: exhibit">8.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex8-1.htm" STYLE="-sec-extract: exhibit">Opinion of Watson Farley&nbsp;&amp; Williams LLP with respect to certain tax matters (incorporated by reference to Exhibit&nbsp;8.1 to the registrant&rsquo;s registration statement on Form&nbsp;F-1 filed with the Commission on May&nbsp;8, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex8-1.htm" STYLE="-sec-extract: exhibit">8.2</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex8-1.htm" STYLE="-sec-extract: exhibit">Opinion of Watson Farley&nbsp;&amp; Williams LLP with respect to certain tax matters (incorporated by reference to Exhibit&nbsp;8.1 to the registrant&rsquo;s registration statement on Form&nbsp;F-1MEF filed with the Commission on June&nbsp;18, 2020).</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2024934d3_ex23-1.htm">23.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="tm2024934d3_ex23-1.htm">Consent of Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants S.A.*</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">23.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Consent of Watson Farley&nbsp;&amp; Williams LLP (included in its opinions filed as Exhibit&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.2</A>)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">23.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Consent of Watson Farley&nbsp;&amp; Williams LLP (included in its opinion filed as Exhibit&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920073254/tm2022605d1_ex8-1.htm" STYLE="-sec-extract: exhibit">8.1</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000110465920074421/tm2022887d1_ex8-1.htm" STYLE="-sec-extract: exhibit">8.2</A>)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_019">24.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_019">Powers of Attorney (included in the signature pages&nbsp;hereto)</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith</FONT></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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    <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>SIGNATURES</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; 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&nbsp;F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Glyfada, Country of Greece, on July&nbsp;31, 2020.</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%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>POWER OF ATTORNEY</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; 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
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&nbsp;462(b)&nbsp;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">&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 July&nbsp;31, 2020 in the
capacities indicated.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 60%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, President, Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athanasios Feidakis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Principal Executive Officer</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Principal Financial Officer and Principal Accounting Officer</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Georgios Feidakis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director; Chairman of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgios Feidakis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey O. Parry</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey O. Parry</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ioannis Kazantzidis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ioannis Kazantzidis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>

<!-- Field: Page; Sequence: 73; Value: 1 -->
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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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>AUTHORIZED REPRESENTATIVE</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; 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 July&nbsp;31, 2020.</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%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PUGLISI&nbsp;&amp; ASSOCIATES</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></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>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>tm2024934d3_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #333333"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><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; color: #333333">&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 the Registration Statement (Form F-3 no. 333-239250) and related Prospectus of Globus
Maritime Limited for the conversion of the Registration Statements on Form F-1 (No. 333-238119) and on Form F-1 MEF (No. 333-239250)
to Form F-3 and the registration of up to 38,870,000 common shares issuable on exercise of the Class A 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; color: #333333">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Athens, Greece</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">July 31, 2020</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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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
